Displaying items by tag: Insurance industry

Blockchain technololgy could turn the insurance industry on its head and, due to its auditability and reliability, is making it easier for insurers to offer higher quality, more efficient services with lower overheads and greater accuracy, according to a new report.

Global adoption of blockchain technology is continuing slowly but chief information officers say the technology requires the most new skills of any technology area, with skills difficult to find to meet growth demands.

Online discount retailer Kogan is going into the pet insurance business in a partnership with PetSure in a move which follows its announcement just one week ago it is branching out into the health insurance market in a new partnership with Medibank.

The introduction of driverless vehicles onto Australian roads is predicted to be a major game-changer for the insurance industry.

Robotic Process Automation in Australia and New Zealand is set for a growth explosion with the RPA market predicted to reach $870 million by 2020, up from just $216 million in 2017.

Fintech platforms are forecast to garner revenues of almost US$235 billion globally by 2021, from providing services to the worldwide insurance industry.

The global insurance industry is investing heavily in insurance technology start-ups with Gartner predicting that 80% of life, property and casualty insurers worldwide will partner with or acquire insurtechs to secure their competitive positions by the end of 2018.

Optus has sealed a three-year contract with insurance giant QBE Australia to provide voice, mobile and data services across the company’s national network.

Insurance company Auto & General has deployed an app development platform from IT solutions provider Avaya to integrate communications into all its business processes as it moves to improve delivery of services to customers.

Current and potential users of IoT technology say they are planning to, or are already using the IoT, to solve pragmatic business issues that impact daily operations.

Software as a Service (SaaS) is set to transform the insurance industry around the world, within the next five years, with a significant number of insurance companies already deploying or trialing SaaS.

Australian EFTPOS payments provider Tyro Payments has forged an alliance with US fintech company, Yodlee, to give its Fintech Hub members secure, flexible access to Yodlee’s Application Programming Interfaces (APIs), and 14,000 global financial data sources.

Insurers have been warned that they will collectively need to spend US$3.3 billion on information security to counter financial crimes and in the face of heightening fraud brought on by the global ‘digital revolution’.

SAS has secured a contract in Ireland to provide its data management and reporting technology to assist financial services and fund management firm Aegon with its data analysis and, at the same time, satisfy industry regulatory requirements.

Australia’s small businesses are doing okay in a tough economic environment, but they are not out of the woods yet. While revenues for many have remained relatively stable, more small businesses are still reporting declining revenues than those enjoying revenue growth.

Mobility security vendor Good Technology has appointed distribution specialists MPA to distribute its products and services in the New Zealand market.

Robin Bloor – author of a number of books like Cloud Computing for Dummies, Management for Dummies, Words You Don't Know, The Electronic Bazaar – and Chief Analyst and Co-founder of the Bloor Group, has just finished telling an Australian audience this week that Big Data is not much more than an “utterly meaningless” term created by marketers.

The Axe Group software company's eClaims software system has been implemented by life insurance company, AIA Australia, and made available, through their portals, to the 2.2 million members of AIA's client companies, REST and GESB.

As spending on information technology and services in the Australian insurance sector grows, external factors like regulatory change, an uncertain economy and the increasing frequency of catastrophic events are forcing insurers to reassess their business processes and the technology that enables them.

Renewed economic growth and a return to increased spending on IT is predicted to see insurers in the Asia-Pacific region lift their IT spending significantly over the next 12 months and beyond.