Towergate Signs Multi-Year Contract With RDT

RDT is delighted to announce that its long-term customer Towergate has signed a multi-year contract to use our technology.

The agreement, signed on 1^st December, gives Towergate access to the latest version of RDT’s best-selling general insurance administration platform Landscape.

This is a great opportunity for Towergate to see all the benefits that the latest RDT insurtech can bring. And, following the recent additional long-term commitment from our Australian customer RAA, the new contract puts RDT in a very strong position.

Everyone here at RDT is very excited about entering this new phase in our long term partnership with Towergate and we look forward to forging a very productive future with them.

Innovation and regulation – how RDT helps insurers and their customers

When we describe new technology as disruptive, it’s not only because it can bring dramatic improvements and shake up an industry. It’s also because it can challenge the legal and regulatory framework, and could undermine the rules and safeguards that protect consumers and businesses.

Such is the caveat with insurtech, whose breakthrough technologies include the internet of things, cloud computing, sophisticated analytics, telematics, artificial intelligence, and blockchain. Collectively, allied to the power of big data, they provide new ways to identify, measure and control risks, which means we are now asking many questions about the boundary between public and private information.

Big data provides a very revealing and accurate picture for underwriters. Lawyers and regulators may contest the line between accuracy and intrusion, but there is no doubt that reliable data can protect and benefit consumers. As a data enrichment specialist, RDT is continually finding new ways to harness and process data to help insurers and their customers, and is working very closely with insurers and regulators to develop the full potential of new technology.

Getting to know you – how RDT uses data to build customer relationships

Most important attributes of customer experience compared with performance

Research from Accenture shows that 30 per cent of customers have a negative view of their insurance providers. The figure was quoted in a feature* in Raconteur’s ‘Future of Insurance’ supplement, distributed last month with The Times, and underlines the need for insurers to find out as much as possible about their customers so they can provide a more personal service. 

The feature included a table compiled by KPMG of the most important attributes of customer experience compared with performance. This revealed that insurers are well behind digital exemplars such as Amazon and Google, and must become far more adept at extracting value from the huge amount of data available to financial services providers.

Accessibility, tailoring products and polices to customer needs, and more online access were listed as priorities to improve customer experience. While cost still remains the number one reason for closing or replacing a policy, customers cite poor communication and lack of speed, from quote through to renewals and claims, as the next major bugbear. And when it comes to communication, digital is clearly the preferred channel.

Redefining tomorrow: RDT and the future of insurance

The rise of insurtech is reflected in the amount of column inches devoted to new technology and its power to transform one of our most conservative industries. Not known for innovation, insurance is slow moving, labour intensive, bound by tradition and convention. But if the current media focus on disruption is anything to go by, insurance is on the threshold of big changes and is ready to embrace a digital future.

But who will help to make this happen, and how will insurers stay ahead of the growing wave of technology startups and challenger brands? The debate was joined in last month’s Raconteur Insurance supplement*, distributed with The Times, which provided a snapshot of the issues and players in a changing industry. In this article we comment on some of the trends covered in the supplement, and provide RDT’s vision for the future.

A key theme of the editorial was that although there is a wealth of data available, both structured and unstructured, and a host of digital resources and analytical tools that promise to turn straw into gold, insurers are struggling to find their way – a fact underlined by recent PwC research that found that while 74 per cent of insurers believe their business is at risk of disruption, 32 per cent are not yet engaging with technology firms on any level.

RDT are going to InsurTech Rising 2016!

RDT has been at the leading edge of general insurance software for 25 years. From the outset we’ve been pushing boundaries, producing disruptive solutions and investing in technology and people. We are fiercely proud of our achievements but we’re never satisfied, and constantly seek opportunities to accelerate our technology. Insurtech is transforming the industry and to stay competitive insurers must adopt new techniques and practices; innovation has become a strategically essential target. Collaboration is one of our guiding principles and we work closely with our clients to define tomorrow’s challenges and tackle them before they become problems.

We are delighted to announce that we are a sponsor of InsurTech Rising 2016, the leading InsurTech Showcase taking place from 14th - 16th November 2016 at The Crystal, Royal Victoria Dock, London.

InsurTech Rising will bring together over 400 key players shaping the InsurTech sector from insurers and entrepreneurs to VCs and solution providers.  With an exciting agenda built around business challenges and innovative solutions, gain insight into where the market is heading, what technologies insurers are looking for and the areas attracting most investment.

As one of our valued contacts, we would like to offer you an exclusive 20% discount from the delegate booking fee.