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.
The importance of RDT’s role as an insurtech accelerator was highlighted this week in a speech given by PricewaterhouseCooopers’ insurtech consultant.
Speaking at the relaunch of global tech network Startupbootcamp’s insurtech programme on September 13 and reported in the Insurance Times, Kasia Kirkland discussed how partnerships between start-ups and accelerators will help the insurance industry.
Ms Kirkland, who has in the past written about the need for insurers to appear more trustworthy to consumers, said: ‘We see insurtech as a fantastic opportunity to try to improve the level of trust and the level of transparency. Some insurers are choosing in-house innovation, others are building their own start-ups. But the really wise ones are partnering with accelerators.’
