In an exclusive blog for youTalk-insurance, Alan O'Loughlin, Director of Analytics and Statistical Modelling, International at LexisNexis Risk Solutions, talks about the missed opportunities for insurers as the new ‘data currency’ gathers pace

So, you are collecting data on your insurance customers and prospects? Brilliant. But what are you doing with it? Is it just sitting there untouched, costing you money to gather and store, without earning its keep by giving back to your business?

Insurance brokers arranging business insurance for SMEs might be missing a cross-selling opportunity if they forget about miscellaneous Professional Indemnity, especially at a time when the new economy is booming and new forms of work are emerging.

‘Come on ladies!’ is a phrase I would like to start with to generate excitement and trigger action around a topic much discussed: the gender issue.

Gender inequality in football and in (re)insurance have obvious parallels. In both disciplines male out-number, out-represent and out-earn females. That is why in June this year, IGI will take part in Equal Playing Field’s (EPF) Festival of Football. EPF aims to highlight inequalities in sport by setting a Guinness World Record for the Biggest Football Game on Earth. 

Back in the 1980’s I started working in this glorious world of insurance. I still love it! So much has changed and the vast majority of it for the better. I certainly don’t use as much carbon paper as I did back then and I haven’t seen a microfiche for a good few years. The talent joining our industry is awesome. But one thing that always strikes me as not having progressed as much are the presentations brokers make on behalf of clients.

The term ‘Big Data’ has been thrown about for a while, but what does it mean and how does it impact commercial insurance?

“Big Data”, in a nutshell, is the collection of structured and unstructured data and it’s implied that people using it can analyse statistics and derive facts that help make better decisions.

What does this mean for brokers and insurers? 

Manchester is known for its rain, but when the insuring broking community descends on the city every year for the BIBA Conference, the sun always seems to shine. And this year was no different. It was blue skies over Manchester Central.

The pleasant spring weather seemed a fitting backdrop to complement this year’s positive conference theme ‘Leading the way’.

Everybody is talking about insurtech. It is the buzzword on everyone’s lips.

But how do you workout what is useful and what is pie in the sky?

UK brokers know they need to adopt new technology in order to survive and thrive.

It may seem like there is a myriad of different kinds of technology that we all have to learn about, but in my mind, it is not so complicated and can be broken down into roughly three areas that are important for the broker market.

Ahead of BIBA 2019, Stephanie Davies – Social Media Executive at DAS UK – takes a look at how social media can be used to make an impression and maximise value from the biggest insurance broker event of the year…

As we all know, the BIBA conference returns to Manchester next week. It’s the biggest broker bash of the year, and a key event in the insurance sales and marketing calendar, so it’s guaranteed to be a busy time. At least, it should be.

Acts of terrorism are rarely out of the news, serving as a stark reminder that political violence remains a persistent and significant threat to businesses, governments and individuals. Craig Curtiss, Class Underwriter for International General Insurance (IGI)’s Political Violence division explains how his team are adapting to the evolving nature of terrorism risks.

What does the risk landscape look like today?

Travel apps are transforming how people journey across the globe for business.

But we’re not just talking local dining guides, the best haunt to grab a drink or airport train timetables. Now, the most advanced apps are essentially a traveller’s ultimate safety companion.