In this post, we’ll define what open insurance is and explore more about how it works and the benefits and risks using an open insurance business model. What is Open Insurance? The term “open insurance” refers to a business model…
The Financial Conduct Authority (FCA) regulates financial service firms and financial markets in the UK. An appointed representative (AR) is an individual or firm who can act as an agent for any firm directly authorised by the FCA. The AR…
Bionic underwriting means using technology to enhance underwriting and the distribution of insurance products. What is Bionic Underwriting? Essentially, bionic underwriting means using artificial intelligence (AI) to automate certain time-consuming tasks that would previously have been handled manually. This gives…
Applied Systems is a leading insurance technology provider and their exit will have significant impact in the UK market. They recently announced their decision to withdraw its broker management system, Applied Epic, from the UK market. This move reflects broader…
The Financial Conduct Authority (FCA) is one of a few bodies that regulate the financial services sector, including insurers and insurance brokers. You need FCA authorisation if you want to provide most types of financial services in the UK. When…
An insurance intermediary acts as a bridge between insurers and their clients. Some intermediaries work with insurers, whereas others work with their clients. In most cases, though, they work to match the right insurer with the right consumer. They ensure…
In this post we’ll explore some of the key trends that could define the insurance market from 2024. As well as some key opportunities for growth, we’ll also discuss some of the major challenges that the next year could pose…
The General Data Protection Regulation (GDPR) came into effect in 2018. Through outlining certain processes for handling and storing information, it provides a legal framework for organisations to keep personal data safe. The Data Protection Act 2018 is the UK’s…
As regulated businesses, insurers and insurance brokers must meet certain anti-money laundering (AML) commitments. In this post we’ll take a look at the sort of AML trends that might impact regulated businesses like yours. Artificial Intelligence in Anti-Money Laundering Processes…
The Financial Conduct Authority (FCA) is one of the major bodies responsible for regulating insurers and other financial agencies and has published rules on Consumer Duty. They set regulations that anyone who wants to sell, arrange, or advise on certain…