Open GI London has been chosen as the preferred partner to distribute cyber insurance underwriting agency Cyber Assist's, range of cutting-edge cyber solutions. Cyber Assist's products have been developed with Novae and other security tech providers, and will be available via the Trader for Underwriting platform.
Open GI has been ranked 16th best tech company in the Megabuyte Top 50 scorecard, an independent measurement of the top performing privately-owned tech companies in the UK.
After a successful pilot, Hiscox launches a new e-trading solution which allows commercial insurers to give their customers an indication of price for a wide range of products.
As the incorporation of black boxes in cars becomes the norm, the tracking and transmittance of large amounts of information about driver behaviour can be gathered, potentially changing the motor insurance industry as we know it - forever.
The promised management buy-out has now been completed by Open International's management team, the holding company of Open GI, PowerPlace and Open GI London, by acquiring the business from the incumbent private stakeholders. Investment will be provided by Montagu Private Equity.
We take a look at how insurers and underwriters can use the vast amounts of valuable data generated by their own businesses to create better services, meet customer needs, detect fraud, and manage claims.
Microinsurance is quickly becoming more prominent in developing countries throughout Africa, Asia and South America. Mobile technology is part of the solution and can play a big part in customer retention, ways to pay and access to services.
A need for a more modern approach to insurance will be required as a result of the introduction of Solvency II in 2016. In order to comply, insurers will need time to overhaul their systems and think about whether to keep operations in-house or outsource some of them.
The management team of Open International, a leading supplier of software and services to the general insurance market in the UK and Ireland, has announced their acquisition of the company from private shareholders. The transaction will complete on approval from the FCA (Financial Conduct Authority).
The digital era is here and insurers are starting to embrace it - if albeit slowly due to short-term thinking, a traditional mindset and inefficient legacy systems. Throw telematics and social media into the mix and it becomes clear insurers need to take advantage of what digital has to offer.