Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • October 2018
10

Technology 'tightening its grip' on insurance as Brits shun the human touch

Open-access content Thursday 11th October 2018 — updated 5.50pm, Wednesday 29th April 2020

There are now more people that would choose to make their insurance claims online rather than deal with a human being, a poll of over 2,000 UK adults has found.

2


However, the research from personal injury specialists Minister Law shows that the split is narrow, with 50% of Brits preferring online processing, and 45% wanting the human touch.

It was found that one in three people worry about entrusting their claims to robotics, with the risk of criminals accessing data and privacy fears the top of their concerns.

Minister Law CEO, Shirley Woolham, said the findings highlight the need for insurers to strike the right balance between customer self-service and human interaction.

"Our research underlines that many people still want to deal with human beings at the stressful point of making a claim, and the reassurance that they're there to give support," she continued.

"People have real concerns about their privacy and data protection, so it's crucial they are reassured that the technology they're using is safe and secure, as well as easy and quick to use."

The survey found that simplicity, speed of claims processing and peace of mind are more important when it comes to insurance than getting the cheapest premiums.

The findings also show that nearly half of the respondents would be happy to use artificial intelligence to resolve civil disputes, including divorce and injury claims, but that there is less appetite for criminal cases.

People aged over 55 were most sceptical about using technology, with 54% preferring to deal with a human, while 35-54-year-olds were most keen for a digital experience on 55%.

Perhaps surprisingly, it was also found that the younger generation aged under 35 were just as cautious about technology as the over-55s.

However, Woolham said it was not surprising that 35-54-year-olds were most keen to have a digital experience, as they are most likely to have high demands on their time.

"It's also the case that this age group has 'grown up' with the IT revolution - but we need to think about all customers, not just this particular demographic," she added. 


Sign up to our free newsletter here and receive a weekly roundup of news concerning the actuarial profession

This article appeared in our October 2018 issue of The Actuary .
Click here to view this issue

You may also be interested in...

2

Ageing population drives growth in biotech investment

Pharma and biotech firms have attracted well over $19bn (£14.4bn) in venture capital investment worldwide this year, considerably more than was recorded over the whole of 2017.
Thursday 11th October 2018
Open-access content
2

IAS 19 failing to provide enough clarity around pension scheme funding

The IAS 19 accounting standard is falling short in providing enough clarity around pension scheme funding requirements and risk, research from Lincoln Pensions has found.
Wednesday 10th October 2018
Open-access content
2

UK's financial sector told not to expect 'bonfire of red tape' post-Brexit

Financial regulation in the UK will get stricter after the country leaves the EU whether a Brexit deal is agreed or not, accounting giant KPMG has predicted.
Tuesday 9th October 2018
Open-access content
2

New rules to shake up pension transfer market

UK savers can expect “significant changes” to the advice they get when transferring out of defined benefit (DB) pension schemes thanks to new rules introduced by the Financial Conduct Authority (FCA) last week.
Tuesday 9th October 2018
Open-access content
2

Membership: time to renew your IFOA membership

In September you would have received an email from our Membership Team, reminding you that you need to renew your IFoA membership.
Monday 8th October 2018
Open-access content
2

Car insurance premiums rise for first time in 12 months

UK drivers saw their car insurance premiums rise for the first time in 12 months over the latest quarter, according to data from Confused.com and Willis Towers Watson (WLTW).
Monday 15th October 2018
Open-access content
Filed in
10
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Reserving Analyst

London (City of)
Negotiable
Reference
149485

Senior GI Modeler - Capital and Planning

London (Central)
£ excellent
Reference
149436

Risk Oversight Manager

Flexible / hybrid with a minimum of 2 days per week office-based
£ excellent
Reference
149435
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ