UPFRONT
TECHNOLOGY UPDATE NEWS BRIEFS Sapiens releases advanced analytics solution
Sapiens International, provider of software solutions for the insurance industry, announced the general availability of Sapiens INTELLIGENCE, a business intelligence and advanced analytics solution tailored for insurers. It allows businesses to harness self-service analytics to quickly draw conclusions and insights from raw data. INTELLIGENCE is composed of two modules: Sapiens SmartStore, a data hub that houses and unifies data for insurance reporting and analytics, and Sapiens InfoMaster, an insurancespecific tool for enhanced decisionmaking that offers a wide range of advanced data visualisation and analysis capabilities.
Self-driving car on verge of becoming road-legal
Google’s self-driving cars may soon be given the same legal recognition as a human car driver, according to a letter sent by the US National Highway Traffic Safety Administration (NHTSA) to Google. The self-driving car has no steering wheel nor pedals, meaning occupants cannot take manual control of the vehicle. It is controlled by an intelligence called the self-driving system (SDS). The NHTSA decided that in this case, the SDS would be considered the driver since it was the one controlling the vehicle.
FCA commits to InsurTech
The Financial Conduct Authority (FCA) announced that it is developing a ‘regulatory sandbox’ that will help financial organisations test
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innovative technologies with less regulatory burden. With this new development, companies can test new products, services, business models and delivery systems easier, while previously unauthorised firms can avail of restricted authorisation for testing purposes. According to the FCA’s 2016/17 business plan, the sandbox will “accelerate the development and testing of genuinely novel products which benefit consumers and provide a leading example to regulators in other countries”.
Big data pits underwriters against brokers
Big data is a game changer. Increasingly easy access to large amounts of customer data, and the ability to manipulate that data, should be putting the fear into underwriters, according to participants in a recent roundtable discussion. One of the questions that came up at the recent Big Data and Analytics Insurance event in London, was “what happens to the underwriting role in five years’ time?” The consensus was that there is, and should be, “a bit of fear” about how technology will challenge the role, but not necessarily enough to motivate current underwriters to do something about it.
Driverless lorries to be trialled on UK roads
The UK government has confirmed in its Budget 2016 that driverless lorries and cars will be scheduled for road trials. This is in line with the government’s aim for the UK to be “a global centre for excellence in connected and autonomous vehicles”. “Lorry platooning” trials are planned, with driverless vehicles forming a convoy headed by a driver in the leading lorry.
Staying ahead of the hackers Don’t rely on software to keep your data safe – your people are your last line of defence The potential ramifications of a data breach are enough to give even the most laid-back broker nightmares. The leak of the so-called ‘Panama Papers’, files detailing the private dealings of some of the world’s most famous and powerful people who were using the services of offshore finance specialists Mossack Fonseca, was a timely reminder of the need to ensure your systems are secure. And don’t make the mistake of thinking your company is too small to be on the hackers’ radar – last year a small Scottish firm, Ellen Conlin Hair and Beauty, was forced to pay a ‘ransom’ of €1,000 after cyber-criminals took control of its customer database. Most businesses will have professional IT security measures in place, yet still the hackers get through. So where should you focus your efforts if you want to avoid becoming a victim? On your staff, according to cyber-security expert David Lannin. Lannin – director of technology at Sapphire, an IT security firm with offices in Basingstoke, Darlington and Paisley – says with ‘phishing’ attacks (where hackers hide malware within an e-mail) on the rise, educating everyone within the organisation is the best way to stay safe. Reminding staff to be suspicious of e-mails from unknown sources could save you a lot of trouble and money. He told Insurance Business UK: “Businesses think that because they have firewalls and intrusion prevention systems in place they’re secure, but it’s the users that are often the weakest link in the chain, so education of those users is paramount.” If the hackers are successful, the impact
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28/04/2016 1:28:44 AM