Let’s be blunt, the UK motor insurance market, driven by its dependence on aggregators, is broken. There we said it, just like that. You only have to click a drop-down occupation menu on a well-known comparison site and see `Parachute Packer’ come up as a possible 2022 job option to know it’s time for something new.
Someone else who believes things have to change is Adiona CEO Paul Harvey, a British-American who is passionate about developing consumer-focused 100% data-driven insurance products. Also on the Teams call today was Eugene Van Biert Jr from Duck Creek, a company that will need no introduction to insurtech enthusiasts.
But let’s do it anyway; Duck Creek has worked with LexisNexis, Capgemini, Accenture and many more, so they know how to make data work for companies. Now Duck Creek is working with Adiona on their new car insurance product and the timing could not be better, as the FCA ruling kicks in and price no longer becomes the primary benchmark for consumers.
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