Look out for these new innovations

Insurance has changed little since the first fire insurance companies were established following the Great Fire of London in 1666. The purpose of insurance ‒ to protect people from financial loss ‒ remains but the latest innovations are set to change the way the market works for the benefit of insurers, brokers and customers. Big data, where insurers use more and more sources of information to gain a deeper insight into the risk they're covering, has huge benefits. As well as more accurate underwriting and pricing, a deeper understanding of customers can also drive more personalised product development and marketing. Customers are enjoying a much smoother insurance application process.