Insurtech: UK regulators ahead of the game - Raconteur

In the retail insurance space, consumers are more connected than ever, via a multitude of devices and through multiple platforms. This has two consequences: first, consumers increasingly expect a much better, smarter service. "People are frustrated with a clunky process for buying insurance, and want an easier and quicker process through simple digital channels," says John Salmon, a technology partner at Hogan Lovells. Second, a larger proportion of consumers fall into Generation Y or the millennial generation: these individuals are less likely to own property or cars, are less attracted by life assurance and are looking for more tailored cover they can buy easily and quickly. They are attracted by the sharing economy.