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Insurance is getting smarter.



Alex Hamilton, copywriter at London advertising agency isobel


The somewhat drib-drab insurance sector has been struck by lightning — tech lightning.

The tech revolution that has been changing everything from the way we bank to the way we order groceries has reached a new frontier — the way we buy insurance.

Can traditional status quo insurance firms take lessons from new innovative start-ups? And if they do, can nimble start-ups out manoeuvre them to grow their market share and become the new kids on the block.


What’s behind this boost in insurance start-ups?

Simply, the barriers to entry for digital companies have gotten smaller and smaller.

Online protections have improved, and consumers have gotten a lot more comfortable trusting digital firms — some of which might not even have a brick-and-mortar office.

It’s a trend that’s noticeable all over, as people grow more trusting of technology, and eager to unleash its bounties of convenience.


The app model. 

Most insurtech companies start with and are mainly focused around an app. A good app streamlines the process.

In the insurance world, the key to growing customers and retaining them is partly of course down to price — but more and more customers are looking for an easy, effortless experience.

Having an app that authenticates you, manages your claims, your history, and allows easy one-tap ways to get in touch with someone on chat or over the phone is hugely sought after.

Apps allow for maximum simplicity. Take Cuvva, a brilliant, beautifully designing app that allows you to book car insurance on the fly for 1 hour or as a rolling subscription, it’s as flexible as you need it to be.

The app is so simple, streamlined and flexible that it’s practically become a must-have companion for millennial drivers who are often switching between their mates’ rides or mum and dad’s wheels.


It’s not just about big data, it’s about getting smarter.

Insurtech companies are increasingly collecting huge amounts of data from their customers and leveraging it to offer more niche packages and better deals.

Tesla car insurance in the US is a great example of taking driver tracking to the next level, offering drivers reduced rates on the quality of their driving and unlocking the option of the FSD beta in some states — all based on an algorithm with multiple data sets, not just speed and incidents like many other car insurers.

The result is cheaper, smarter insurance, that as of Tesla earnings on the 20th of April, is the second most common provided of insurance among Tesla’s in Texas. Soon to be no.1.

But many insurtech companies are also using AI to move faster and give their consumers even more convenience.

Lemonade is a prime example. Their peer-to-peer pool model allows for lower prices. And their AI and facial recognition software allows them to authenticate a claim within seconds — so you can get the pay-out you need in just a few taps. No paperwork. No waiting around. Instant results.


A new approach to “BRAND”.

Insurance used to be about trust.

Increasingly, trust has become a given, and it’s moving to be more about features, technology and brand.

There’s no better example of a brand voice shaking up the mundane than DeadHappy. They take a more light-hearted approach to what is perhaps life’s most serious undertaking — life insurance.

Their Deathwish feature allows you to set up rules and payment plans for what happens when you’re not here anymore. It takes the formality out of what is often an unnerving, perhaps unsettling experience — and does well to attract a younger audience with a website that looks more like social media site than a traditional insurer.

Having a powerful brand is a hell of a way to get one up on the traditional institutions. Making insurance approachable and human, not transactional and corporate.

If the status quo want to stay relevant, they’ll have to adopt the technologies and conveniences of their challengers – implement them at scale — and fast.

But even then, that may not be enough. Like banking, what was once all about trust and reputation, is moving to be about technology, convenience and more than ever brand.


Top 10

5 Often-Overlooked Investment Options To Consider Exploring In 2023




When choosing what to invest in, many people will initially focus on the stock market which is considered a more mainstream investment. However, investments are more than stocks, and there is a wide range of alternative investments you can add to your portfolio to not only add growth to your long-term returns but also to spread the risk. If you’re looking to diversify your investments or if you simply want to get started with something different, this guide will cover the overlooked investment options that you should consider in 2023. From investing in EIS schemes and commercial property to commodities and collectables, there is plenty to discover.

EIS Schemes

One of the first on our list of overlooked investments is EIS investment opportunities, one of many flagship policies developed by the UK government to support early-stage companies. With an EIS investment, you would be helping to support businesses in exchange for various tax reliefs. Depending on your circumstances, this could include 30% income tax relief, tax-free gains, CGT deferral, loss relief, or inheritance tax relief. To understand more about investing in EIS schemes and their benefits, head over to Oxford Capital, to learn more.

Property Bonds

When property developers are looking to finance new commercial or residential projects, they typically do so with property bonds. These bonds are used to raise capital for the projects from investors and typically last for a fixed term, between two and five years. This form of investment is attractive due to the higher interest rates, ranging from 4% to 15%, offered in comparison to traditional government bonds, which generally perform at under 4%.

While there is a risk that the project could be abandoned due to external factors such as a rise in material costs, disruptions to supply, and a lack of finances, if the project goes to plan, you will see a return of your original investment as well as any interest accumulated. However, you can also opt to receive the interest payments monthly, quarterly, or annually throughout the course of the project, in which case, at the end of the project, your original investment will be returned with any leftover interest that has not yet been paid.


The term commodity encompasses a variety of physical investments you can make. Unlike traditional investments such as stocks, bonds, or funds, these investments have both a use-value and an exchange value. This is because when you invest in commodities, you gain ownership over a small amount of the resource you are investing in. As there is always a need for physical goods, these commodities are an excellent way to diversify your investment portfolio and hedge against inflation, market changes, and the depreciating value of different currencies.

Some of the most common commodities you can invest in include:

  • Gold.
  • Agricultural products.
  • Crude oil.
  • Precious metals.
  • Timber.
  • Diamonds and other precious stones.
  • Spices, sugar, and salt.

Commercial Property

When looking into properties to invest in, many people choose residential options as they can renovate and sell or rent these homes. However, as the property market can be particularly volatile, a great option when you want to invest in properties is to look to commercial options instead. When it comes to commercial property, there are many ways you can invest, and these include:

  • Direct investment:This means buying a share or all of a property, which can then be rented out to businesses.
  • Direct commercial property funds:Often referred to as bricks-and-mortar funds, this is the most popular way to invest in commercial property. With this fund, you invest into a scheme that invests directly into an existing portfolio of commercial properties, which pays out the interest of your investment monthly, quarterly, or annually.
  • Indirect property funds:Similar to the direct commercial property fund, with this fund, you would invest in a collective investment scheme that invests in the shares of property companies in the stock market.

Peer-To-Peer Lending

Peer-to-peer lending is a risky venture where you would invest directly into start-up enterprises in order to help them get off the ground. It’s an excellent way to help small business owners get going with their dreams while also creating a lucrative investment. When you choose peer-to-peer lending, you loan the start-up a specific amount with the promise to pay back with interest. You can determine a timeline for this, or you can also choose to have the interest paid back monthly, quarterly, or annually.

However, as already mentioned, peer-to-peer lending is a risky venture, as the company you invest in could fail, and in that case, they would default on your loan. With this in mind, before you choose peer-to-peer lending, you should always thoroughly research the start-up’s fundamentals first, as this will give you a better insight into the viability of the business.

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How the Isle of Man is encouraging a new generation of FinTech innovators




FinTech’s potential to transform how finance and business operates has gained attention around the world in recent years. In 2022, banking giant JP Morgan increased its level of tech investment to $12 billion, while the STOXX Global Fintech Index recorded a swift recovery after the Covid-19 pandemic.

However, the sector also faces challenges. The cryptocurrency market was rocked by the collapse of FTX and arrest of Sam Bankman-Fried late last year, and Goldman Sachs has recently revealed the large scale losses incurred in some of its fintech investments, which have led it to refocus on more traditional functions.

This is food for thought for FinTech businesses, however, it should be seen as an opportunity for evolution as much as a cause for concern.

Ambitious players in FinTech should see this as a moment to recalibrate and shift their priorities towards building practical, everyday products that help provide the sector with sustainable foundations for the future.

Current conditions may encourage FinTechs to iron out their relationships to regulation and further develop the range of services they provide to established businesses and financial institutions, from compliance software to subscription billing solutions.

FinTech products with more everyday business functions are becoming increasingly vital, with InsurTech and RegTech two key categories which are driving growth in the sector.

Increasingly, FinTechs will need to successfully navigate growing government interest and involvement in the sector, and to take advantage of opportunities for collaboration with both public sector actors and businesses.

Recognising these developments, the Isle of Man is taking a bold approach to growing its FinTech sector, putting collaboration and legitimacy first.

The island, which has a population of just 85,000, has a record of innovation disproportionate to its size, from pioneering the adoption of 3G mobile services, to supporting the British Isles’ first regulated GBP-pegged stablecoin.

Now the Isle of Man is on a mission to attract cutting edge FinTech businesses as part of an effort to build on the existing strengths of the Island’s economy, with its well established, thriving financial services and digital technology landscape.

Key to the Island’s FinTech strategy is the flagship FinTech Innovation Challenge, launched by Isle of Man Government executive agency Digital Isle of Man in partnership with Finance Isle of Man and supported by the Island’s regulator, the IOMFSA, and Deloitte.

The Challenge’s soon-to-be announced cohort of participants will have the opportunity to develop new products or to further refine and strengthen existing ones.

It has attracted ambitious businesses who are looking to scale up their operations, develop new products and expand into new markets to tackle a number of selected problems which face businesses on the Island and around the world every day.

Businesses will develop solutions to address foundational issues like Digital ID Management, e-KYC (Electronic Know Your Customer) and compliance and transaction monitoring.

Those participating, will develop their products with the support of the Island’s authorities, and will be able to access the expertise of its thriving digital, technology and financial business communities, some of whom are involved in the Challenge themselves as mentors and judges.

It follows the recent success of the Island’s InsurTech Accelerator Program in partnership with F10, the global innovation ecosystem, which has provided a brilliant platform for InsurTech start-ups looking to scale up, access the expertise of the Isle of Man’s highly developed insurance sector, and take their businesses and products to a global market.

The Isle of Man is an ideal environment for young, innovative FinTech businesses to grow with the help of a strong local business community and supportive government, and from the robust foundations they have built on the Isle of Man, participating businesses will be well-placed to take their products to global markets.

For FinTechs navigating a complex environment, the Isle of Man also provides the opportunity to build close, collaborative relationships with government and regulators.

As a self-governing jurisdiction, it is able to apply pragmatism to its well regarded and conformant regulation, thereby seeking to adapt to the development of the dynamic FinTech sector and supporting businesses to thrive because of, and not in spite of an increasingly regulated global environment.

Regulation, Island authorities believe, does not have to curtail the growth of innovative sectors such as FinTech – it can be a supportive, legitimising force which can offer businesses both stability and prestige.

The Isle of Man’s greatest strength is its sense of community, its openness to collaboration between local and global businesses, government and the private sector, regulators and the businesses they regulate, all of which is crucial to allow innovation to thrive.

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