By Bits CEO Callum Rimmer comments about a new type of insurance growing in popularity as artificial intelligence eliminates the need for human intervention.
Furthermore, insurers may want to develop instant services, but they are struggling to convince boards to pay for the research and development. Callum Rimmer, founder of By Miles, the UK's first pay-by-mile insurer, and By Bits, a tech platform for the motor insurance industry, says it's a chronic problem. “Insurers aren’t investing enough. They aren't going after talent with the same gusto that investment banking has to give them the ability to adapt to the future. Banks historically have paid better rates.” Worse, some insurers are lackadaisical about the future. “They are almost universally happy to lag behind and just compete on price,” says Rimmer. “They are still selling the same propositions they sold 30 years ago, only digitally.”View Article