TECH07009 2022 Technology Trends in Insurance

Examine the evolving impact technology has had on society, organisations, individuals and business models to date.

Assess the strategic importance of emerging technologies to the insurance industry

Demonstrate an understanding of the technical infrastructure utilised by businesses in the insurance industry and of how technologies contribute to the competitiveness of these firms

Examine future trends in the Insurance Industry and analyse how many of these trends are informed by and facilitated by technology

Identify and discuss ethical, regulatory and sustainability issues that may arise as a result of technological developments and how technology may be used to address some issues facing the insurance industry

The teaching and learning strategy is one which is founded on student-centred active learning. The module is designed to be delivered online to insurance industry apprentices, with two in-person workshops to cement learning.  Students will be encouraged to discuss practical considerations of the theories encountered when in online tutorial sessions. Industry experts will be invited as guest lectures to offer further real world experiences.  A range of Computer-Aided Learning (CALL) packages are available to support this module (e.g. Moodle, Adobe Connect, Panopto, Microsoft Teams). The learner will be supported in developing an understanding of the theory and key principles in this area and how these apply in the commercial environment.

Continuous Assessment will make up 60% of the total assessment for this this modules.  Learners will undertake an appraisal of technological aspects of their own place of work (30%) as well as working in groups to consider potential impacts of technology on their industry, organisation or roles (30%). 

An final assessment (40%) will take place at the end of the semester

Formative Assessment will take the form of weekly in class discussions, breakout activities, and small group discussions.

Repeat assessment/exam will be developed as appropriate to assess failed components.

Technological Impacts to Date

• Evolution and impacts of technology on business
• Growth of e-commerce, social media, mobile and other technologies
• An examination of the enabling technologies
• The power of data & information – sources and usage
• Issues with data - privacy and security

Current Digital & Computing Trends

• Big Data – how data can be leveraged
• Software platforms – SaaS, bespoke systems, interoperability
• Insurtech – how technology is being applied to the insurance industry
• Technology trends (ML, AI, VR, Blockchain, cyber security, etc…)

How technology may impact the insurance industry in the future

• The evolution of risk (new risks, how risk will be managed)
• Imagining the future of society and commerce
• How tech will shape the industry – new value chains & business models
• Predictions for the future of the insurance industry -  towards Industry 5.0?
• Future skills needs in the insurance industry

Environmental, Social, Governance  (ESG) & Other Considerations

• Regulatory and legal challenges presented by technological innovations
• Potential downsides of technology – importance of responsible technology
• Sustainability concerns in embracing technology
• Ethical use of technology / data