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“Applied Systems invests heavily in innovation and market expansion where we believe we can create new value for independent insurance agencies and brokerages,” said Taylor Rhodes, chief executive officer of Applied Systems. “Our decision to bring Applied Epic into the UK market was based on our belief that the UK broking community desired new BMS alternatives, but we struggled to deliver a fully featured product in the face of competitors with incredibly strong positions in the market. As in any business, you take calculated risks, and some of them play out and return significant value and others do not. While this investment did not work out, recognising this fact now presents us with the opportunity to reallocate capital toward other investments that are supporting our winning position in our other markets.” 

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In the latest edition of Insurance Business TV, Adam Atkins, of Hiscox, explains how the company is reshaping its technology insurance coverage. He looks at customer feedback and explicit AI coverage, as well as how client confidence has been boosted.

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At the same time, brokers must work with carriers to ensure the products fit the needs and budgets of SMEs. For Lezzi, the future of the cyber insurance sector hinges on a blend of forward-looking risk management, adaptable product design, and global education, especially for underserved market segments.

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Cyber and D&O: Two of the biggest missed opportunities

Treloar pointed to cyber and directors and officers (D&O) insurance as two key areas where clients are often exposed, despite clear risk signals. “There are still many customers that should purchase [cyber cover] that don’t,” he said. “Equally, I think the same is true for D&O.” S&P Global Ratings noted in a recent webinar that “only 5% to 10% of small and medium-sized enterprises currently hold cyber insurance.” For D&O, a Global Information report found that “39.9% of SMEs now have D&O (excluding sole traders), a figure that rises along with company size.” Treloar added: “We want to find solutions for these exposures for all of our customers as well, and to support them as the world continues to evolve.”

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The acquisitions, finalised within a five-month period, respond to increasing client demand for support in navigating regulatory compliance, sustainability requirements, and cyber risk. Each acquisition brings in targeted expertise to address shifting expectations from regulators, stakeholders, and supply chain partners.

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Kelly Ostler-Coyle, head of communications and stakeholder relations at Flood Re (a UK government-backed flood insurance scheme) highlighted the challenge of flood claims. “When Flood Re started, if you’d had a previous flood claim, it was really hard to get insurance… the premium, and the excess would be so high that it would be almost like self-insuring,” she said.

Addressing flood risk now requires a focus on long-term resilience. Ostler-Coyle stressed: “We need a housing stock that’s going to be there in many years’ time, that isn’t going to have to be continually rebuilt because of flooding.” She warned of the ripple effect of development on flood risk: “The more you build over, the less there is for the rain to absorb, so we need to be building with flood risk in mind… even if you protect one new area, it could run down the hill and affect a village that’s never been flooded before.”

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Old IT frameworks are making insurers less competitive, slowing down product launches and innovation, from customer experience to operational efficiency.  

Meanwhile, the insurance sector is investing 70% of its IT budget to sustain these outdated systems.  

Read our whitepaper to gain expert insights from Charles Taylor InsureTech, Oracle and Zurich as they explain how insurers can modernise their systems without the big cost or BAU disruption of core replacement. 

Find out how a middle layer modernisation strategy can help you: 

•  Configure insurance products faster 
•  Achieve system interoperability  
•  Connect easily to sales channels 
•  Integrate third-party APIs 
•  Improve operational efficiency 
•  Improve customer experience 
•  Scale easier  
•  Be agile and innovative   

Download the whitepaper to learn how to modernise smarter and faster.

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• Researching local markets to understand key industries and risks
• Building expertise in dominant regional sectors
• Partnering with underwriters who specialise in local risks
• Customising portfolios to reflect regional exposure
• Adapting communication styles to suit local business culture
• Using regional data and loss patterns to guide decisions
• Offering products aligned with local regulations and threats
• Fostering long-term community relationships
• Providing education on region-specific risk management
• Staying responsive to local market and regulatory changes
• Ensuring locally accessible claims support
• Respecting cultural and language preferences where applicable

Adapting commercial strategies

Beyond regional knowledge, Corner emphasised that brokers must also rethink their commercial models to remain agile in a competitive landscape. “The commercial landscape is shifting rapidly, with changing client behaviours and increasing competition… brokers need to be reassessing pricing models, improving operational efficiency, and exploring new distribution channels to stay ahead,” he said.

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6. Take the time to shop 

As you may have noticed from the average premiums of different auto insurers, there can be a wide disparity in premium pricing. Do not rush to procure car insurance – like buying your motor, this is a considered purchase. Make an informed choice by checking the offerings of several insurers, comparing their prices, discounts, features, and reviews, then choose the one that best fits your needs and budget.  

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Having done his due diligence on the campaign, it wasn’t a personal connection to the disease that convinced him but rather some of the statistics around dementia. “Sadly, so many families are affected by dementia in one form or another,” he said. “What stood out to me, was that it’s probably the number one killer in the Western world, certainly in the UK where almost a million people are living with dementia right now.

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