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Wrisk, the leading digital platform provider for the automotive insurance sector, today released a white paper, ‘The Digital Blind Spot’, revealing a critical ‘perception gap’ where confidence in digital capability masks operational limits, preventing UK specialist motor insurers, MGAs, and brokers from unlocking genuine growth.
The report, based on a comprehensive survey of key decision-makers across the UK insurance market, highlights a critical gap between digital ambition and operational reality. While the industry universally agrees that technology is key to competitive advantage, and are confident in their position as digital leaders, scratching below the surface reveals frustration with inflexible systems, slow product development and a lack of a clear technology investment strategy.
A fundamental disconnect, driven by a pervasive self-assurance that is undermining competitive advantage:
- Pervasive self-assurance” An overwhelming 96% of respondents believe they are either "leading" or "on par" with their competitors in technology use. Yet, this confidence is directly contradicted by an inability to execute, with 26% admitting they struggle with the cost and speed of new product launches.
- Agility bottleneck: Nearly half of the industry (48%) reports lacking the capability to bring new, bespoke products to market quickly and cost-efficiently. This slow and costly product development cycle is the single biggest impediment to competitive responsiveness and capturing new opportunities
- AI vs. ML disconnect: While 92% of firms claim to be adopting Artificial Intelligence (AI), the practical application of underlying technologies remains low. Only 31% are operationalising machine learning and big data analytics, suggesting high-level adoption often masks a significant lag in achieving deep, profitable insights.
- Data underutilisation: A substantial 45% of firms report being only in the early stages of leveraging core data for actionable insights. Coupled with 20% admitting limited understanding of their current tech capabilities, this results in a crucial gap in knowledge that has implications for dynamic pricing and proactive risk management.
Commenting on the findings, Christen Smith, Director of Platform Solutions at Wrisk, said: “Our research confirms that the appetite for innovation is there, but the rapid rate of technology development has outpaced insurers’ understanding of the market. Many are stuck with systems that can’t keep up with modern demands, while others are sitting on underutilised data goldmines that require advanced analytics to monetise. Many companies do not even realise that these gaps exist and so aren’t working to fill them.”
“The fact is, the ability to launch new products, integrate distribution channels, and make instant platform adjustments is the new battleground for growth. This demands some self-reflection - insurers must close the gap between their perceived digital capabilities and the realities of delivery in order to succeed.”
Wrisk’s report offers detailed analysis into the challenges facing specialist auto insurers and MGA’s, as well as strategic insights that will enable readers to build a roadmap to digital success. Download a copy, to gain actionable insights into:
- The transformative power of a broad range of digital technologies available
- The commercial and brand value of the data they own
- The growth opportunities that choosing the right platform partner offers
The Wrisk Platform is an API-first, modular platform built exclusively to service the unique needs of brands delivering automotive and mobility insurance propositions. Scalability, speed-to-market and complexity-free development are embedded at the core of its digital technology, delivering a modern solution that adds value and flexes with the market and partner needs.
Organisations looking to re-platform, refine their existing technology stack or discuss a bespoke challenge they are facing can contact the Platform Solutions team.