The global insurance industry is poised for an exciting and profitable year. Last year, startups in the insurtech space received an increase in funding, indicating a renewed sense of confidence amongst investors in the sector. Now, with an influx of investment at the helm, technological advancements, evolving customer expectations, and changing regulations are taking place within the industry. Here’s a look at some of the developments that will shape the insurance industry this year. 

Hargreaves Lansdown (HL), the UK’s leading provider of savings and investment services, announced today that Ecospend’s Pay-by-Bank solution is now available for HL’s ISA, and general investment accounts following its initial launch in May 2023 to its Active Savings clients where it processed over £850 million. The adoption rate is expected to reach well over 30%.

DNA Payments Group, one of the largest independent, integrated omnichannel payments companies in the UK and EU, has appointed former Head of Unified Commerce from Adyen, Jan-Pieter (JP) Lips as its new Chief Executive Officer. 

JP will be responsible for DNA Payments’ next period of growth as the company continues to develop and provide simple, unified payments into fast-growing vertical market sectors such as restaurants and specialist retail.  

Tandem, the UK’s greener digital bank, has announced the appointment of Maria Khan, as Director of Product and Digital, and Chris Parker, as Head of Marketing.

Findings from a new global thought leadership report published today by the no-code digital insurance platform provider, INSTANDA - Re-imagining the Digital Insurance Landscape: 10 Years from Now - highlights a once-in-a-generation opportunity to transform the industry. However, a new type of muscle is required to truly embrace what the Information Age has to offer as experts warn many insurers risk being left behind.

As financial services are embedded in more and more digital environments, the ways in which HR teams handle payroll management continue to evolve.

AccessPay, the leading provider of bank integration, today announced the addition of Confirmation of Payee (CoP) and Sanctions Screening capabilities to its Fraud & Error Prevention Suite, launched in 2023. The new capabilities will enable finance teams to avoid fraudulent and non-authorized payments and accidental misdirection of funds. They will also ensure compliance in an increasingly complex regulatory landscape.

Global cross-border payments company, Thunes, has today expanded an ambitious tree-planting initiative with its partner, Handprint, an Impact-as-a-Service company.