However, by embracing the UK's quickly growing pool of insurance technology (insurtech) startups, as well as development of mobile apps, investing in digital channels, hiring tech talent and analysing customer data, the UK insurance industry is finally moving into the digital age.
Head of digital innovation at Aviva, Paul Heybourne, told Techworld: "VCs are buzzing with [insurtech] a lot more than they were a few years ago with fintech and payments. Still, we are yet to see any true disruption, so perhaps that is why we are at the top of hype cycle, but it's only a matter of time."
Recent research from London accelerator Startupbootcamp InsurTech and PwC, based on more than 1,300 startups across the world, shows that 75 percent of incumbent insurers "believe the biggest impact to the industry will come from building new products in order to address the changing needs of the customer".
Here are some of the most innovative insurtech startups in the UK trying to build those products today: