Tom Murray

Tom is Head of Product Strategy at Exaxe with primary responsibility of overseeing product direction. Tom has extensive experience of managing web based insurance software from conceptual design through to commercial release and beyond. Tom has been leading the development of the Exaxe Internet insurance architecture since August 1999.
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Recent Posts

Actuarial Post: The Ecosystem of Trust

March 19, 2019 Tom Murray

insurance fintech trusted network Millennials ecosystem

Actuarial Post: The Ecosystem of Trust This article was originally commissioned for Inner Workings, a monthly column written by Tom Murray, in the  March 2019 edition of the Actuarial Post.   Insurance is generally regarded as a background product, one of the necessities of life that most people have but do not regard as very exciting when compared to most of their other possessions.  Rarely do you find people snapping or instagraming the moment when their policy proposal is accepted.  In a world when even the most mundane events are seen as fodder for the voracious social media beasts, the highpoint of the insurance cycle doesn’t quite make the cut.
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CDC Pensions - a complex solution that delivers simplicity for employees

February 15, 2019 Tom Murray

defined contribution NEST state pension CDC schemes defined benefit

CDC Pensions - a complex solution that delivers simplicity for employees   complexity is the bugbear of getting people to save for their retirement.  The need to save is easily explained, but the simplistic solutions of the past, at least to the retiree, of defined benefit pensions and state pensions are either no longer viable (DB schemes) or are under huge pressure from changing demographics (state pensions).   The new approaches being undertaken to resolve the level of under saving in the retirement market are a lot more demanding of financial expertise.
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Actuarial Post: Alexa…Should I do a fund switch?

February 07, 2019 Tom Murray

Financial Adviser Actuarial Post smart technology Alexa robotics

Alexa…Should I do a fund switch? This article was originally commissioned for Inner Workings, a monthly column written by Tom Murray, in the  February 2019 edition of the Actuarial Post.   Among the biggest sellers this year for Christmas gifts were voice-controlled assistants that allow people to control various operations in their houses from the comfort of their own sofas.  Alexa from Amazon is the most famous but other tech companies, such as Apple, Google have similar devices now, which respond directly to the owner’s voice and carry out basic tasks such as playing music, timing dishes being cooked, answering general knowledge queries and providing news and weather information.   
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UK’s new guidance body needs to focus on technology

January 24, 2019 Tom Murray

guidance technology financial education SFGB Single Financial Guidance Body

UK’s new guidance body needs to focus on technology The arrival of the Single Financial Guidance Body is a welcome streamlining of the UK Government’s approach to the provision of financial guidance to the general population.  Merging the three existing bodies, the Money Advice Service, the Pensions Advisory Service and Pension Wise, into a single organisation brings clarity to the services provided by the government.    Although it has yet to be given its official name – the SFGB being an unwieldy working title – the fact that it doesn’t contain the word advice is a good sign. It shows that the body is aware that the use of the word ‘Advice’ in two of the bodies now making up the service was dangerous and could easily confuse the unwary into thinking they were receiving independent advice.  This would be a good indication that the final name chosen will avoid that trap. 
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Actuarial Post: Betting your pension

January 15, 2019 Tom Murray

pension freedom Actuarial Post pension funds annuities

Betting your pension This article was originally commissioned for Inner Workings, a monthly column written by Tom Murray, in the  December 2018 edition of the Actuarial Post.   The move by the government to reduce the shocking social side effects of fixed-odds betting terminals, mainly based in bookmakers’ shops, was welcomed by many in the UK as a good start in dealing with the issues that can arise from addiction to these machines.  Under the new law due to come into effect in 2019, the maximum stake will be reduced to £2, thereby requiring 50 losing spins to lose what could have been lost before on a single spin.
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EU puts a PEPP in the step of digital delivery of pensions

January 08, 2019 Tom Murray

EU Life and Pensions European Union PEPP Pan-European Pension Product

EU puts a PEPP in the step of digital delivery of pensions   The clock is ticking down towards the European Parliament elections in May.  This means that the deadline for the adoption of the Pan-European Pension Product framework is looming, as it is intended that this should be completed before the end of the current parliament.   Indeed, this is probably a necessity, as a new Parliament will inevitably mean a delay whilst new committees are setup and new priorities for the parliament are decided.  Thus, if it doesn’t get adopted prior to the breakup of this parliament, then it is likely to be at best significantly delayed, at worst deprioritised and pushed to the back of the list.
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Actuarial Post: “And, finally… robot-pets”

December 06, 2018 Tom Murray

insurance retirement planning long term care products Long Term Care robots

ACTUARIAL POST: “And, finally… robot-pets” This article was originally commissioned for Inner Workings, a monthly column written by Tom Murray, in the  November 2018 edition of the Actuarial Post.   The use of robots in Japanese care homes has featured a lot lately in the last segment of the news – the light-hearted piece that is scheduled in order to finish the news broadcast on a pleasanter note, following the bad news items that have gone before. These segments generally focus on the ability of automated robots to interact with elderly people and perform simple tasks such as fetching a glass of water or switching off a light. The topic is dealt with as an amusing item to amaze and entertain people. But beneath the trivial entertainment value of these segments, lies a serious question; is this is a feasible solution for the UK, given the huge looming issue of care provision for the country?
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Investment Life & Pensions Moneyfacts: Learning from how others see us

November 08, 2018 Tom Murray

Pensions UK Ireland autoenrollment auto enrolment

Learning from how others see us  This article was originally commissioned for the October 2018 edition of the Investment Life & Pensions Moneyfacts Magazine.  Tom Murray considers why the Government should examine the external view of auto-enrolment before considering the best way to raise contribution levels.   It is now six years since the introduction of auto-enrolment into the UK and there have been a number of reports assessing the impact of the project on the level of pension savings in the UK.  On the whole, these have been primarily positive, with a large increase in the number of people saving and a lower level of opting out than was previously expected.  
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Personal finance does require personal responsibility

October 12, 2018 Tom Murray

Financial Adviser regulator Sipp Financial Ombudsman Service FOS

ACTUARIAL POST: Personal finance does require personal responsibility  This article was originally commissioned for Inner Workings, a monthly column written by Tom Murray, in the  October 2018 edition of the Actuarial Post.   It’s rare, in the world of personal finance, that I find myself completely taken by surprise but the ruling of the Financial Ombudsman Service (FOS) in the recent opinion on Portafina was one such occasion.  FOS ruled that a client, who had transferred out of a defined benefit scheme into a SIPP was incorrectly advised, and therefore Portafina were ordered to put the client back into the financial position he would have been in if he had never transferred out.
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Investment Life & Pensions Moneyfacts: Tapping into the psyche of millennials

September 27, 2018 Tom Murray

protection Pensions smartphones new technologies taxpayers

Tapping into the psyche of millennials  This article was originally commissioned for the September 2018 edition of the Investment Life & Pensions Moneyfacts Magazine.  Tom Murray says it's time the life and pensions sector started giving millennials what they want in order to increase their low uptake of financial products.   Millennials are truly a divergent generation.  Their approach to life is poles apart from their parents’ generation. As such, any company that approaches marketing to millennials in the same way as they have marketed to previous generations is going to make itself irrelevant very quickly.  
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