Now is the time for a radical next step

Created by Chet Gladkowski 25 Apr 2014 @ 08:10
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With $50 worth of materials and a 3-D printer, Jeremy Simon was able to give Jose Delgado a new, more functional and easily replaceable prosthetic left hand. But the really big news is that it not only works better, but it replaced a traditional $42,000 prosthetic device (1).

 

Being risk adverse by nature, the insurance industry almost never coexists with anything radical. But there are great opportunities not to just tinker with insurance but to go off into new, unexplored areas, delivering creative coverages and service. It's more than just technology, it it requires exploring untapped risks that consumers and organization experience and need financial protection from.

 

What creative ideas do you have?

 

(1)    http://www.washingtonpost.com/news/morning-mix/wp/2014/04/23/man-prefers...

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We are wrestling with these issues right now. Its somewhat uncharted territory because there are unresolved legal questions on many of them that impact liability.
Sam brings up a good point: as technology and society changes so do our insurance needs. For people creating and using things like 3D printers there are risks to be covered. What about the exploding use of drones (the aerial shots at The Masters were made with drones, bridges are being inspected by drones.) There are insurance needs if they fall out of the sky, fly into a building or another aircraft.
They may be forced into once claims begin arising related to the technology
This technology is amazing, but as you say, the insurance industry is so risk averse it is hard to imagine they will be quick to respond with anything creative.