The Way Forward (The Economist)

Created by Jeff Brown 15 Oct 2014 @ 09:45
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internet of things
telematics
big data
trend
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google
amazon



If you are following trends in the industry related to new technologies, here is a new report from The Economist that you might be interested in - The way forward: Insurance in an age of customer intimacy and Internet of Things

The report asserts that the majority of insurers believe that disruption is coming to the industry and see non-insurance entities such as Amazon and Google as emerging competitors. Key findings of the report include the following:

* Insurers have had to rethink not only the value

of internal and customer data but also the very

concept of privacy, as insurers are able to offer

discounts for customer information.

* Innovations such as telematics, or the remote

transmission of information and data over

telecommunications devices, have already

enabled premium discounts for information.

Wearable technologies and machine-to-machine

(M2M) or “Internet of Things” capabilities are

rapidly opening up new avenues for data

exchange that support underwriting and loss

control.

* As insurers strive to keep up with changing

expectations of consumers, distributors and

their own associates, new sources of data and

analytics are driving the ability for insurers to

evaluate, price and underwrite risks more

precisely.

* The ever-increasing reach and influence of the

Internet are also spurring new distribution

relationships and enabling insurance product

and service innovation.

Jeff Brown is the Founder & CEO of Market Luminary. He previously served as the Founder/CEO/President of Blue Cod Technologies. He currently serves on Advisory Boards for Yodil Inc., Northeast Outdoors Foundation, and William J. O'Brien Lecture Series.
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