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
* 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
* The ever-increasing reach and influence of the
Internet are also spurring new distribution
relationships and enabling insurance product
and service innovation.