Creating connected insurers
In an industry that has generally been famous for its resistance to change, InsurTech is creating waves that can no more be ignored
Digital change is accelerating. It is creating a smarter world in which everyone, and everything, is connected: mobile and social technology, with cloud and Internet of Things connectivity, will soon connect billions of devices, sensors, processes, and people.
The digital world is bringing enormous opportunity, as well as challenge. Telematics and autonomous vehicles will alter the world of auto insurance, IoT offers connected insight from devices and new understanding of consumer behaviour, and big data and Artificial Intelligence could transform risk models and create new value in process automation and decision-support.
However, digital is also changing the culture of choice. Consumers increasingly want direct answers, more value from providers, desire service on the channel they choose and seek information on demand. This shift can only increase with the rise of the millennial generation.