Disruptive innovations are appearing across every sector... and there seems to be no shortage of emerging Tech entering the Insurance market too.
Solutions that combine series of technology breakthroughs seem to spur recent product announcements and launches.
Here is a snapshot of those new concepts aimed at supporting the insurance sector and enabling it to drive competitive advantage and differentiation in our current data-driven digital world.
Next generation of customer-driven offerings:
- Micro Insurance
- Green Insurance
- Telemetry-based and connected offerings (i.e. car, property, land, health)
- Experience-led insurance products with a social twist (i.e. gadget, warranty, peer-to-peer)
Behaviour and pattern-analysis driven solutions:
- Big Data, Wearables & The Internet of Things
- Internal functions and processes, such as marketing and sales, claims and compliance, eased by Artificial Intelligence algorithms
- Socially-driven product and servicing offerings
- Property insurance supported by smart flood monitoring capabilities
Specialist & Usage-based platforms:
- Segment-based and vertical platforms (i.e. London Market, Life Insurance Marketplaces, Digital Health, Re-insurance )
- On-demand, Pay-As-You-Go and SaaS insurance platforms
- Immutable, secure and trusted "blockchain" platforms that support wholesale distribution and global infrastructure
Now that all these great technology themes are embedded and enabling great solutions. What might tomorrow customer value propositions and business models look like?
Whether they are building new tech platforms or redefining the old business models for insurance, they span all segments of the global market. Across Property & Casualty, Life & Annuities and Reinsurance, they span personal and commercial lines, retail and wholesale markets. The geographic spread spans Silicon Valley on the West Coast to the Balkan states in Eastern Europe and down through the Africa continent.