Insurers will have to develop solutions for digital advances like software-defined cars, increased ride-sharing and smart homes sooner than many expect. That's according to Farmers Insurance Head of Product Innovation Mariel Devesa, who gave the opening keynote address at INN's inaugural Dig In conference in Austin, Texas.
The implications on insurers are great, she says. New technology puts onus on insurers to create platforms that can ingest new business models and work cohesively to drive legislation that sets standards for who is liable in the event an autonomous car crashes. Most importantly, similar to USAA’s philosophy, Devesa argues no tech opportunity is too small for insurers to venture into.
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