The world is abuzz with the potential of a new wave of emerging technologies aimed at transforming business, society, and our daily lives. Every day, there are new developments in wearables, drones, autonomous vehicles, the Internet of Things, virtual reality, and a host of others. And the pace is accelerating. Ten, or even 5 years from now our world will look a lot different. It is very important for insurers to ask how these emerging technologies will impact insurance – an industry considered to be stuck in the past.
Emerging technologies and trends are sure to influence two key dimensions in insurance: the customer experience and innovation. Insurers have lately pivoted toward the customer, launching major investments and initiatives after years of slow progress. Many leading companies are aggressively pursuing innovation agendas to reinvent their businesses. Many aspects will change … distribution channels, products, risk assessment, and business models. The major driver behind all of this change is customer expectation, fueled by emerging technologies, and enabled by innovation.
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