Insurers: Prepare for These 7 Technologies... and More
September 29, 2015 12:21 PM
There are no less than a dozen technologies poised to shake up insurance over the next decade, Mark Breading, SMA partner, said at the analyst firm's Summit in Boston last week. Following are seven of the 12 that Breading called out as being particularly intriguing.
Internet of Things
The network of connected devices of all sorts provides rich data to insurers, Breading says. "The big challenge for us as an industry is that we need to be connected into that connected world," he adds.
Driverless cars
Separate from IoT proper, Breading reminded the audience that "everything we insure is gong to be connected."
Drones
Drones are poised to be the single biggest disruptor in the claims process, SMA's Deb Smallwood said in her opening remarks at the Summit.
Artificial Intelligence
Though AI has been used in technology for a while, what's coming down the pike is "more general or strong AI that begins to learn or improvise," Breading says.
3-D Printing and robotics
Insurers "have to catch up and be ready with this whole upward momentum" of these emerging technologies, Breading says.
Wearable technology
"How do we leverage data and analytics not just to gain insight, but also provide services" through wearable technology, Breading asked the audience.