Insurance looks to be the next industry facing massive disruption as new entrants use innovative technology to rethink how something many people think of as a necessity is designed and sold. Existing data is going to be harnessed like never before and new data sources are going to come from the increasing use of sensors and ‘internet of things’ platforms in many aspects of our day-to-day lives. Whether it be monitoring our health and driving styles, or checking for cracks in household water pipes, established and new players are using data to combine prevention with value-added services to redefine the customer’s view of insurance and their perception of value and loyalty.
It is exciting watching how small start-ups are taking aim at different niches within this multi-trillion-dollar industry – and how the majors are responding. They are already making acquisitions and investing in the brightest; however, this is just getting started.
The march of automation and technology is an opportunity for new entrants. Although starting a new soup-to-nuts insurer from scratch is rare (see article), many companies are taking aim at parts of the insurance process