For a long time, insurance proved resistant to digital technology’s disruptive power. Complex regulation, the capital reserves required to underwrite insurance, and underwriting skills and proprietary data built on years of experience kept the industry protected. But these barriers are rapidly eroding.
Technology is making the insurance industry more efficient despite headwinds from the traditional environment, according to Swiss Re.
The augmented reality (AR) mobile game phenomenon Pokemon GO seized the attention and smartphone bandwidth of the entire country this weekend, adding upwards of $9 Billion to Nintendo’s valuation with a 23% jump in stock prices.
Analytics is a huge focus area for insurers, and according to Andy Pulkstenis, director of advanced analytics for State Farm, data infrastructure is the current hottest sub-topic to the larger analytics focus.
The Internet of Things (IoT) has evolved and matured to a point where pilots and programs are already in place around the world for every major line of business: Auto, P&C, Life and Health.
The most mature market unarguably is auto insurance in part because sensors have been in place for many years and the auto industry is driving the use of telematics for its own sake, not just insurance.