The Future of Insurance 2018

Article Synopsis :

‘The Future of Insurance 2018’ from Raconteur is a series of articles on the future of insurance penned by an esteemed collection of award winning journalists and freelance technology writers. Here’s a synopsis:

What does the future of insurance look like? Here’s a collection of viewpoints from a collection of esteemed global thinkers and writers

‘Insurance is playing catch-up with technology’ by Tim Cooper.

The insurance industry stands accused of being slow to adopt digital technologies which will introduce innovative new products for customers.

• 61% of Insurance CEOs see technology as more opportunity than threat
• 69% plan to invest in digital infrastructure over the next three years
• 59% say the primary objective of their investment is to transform their business and operating models

‘Chatbots are coming to get customers’ by Mark Frary.

Insurance companies are set to launch a new wave of chatbot virtual assistants targeting the social-media generation at ease with technology.

• 37% of millennials would prefer to communicate with a business via messaging or chatbot, compared with 26% of all ages

‘Moving from insurance to protecting risk’ by Finbarr Toesland.

The role of insurance is set to change as companies embrace a new approach using predictive analytics to monitor risks around the clock.

• Data analytics is at the top of the shopping list for insurers, with 84% saying they’re planning to invest within the next 12 months

‘InsurTech is rising in the East’ by Nick Easen.

Already a major new player, the potential for growth in China’s online insurance market is vast – with lessons for UK insurers to learn.

• Insurance penetration (share of insurance premiums as a share of GDP) is 3.6% in Mainland China, compared with 7.3% in the US, and 9.9% in the UK

‘Accelerating along the road to autonomy’ by Anna Codrea-Rado.

A new era of autonomous vehicles is coming, signalling a different approach to insurance.

• 43% of consumers believe their premiums could skyrocket when insuring a driverless car
• 72% don’t trust a computer with safety

‘Ledger tech could be insurers’ dream’ by Helen Beckett

Marine and other insurance policies have a new virtual figurehead to help chart a course through mainly unexplored waters of doing business in an increasingly digital economy.

• Blockchain’s immutable properties make it a natural partner for insurance

‘Year of megadeals looks set to continue’ by Joe McGrath.

With an abundance of capital slushing around in the insurance sector, major M&A deals are being done – and analysts forecast there are more to come.

• Established players have been selling off large chunks of their portfolio to reduce risk and free up capital to allow investment in new opportunities

‘Is the principle of data privacy enough for insurance?’ by Hugh Terry.

To monetize customer data or not monetize customer data? This is the essential question. There is the letter of the law to consider, and, more importantly, the spirit of the customer contract.

‘Rise of the data scientist in insurance’ by Sooraj Shah.

As insurers become increasingly reliant on data, specialists are in great demand to get the most out of a company’s databank.

The highly sought after hybrid data-scientist/underwriter is so rare they’re referred to in recruitment as ‘purple squirrels’

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