It seems that there are 12 technologies that are expected to transform the insurance market, if deployed in the most effective way.
Seven of these are probably the most likely to be deployed over the course of the next few years.
I have decided to list the "micro to macro" technology themes identified by Mark Breading, Partner at Strategy Meets Action, in an order than makes sense to me. However, based on anyone's perspective of the insurance world, these could be re-ordered in any way.
Here are these seven technologies, including my personal commentary:
- Wearables will drive unique behavioural insights and help insurers design unique and personalised services, assuming the right data is being harvested correctly.
- The Internet of Things (IoT) will connect an ecosystem of devices and wearables to the Internet and allow enhanced decision making from a simple console.
- Drones will enable efficient claims management and processing, and will extend future IoT full service offerings.
- Driverless cars and other related insurance offerings (i.e. Home, Health, Farm, Land, etc.) will transform the way insurance is rated from annually to temporary and timely.
- Third generation Artificial Intelligence (AI) will deliver augmented types of insight and intelligence, driving accuracy and consistency at every turn.
- Robotics may replace redundant activities or enhance highly skilled mathematically prone activities
- 3-D printing, with the help of AI, will help prioritise and replace things that need replacing, fast.
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.