As the world has advanced, we have seen some astonishing developments in technology. Computers used to fill a room; now one can sit on the palm of your hand. Phones once required an operator in a telephone exchange to place a call; now they’re so small that people are in constant danger of losing theirs. Executive SummaryReinsurers need to know what might be tomorrow’s headaches or opportunities as tech companies are constantly pushing at the boundaries of what’s possible. Here, Carrier Management takes a closer look at Munich Re’s Lean Startup approach of thinking like a small company to test new ideas in Innovation Labs.
But innovation also brings challenges, especially when it comes to insuring new products and technologies. According to Lloyd’s of London, when it was first asked to insure a motorcar, no guidelines existed as Lloyd’s underwriters were the very first to offer car insurance and were more used to dealing with ships. As a result, the first car insurance documents, produced by marine underwriters, described the car as a “ship navigating on land.”