This article is part of Carrier Management’s series on the Future of Insurance.
Vikram Sidhu, Partner, Clyde & Co, sees disaggregation of data handling and analysis functions as one potential future trend that will emerge in the next decade as the industry ramps up its use of big data.
Q: What major changes do you see on the horizon for the property/casualty insurance industry in the next 10 years? What will insurance companies, insurance leaders, the industry and its workforce look like in the next decade? What risks will they insure?
Sidhu (Clyde & Co): Big data will bring the most dramatic changes to the future of the property/casualty insurance industry. It is already having a dramatic effect on the underwriting and management of risk, although primarily on the consumer side of the business for now. The influx and increasing use of big data will bring new players and risk markets to the insurance industry.
Disaggregation will also allow a further deepening of the presence of so-called “alternative capital,” which has already been making its presence felt strongly in the insurance industry. With greater access to the analysis, modeling and underwriting tools using big data collected by data vendors, such alternative capital will be able to go deeper into the insurance space without needing to rely as heavily on the existing insurance industry players.
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