Emerging technologies receive a great deal of interest and activity today in the insurance industry. Autonomous vehicles, artificial intelligence, drones, the Internet of Things and blockchain, among others, are on the minds of insurance executives and increasingly incorporated into insurer strategies.
Executive SummaryAutonomous vehicles, AI, drones, IoT and blockchain are among the emerging technologies on the radar screens of P/C insurers, but there's another set of sleeping giants of the emerging tech world that should command more attention. Here, Mark Breading of Strategy Meets Action identifies the not-so-sleepy technologies and suggests a set of questions for insurers to ask to assess their long-term industry implications.
Partnerships, pilots, investments and implementations related to various emerging technologies already are underway across the industry. The excitement and activity related to these technologies are warranted due to their high potential to reshape the customer experience, improve operations, reduce risk, and drive innovative products and services.
Yet, there is another set of emerging technologies with big implications for the industry that have less visibility, including 3-D printing, augmented and virtual reality, biotech, and advanced robotics. Although the implications of these may be realized farther down the road than some of the others, their potential impact is high and therefore they also deserve the attention of insurers.
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