Insurers will still be relevant in the future, even more than yesterday—most likely!
The increasing pace of digital disruption in the insurance industry caused by new technologies and InsurTech startups is worrying key players from all sides of the incumbent insurance world. There are agents and brokers who are wondering what kind of change InsurTech would bring to them until 2020 and beyond, and there are actuaries who are asking at LinkedIn whether they will be relevant in the Digital Insurance World or not?
But what about the insurers itself? No question that they are concerned as well and obviously they are doing it rightly if the provocative prediction "The end of car insurance" would become true.
Matteo Carbone , however, is believing that insurers will still be relevant in the future, even more than yesterday.
I’m positive about the future of the sector. I’m convinced insurance companies will still be relevant in the future, or will become even more relevant than they are now, but these companies will have to be insurtechs, or players who use technology as the main enablers for reaching their own strategic objectives.
"Strategic objectives" and the use of technologies—or better said a mixture of both— are the keys when thinking about the future of insurance.
The essence of the insurance sector since its origin in 1347 has always been assessing, managing and transferring risks, but the direct results of technology adoption are "superpowers" that enable the same things to be done much better.
Matteo's conclusion is that business models and roles of insurers need not to be changed but to enlarged through new technologies. His answer about the how are IoT and "connected insurance". Make sure to read this great article.
Picture credits: solarsen/shutterstock.com
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