It may be tempting think that technologies like 3D printing, driverless vehicles, artificial intelligence and advanced robotics won't impact the insurance industry for a long time, but think again. Your peers believe that many of these technologies deserve attention right now and that they have the potential to transform the P&C insurance industry as soon as three years from now.
In response to a survey of 147 insurance professionals in North America, Strategy Meets Action (SMA), an insurance strategic advisory firm, has released a research report by Mark Breading, titled, "Emerging Technologies in P&C." The report identifies the top 12 technologies with the potential to transform the P&C insurance industry in the near-term, as well as in 3, 5 and 10 years.
Study participants were asked which technologies carry the most risk for the industry. Autonomous/driverless vehicles are seen as posing the greatest risk by a wide margin. Driverless vehicles elicit the most fear as many recognize the potential to upend the entire market for auto/vehicle insurance. The survey results indicate that driverless vehicles will have limited impact in the near term, but the impact 10 years out will be enormous.
Four technologies stood out among P&C executives as deserving a great deal of attention and investment:
3. Drones
4. Wearables
Half of all P&C insurers are developing IoT-related strategies. And while driverless vehicles are still in the early stages of production, 27% of P&C insurers say they are already developing long-term strategies to deal with the evolving technology. Drone permits are being granted at an increasing rate, and a number of top insurers are already experimenting with them. Wearables are seen as having potential for claims and other internal uses.
Learn more in the full report, Emerging Technologies in P&C.
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Jayleen R. Heft
Jayleen Heft is the digital content editor for PropertyCasualty360.com. Contact her at [email protected].
