Insurance Companies Use Emerging Technologies and Business Models to Shake Up Competition
Advanced technologies and evolving operations are opening growth opportunities in the industry, finds
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"Lines of business such as liability, property, and casualty will especially gain from models such as Prevention-as-a-Service," said
Forward-thinking insurers will look to realign their business strategies to tap the growth opportunities presented by:
- Medical advances, wearables, and growth of the elderly population.
- Rise in urban population density, particularly in
Asia andAfrica . - The largely untapped low-income demographic in developed countries, which holds huge potential for microinsurance and automation advances.
- Biological augmentation technologies, which can transform the markets for life insurance and reinsurers.
- High levels of digitization, increasing data breaches, and cyber threats.
"The auto insurance industry will be one of the most affected by the rising adoption of advanced technologies, as connected and autonomous vehicles will generate real-time data and improve underwriting accuracy," noted Taylor. "In due course, the focus will shift from insuring drivers to insuring the vehicle, systems, and technology."
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