Dear steemians,
an analysis of the consulting firm Oxbow Partners raises 11 technologies that have been paying close attention in the past two years and assesses what companies are changing. And not only. It turns out that for the moment only telematics and connected cars generate business.
The synthesis of the epidemic leaves no room for doubt: as of now, for the majority of the technologies that represent the so-called 'trend' for the insurance industry (autonomous driving, big data, artificial intelligence, IoT, UBI, Blockchain, P2P, etc.) the impact on the business has not yet perceived.
There is a lot of 'hype' (literally frame, ie media attention), but little 'impact'. It is supported by Oxbow Partners (UK insurance consulting company) that has accompanied the dissemination of its evidence with a number of company suggestions.
Driverless car
In detail, the first thing to notice is the zero impact of the driverless car theme: of course, one might say, seen and considered that they are still not commercially available (apart from the Tesla, which are still hybrids). According to the consulting company, although there are already roadside tests of the first self-contained cars and that according to the forecasts of many companies the next 3 years will see the arrival of such vehicles within reach of all, the truth is that for an adoption massive and widespread, which has an impact on the insurance world, the times will probably be much longer. It's not just a matter of technology, but of a complex regulatory system that also includes ethical issues that must adapt to change.
The company's recommendation is to focus on short-term business opportunities offered by the 'connected car', but begin preparing for strategies to be adopted, as the autonomous car will change the same concept of 'vehicle ownership'.
Blockchain
Also for the chain of blocks we are in very high hype and very low impact.
Oxbow Partners is very skeptical about the issue and believes that the use of such technology in the insurance sector is by no means imminent. There have been experiments, that's true, but the advice is to wait still without concentrating too much on this subject
Big Data and Artificial Intelligence
In both cases, the discussion and enthusiasm for these technologies has been extremely high in the last two years and it will still be in the future. But it is a hype which also corresponds impact, because we are already seeing the adoption and implementation of new systems and solutions in the insurance world who exploit the opportunities offered by AI and analytics, and process improvements to services. The full potential has not yet been expressed, therefore companies must continue to invest (and believe) in these two trends.
IoT
It is undeniable that the objects' internet creates new, important opportunities for the insurance world. However so far as the companies have already begun to evolve in the proposed services and business models by leveraging these technologies, it seems (so says Oxbow) who have not yet understood how to exploit them fully. Until now, companies have added the IoT component to the classic policy models banally, without engaging in developing a different customer value proposition for the customer.
Telematics
At present it could be defined as 'collection sample' technology. It was the first insurtech innovation in the world, perhaps less fascinating than others and therefore with a lower hype in recent years, but hand made is this the technological area in which insurance companies have been able to bring new opportunities to grow business and where the impact is really substantial.
The problem that will come up in the coming years is rather the relationship between car makers and data property insurers. Companies must then continue to ride on the opportunities offered by the black box, but also carefully monitor the evolution of the industry and how the world of data generated by cars will be able to influence their business.
P2P
Oxbow Partners are rather skeptical about the peer-to-peer model in insurance, it's just too complicated. The attention for this model has been very high in recent years, many startups insurtech rely on this concept, but the consulting company does not feel that they will really work.
So do you think is all an Hype? What about Blockchain applications?
Happy steeming,
Francesco
A more detailed article you can find it here