The Internet of Me is quietly upending the insurance world. Advances in sensor, robotic, telemetric and other technologies are making it possible to gather detailed information on an individual risk, mitigate it and accurately price it. As this happens, the services that insurers have traditionally handled — underwriting, policy creation and risk pooling — may soon give way to very new ones such as protection by prevention and other ways to meet the customer’s needs.
As I discuss in my video below, the insurance industry traditionally has enabled innovation in so many industries by providing the safety net for new processes and products to be launched. I believe it will continue in that role, but I expect it will do so in a more intensive way as insurers form new alliances and learn to use data in different and beneficial ways.
For more on the changes coming, download Accenture’s Technology Vision for Insurance 2015.