Disruption, information
revolution, robo advice - something big and transformative is happening in
our industry, something that is changing the way insurers do business, forever.
We keep hearing how new
technologies could cause insurers to be disintermediated altogether. At best,
the story goes, the way insurers respond to the changing habits of consumers is
going to determine their success.
But a lot of what
insurers understand by 'disruption' is fragmented or abstract - or
perceived as just not relevant to their marketplace. So what is actually
happening?
We decided to find out
what the future holds for the global insurance business, as mobile technology, artificial
intelligence and telematics permeate consumers' lives.
Instead of taking the
route of presenting and sharing our thoughts first, we went into listening mode
talking to clients, thought leaders, top academics, established insurtechs,
start-ups, accelerators and innovation labs around the world about what
important changes are taking place that will shape the future of the insurance
business.
Our team visited London,
Edinburgh, Dublin, New York, Stamford, San Francisco, Sydney,
Hong Kong, Shanghai, Singapore, Cape Town and Johannesburg to conduct
the research. The result is a fascinating picture of how customer relationships
are changing and converging - and, importantly where they are diverging
because of demographic or cultural differences.
Many of our clients will
already be familiar with the documentary film we created to showcase the
research called The Incredible Curious Adventure. In this 10-part podcast series we delve a
little deeper into some of the key themes uncovered.
And there's a lot to
take in - how apps are driving the 'transformation economy' and how there
is a switch from visual to auditory interfaces like Siri, for example; how the
personal avatar is evolving and how the battle to own it is underway.
But, we didn't do this
research just for 'infotainment'. We want to spark discussions with our clients
and encourage them to become thought partners with us. We want to be challenged
and, if we see the potential for a new approach, we're prepared to take the
extra steps needed to help realise a new concept.
The time is right. As
one of our interviewees says, millennials are starting to trust neo-banks;
they're starting to trust insurtechs and fintechs, more than they would trust
established brands: "Technology is showing that it can solve the trust
issue better in most cases than brands and history and even regulators."
But the future doesn't
have to be dystopian. We can get it going together - in a way that
benefits everyone. Indeed, we are already working with a number of companies
that we believe offer brilliant solutions to many of the complexities involved
in shaping insurance 4.0.
Find out more about the
Gen Re approach and how you can start your own dialogue with us here.
In the meantime we hope you enjoy the first podcast.
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