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Insurance needs to adapt to new technology

Technology-focused investments are pushing business model changes across industries. With the continuous development of technology and its applications crossing traditional boundaries, insurance policies need to adapt to rising pressures of meeting new demands.

Insurance policies within the personal lines insurance value chain, including product development, client acquisition, underwriting, and claims are being challenged to update their policies as technology changes. Digital capabilities and the arrival of new competitors carving off pieces of the insurance value chain may well drive a significant restructuring of the industry.

New innovative technologies are rooted in mobile and digital but include a wide range of categories, with fundamental changes in communication, data availability and computation. Underlying these changes are several critical enabling technologies, from connectivity to analytics to artificial intelligence.

Insurance needs to continue to adapt as technology advances. We will continue to provide information regarding technology and its relation to insurance developments.

Source: http://www.canadianunderwriter.ca/insurance/innovation-based-disruption-personal-lines-insurance-will-drive-new-business-models-conning-1004114524/