Toll Free: 1.877.225.0446

The sharing economy and technology will have a significant impact on the insurers

The sharing economy and technology will have a significant impact on the insurers

Changes happening in the digital world are having profound effects on the insurance industry. In a new world where the average homeowner can rent out their home on their own terms, use their personal vehicle for ride-sharing and travel in a self-driving car, there is a need for new insurance policies.  Is the insurance industry ready for these technological advances and the expansion of the sharing economy?

The insurance industry has proven to be adaptable. However the speed of technological advancements and changes are now exponential. There will be more change by 2025 than there has been in the past 50 years. All of these changes in the digital world and the sharing economy will continue to affect the type of insurance policies people require. Professor Jacques Nantel from HEC Montreal, has no doubts about the ability of insurers to adapt to the rapid changes in the technology and the needs of the sharing economy.

We will continue to watch to see how the insurance industry fares in the continually evolving digital world as the sharing economy expands.