Name Two Transformative Disruptors
If You Answered Digital Revolution and Internet of Things, Two Points
The thought of billions of devices connected to the Internet is scary, especially for insurance companies with old legacy systems and data privacy concerns. However, digital technologies are getting more advanced, and the IoT is here. Furthermore, insurers will face more competition from noninsurance companies, especially companies with strong digital ecosystems. Rakuten, a Japanese e-commerce company, sells life insurance leveraging its customer data and digital platform. Air Asia also utilizes its strong digital platform to cross-sell insurance products through Tune Insurance. And Google acquired beatthatquote.com, a U.K. motor insurance aggregator, in 2011, and launched its own motor insurance aggregator with 127 providers shortly after.
It’s important for companies to think about what areas to focus on first, and not get overwhelmed by numerous devices and sensors.
Finally, as the number of devices connected to the Internet continues to grow exponentially, your organization’s ability to analyze the volume of unstructured data will need to increase, and developing a robust, big data analytics strategy will become even more critical.