Why must risk executives know about AI, Internet of Things, blockchain, and other technologies? The answer is often sitting in plain sight, from wearable technology that informs workplace risk to IoT connections that provide rich sources of data to insurtech solutions for insurance and risk finance. The promise for risk professionals who use these technologies is to proactively contribute to their organizations’ growth and performance.

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A 2017 report from consulting firm Oliver Wyman and insurtech investor Policen Direkt analyzes insurtech business models worldwide and pinpoints winners and losers.

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Claude Yoder, Global Chief Innovation and Product Development Officer

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Continuing the discussion of insurtech’s surging impact on the insurance industry.  Part II focuses on what carriers should be doing and compelling trends for growth.

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Claude Yoder, Global Chief Innovation and Product Development Officer

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Insurtech’s impact on the insurance industry is surging, reminding us of the influence that technological change and growth bring to the modern consumer and business landscapes and individual industries  -  the development of fintech within financial services being an example.

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Here we review recent GC Capital Ideas posts on the need for the insurance industry to come to terms with the forces of technological disruption challenging their business models.

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Claude Yoder, Global Chief Innovation and Product Development Officer

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• As insurtech offerings proliferate, to gain the advantages promised, companies need to know the opportunities afforded; know their own strengths and capabilities for engagement; and know their clients’ needs and expectations
• Insurtech is the evolutionary next step for insurance through the combination of data, analytics and technology in new and innovative ways
• Capturing information in real time through sensors or mobile devices is the newest process for the collection of data for analytics

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Here we review recent GC Capital Ideas posts on the developing digitization of the insurance industry.

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Cliff Sheng, Partner and Head of Financial Services, Greater China, Oliver Wyman

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Notwithstanding the tremendous scope and opportunity for certain simple products — such as travel insurance and shipping return insurance — in the Chinese insurtech market, several products such as auto insurance and universal life insurance face uncertainties owing to the following four factors:

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Cliff Sheng, Partner and Head of Financial Services, Greater China, Oliver Wyman

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Insurtech is revolutionizing the insurance industry by bringing disruptive products and services to a market that is fast adopting, and increasingly moving toward, an online ecosystem. The market is also seeing a surge in the number of people who are aware of and are starting to understand the benefits of insurance.

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