A new book examining the disruptive technologies that will transform the insurance industry predicts constant, real-time changes to risk premiums and the disappearance of the car insurance industry by 2030. Dr Michael Naylor, a senior lecturer in insurance at the Massey Business School, has undertaken a meta-analysis of how a range of technologies will change the industry in the coming decade. His report, ‘A Perfect Storm in Insurance: How to Survive the Looming Waves of Disruptive Technology’ aims to help insurers prepare for a very different future.
“Insurers need to change their view of their business as a provider of insurance products to being a data company with real-time links to customers, specialising in personal services,” Dr Naylor says. “Any organisation that is not a big data house now, or is unable to become one soon, is already a legacy company.”
Dr Naylor’s vision of the future also has many implications for consumers.
