Adapt or die, insurers told
Michael Naylor, a senior lecturer in the school of finance at Massey University, has produced a new book considering the future of insurance in light of looming disruptive technology.
He said insurance had traditionally been a conservative industry, including in the way it used IT. But that would have to change as major disrupters such as telemetrics, big data, automatic underwriting and claims, roboadvice and the changing demands of the next generation of consumers shook insurers out of their complacency.
“No commentator has realised that when added together, the small impacts of each technology will combine to create utter disruption in the insurance industry - a perfect storm,” he said.
He said insurance was likely to be more disrupted than many other sectors because of its analytical data focus. “Other sectors, like banking, have made more adjustments already, whereas insurance has stayed fairly traditional,” he said.
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