The heralded 4th industrial revolution is upon us, with artificial intelligence, Internet-of-Things (IoT), automation and platforms promising to upend business models and processes across industries. In partnership with Altumai, an InsurTech at the intersection of risk, artificial intelligence and IoT with its Risk-Avoidance-as-a-Service platform, we look at implications across commercial insurance in four parts.
1. The context for change: What is different now?
2. The changing nature of risk: From transfer to mitigation and avoidance
3. Product innovation: Fundamentally changing the customer value proposition
4. The call to action: Our three-pronged approach
IoT offers tremendous opportunities and companies, from incumbents to startups, and many are beginning to place their bets. It will not be straightforward process however. Companies face a myriad of choices and must adopt working practices that for many are unfamiliar and possibly uncomfortable.
The good news is that we are still at the nascent stages of the transformation. There is time to pick focus areas and build competencies. By starting small with a clear focus and vision, organizations can act and stake a claim in the biggest opportunity to emerge in commercial insurance since Edward Lloyd’s coffeehouse days.