Prediction
2030: Insurance
Insurance: We used to get insurance coverage based upon our historical behaviour or past actions. Now, insurance policies are written and adjusted in real time based on real time data and activities - so rather than looking back to assess and underwrite insurance risk, we increasingly do so by looking forward based on what we know right now. P&C, life...
Insurance: We used to get insurance coverage based upon our historical behaviour or past actions. Now, insurance policies are written and adjusted in real time based on real time data and activities - so rather than looking back to assess and underwrite insurance risk, we increasingly do so by looking forward based on what we know right now. P&C, life and all other aspects of insurance have been dramatically impacted by the arrival of continuous real time risk monitoring technology! Not only that, but the very concept of risk has changed - we've learned that the faster arrival of the future means that we now see the faster emergence of new risk issues, which in and of itself requires different forms of risk assessment. This has led to shorter "instance oriented policies" - or what we might call “just in time insurance." AI based risk assessment has also taken on a huge role, with the emergence of real time risk assessment dashboards.
20-trends-into-2030foresight-receipt
Prediction #3 in 20 Trends into 2030.
Insurance: We used to get insurance coverage based upon our historical behaviour or past actions. Now, insurance policies are written and adjusted in real time based on real time data and activities - so rather than looking back to assess and underwrite insurance risk, we increasingly do so by looking forward based on what we know right now. P&C, life and all other aspects of insurance have been dramatically impacted by the arrival of continuous real time risk monitoring technology! Not only that, but the very concept of risk has changed - we’ve learned that the faster arrival of the future means that we now see the faster emergence of new risk issues, which in and of itself requires different forms of risk assessment. This has led to shorter “instance oriented policies” - or what we might call “just in time insurance.” AI based risk assessment has also taken on a huge role, with the emergence of real time risk assessment dashboards.