From Tennessee to London, over the past few months I have heard a considerable amount about the future of insurance.
Starting at the Teradata Partners conference in Nashville in October, right up to Post's own Insurance Technology seminar last week, I have listened to speakers eulogise about the potential of the digital channel and data analytics in making the sector more customer centric.
Playing ‘buzzword' bingo I have marked my card with no end of ‘big datas' and ‘internet of things' - and heard the story of Kodak's undoing in not adapting to the changing market three times.
So what does this all mean for the claims fraternity?
This was the question I asked myself as I was informed about the potential of the driverless cars to revolutionise the motor industry and for sensors to offer home and business owners the opportunity to make their properties a lot safer.
Because if cars are to become virtually crash proof; and buildings able to alert the residents and staff about any water leakage, appliance malfunction or irregular temperatures, could we get to a situation where some claims were risk managed out of existence?
I am already minded of another presentation I have seen about Sygenta in the agricultural sector where - to put it simplistically - farmers have no need to make claims because the business knows through mapping the weather and other factors how successful a crop has been.
If the information and data indicates that the crop is likely to have failed, the farmer will be sent out more seeds and offered information to help them improve the yield next time around without ever having picked up the phone to call, sent an email or filled out an online claim form.
This business is predominantly operating in the microinsurance market to date, but a another business in the US, Climate Corporation is doing something similar there apparently.
The widespread uptake in many of these technologies is still closer to science fiction, than science fact, but given the pace of change, as Kodak found out, businesses should not rest on their laurels and consideration needs to be given to potential of these technological advancements.
Which brings me onto this week's Post Claims Club meeting. I hope you can join me to hear from presentations from consultants Dan White and Alain Dunoyer on connected homes and driverless cars respectively and what their introduction might mean for insurance claims.
And if that was not enough to tempt you along this week.
One of the most pressing issues today remains the subject of paymnet protection orders, especially in light of the PRA's interest in reserving. So we will also be addressing this hot topic with David Brown from KPMG and John Mead from NHSLA offering insights into the latest trends.
All in all, a Claims Club meeting not to be missed so I hope that if you have not signed up, you will do so now by clicking here.
For more information click here.
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