Last night was the latest InsTech London event. InsTech, or InsureTech or InsurTech (pleasecan someone confirm the standard nomenclature?) applies to the insurance industry in the way that FinTech was the industry disruption in the financial industry.
There are three key factors which affect car insurance – accidents (claims), theft, and the policy holder.
Here’s a thought about autonomous cars and accidents: “A total of 25,160 people were killed or seriously injured in the year ending September 2016, up by 6 per cent from the previous year, and 182,560 casualties of all severities.” Of that 25,160, around 5% are caused by drink-driving. The current estimate is that 1,380 people were killed or seriously injured when at least one driver was over the limit.
Whilst these figures only overlap by a few months (the drink driving numbers are for the year 2015), let’s combine them as there’s nothing to suggest there was any statistical anomalies around that time.
According to the Institute of Advanced Motorists, “in 2014 driver/rider error or reaction were cited as contributory factors in 74% of accidents”. I doubt driver or rider skills changed much between 2014 and 2016, so some simple maths shows that around 18,618 people were killed or seriously injured by a car driver or rider who was at fault for the accident. Continue reading The safe view of autonomous cars→
This is now the seventh year of my digital predictions for the forthcoming twelve months (see here for 2016).
There are industry commentators and research analysts who release their predictions for the coming year. But I’m the only one brave enough to mark their homework at the end of the year! Last year I scored a respectable 61%.
Although President Trump and Brexit-at-some-point won’t have a direct impact on technology, there will be an indirect impact on consumer prices and investments into startups. Whether this affects the technology market in 2017 or later is difficult to say. Continue reading 2017 digital predictions→
This week I spoke at The Future of General Insurance event about our latest Insurance Industry Technology Trends report at Endava. Here’s a brief summary of the presentation.
Endava works in many industries, and we can see what companies outside of insurance do really well, that insurers can learn from. We have found 20 ‘trends’, of which we covered five most relevant ones to general insurers at the conference:
IoT (Internet of Things) are slowly redefining how consumers perceive ‘insurance’
Moving to mobile first interfaces
Using social media
The use of digital marketing in the insurance industry
Insurance is perfectly positioned for a radical digital transformation over the next few years (or maybe months) – customers feel they don’t get value from insurers (unless something goes wrong, at which point they see the value); there is a general poor to dreadful customer experience of most insurers; there are still antiquated business models (why do we still have to buy annual policies? Why can’t we have subscription-based or pay as you go policies?); and then there’s the fact that most car insurers don’t make much profit in the first year of a new customer either.
I went to a few of the presentations, but only two of them are worthy of any mention (one, which I won’t name, didn’t have a presenter… the technical support guys simply played a video in the theatre – it was one of the oddest ‘presentations’ I’ve seen).
I recommend the organisers arrange fewer presentations next year, aiming for quality over this year’s huge quantity.
I went to the Smart IoT (Internet of Things) event today in London’s Excel centre. The programme of presentations over the two days looked great, so I signed up a while ago. This post is to share with my colleagues and for anyone else who couldn’t make it today.
I’ll start with a summary and then go into detail, because I made lots of notes during the presentations.
Summary of Smart IoT 2016 Day One
On the content:
There were some thought provoking content (which I’ve covered below) mixed in with some below-par presentations.
I didn’t see any presentations where payments were discussed. I.e how IoT devices will transact with one another/ a service/ a person.
I’m in Romania this week presenting a variety of speeches, including the keynote of MobOS entitled The future of mobile. It’s been a challenging speech to prepare for – and was considerably harder than I originally thought. Not least because in technology terms, “the future” means different things to different organisations. One organisation might think some future of mobile concept is way-out-there while another may have already been using it for a year.
I promised the audience to post the script of the keynote here…
I’m going to talk about four areas on the future of mobile – context, the number of devices we use, mobile user interfaces and the central hub concept. That will set some foundation for some ‘left field’ concepts that we have for the longer term future of mobile. Continue reading The future of mobile→
This morning I attended a TechUK seminar “Insurance and the Internet of Things”.
There were some good speakers who raised quite a few points which I hadn’t heard or thought of until today. Clearly there are some leaders in the space, who are not insurers and are gearing up for a battle for new types of insurance products.