Commentary to the Deloitte Report on the disruptive digital technologies that are affecting the Insurance sector.
Many in the insurance industry agree that digital technology threatens the sector.
The perception is that new entrants in the sector, with new business models supported by digital technologies, can capture a large part of the value chain.
The nine most impactful applications in digital technology in order of short- to long-term influence are:
- Web price comparators.
- Cyber risk insurance.
- Transactions through mobile internet.
- Telematics-based services.
- Value comparison websites. Not only in terms of price.
- Social brokers.
- Person-to-person insurance.
- Sharing economy insurance.
- Insurance of self-driven cars.
The report’s conclusions set out the responses that insurance companies should consider to these challenges.
One of the most relevant answers is the exploitation of data and advanced analytics to improve contracting and customer relationship processes, among others.
Javier Echebarria