It may be tempting think that technologies like 3D printing,driverless vehicles, artificial intelligence and advanced roboticswon't impact the insurance industry for a long time, but thinkagain. Your peers believe that many of these technologiesdeserve attention right now and that they have the potential totransform the P&C insurance industry as soon as three yearsfrom now.

|

In response to a survey of 147 insurance professionals in NorthAmerica, Strategy MeetsAction (SMA), an insurance strategic advisory firm, hasreleased a research report by Mark Breading, titled, "Emerging Technologies in P&C." The reportidentifies the top 12 technologies with the potential to transformthe P&C insurance industry in the near-term, as well as in 3, 5and 10 years. 

|

Study participants were asked which technologies carry the mostrisk for the industry. Autonomous/driverless vehicles are seen asposing the greatest risk by a wide margin. Driverless vehicleselicit the most fear as many recognize the potential to upend theentire market for auto/vehicle insurance. The surveyresults indicate that driverless vehicles will have limited impactin the near term, but the impact 10 years out will be enormous.

|

Four technologies stood out among P&C executives asdeserving a great deal of attention and investment:

|

1. Internet of Things (IoT)

|

2. Autonomous/driverless vehicles

|

3. Drones

|

4. Wearables

|

Half of all P&C insurers are developing IoT-relatedstrategies. And while driverless vehicles are still in the earlystages of production, 27% of P&C insurers say they are alreadydeveloping long-term strategies to deal with the evolvingtechnology. Drone permits are being granted at an increasing rate,and a number of top insurers are already experimenting withthem. Wearables are seen as having potential for claimsand other internal uses.

|

Learn more in the full report, Emerging Technologies in P&C.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Jayleen R. Heft

Jayleen Heft is the digital content editor for PropertyCasualty360.com. Contact her at [email protected].