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Insurance on the cusp of big change

The Fintech Times | 1 march 2017

PA Consulting Group’s research on ‘The Future Role of Insurance – 2018 vision’, receives a mention in an article looking at the technological advances set to change the insurance industry.

The article notes that the insurance sector is often viewed very conservatively, but that the industry is now realising that it needs to innovate and adopt a technology driven approach to survive. It states that the InsurTech industry is rapidly growing due to significant investment and looks at what needs to be done to navigate future trends to ensure improved benefits for all.

The article highlights findings from PA’s report: “In our vision of the future, we see insurance becoming a customer-centric proposition whereby insurers proactively provide tailored end-to-end protection to their customers.” 

It goes on to say that our researchers believe that: “advanced telematics will provide richer insights, such as contextual information in real time to understand their driver behaviour. Wearable devices will enable proactive intervention with medical treatments, recommended physical exercises and overall protection. Building sensors will enable proactive intervention in the event of flooding and subsidence. Finally, new propositions will be provided via collaborative platforms to fulfil financial needs at different life stages such as pregnancy and retirement.”

Find out more about our work in financial services.

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