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More The Internet of Things Research
Insurers must leverage change agents to offer live-time insurance
The insurance industry is ripe for disruption as consumers seek new and innovative ways to insure risk. While for many of the large carriers, basic digitalization is already enough of a headache, for those with a greater appetite for investment or the emerging disruptors taking their place in the market, digital change agents such as blockchain and IOT offer considerable opportunities. One of those opportunities is through the flexibility and agility of live-time insurance products, which would enable ever-changing insurance premiums determined by a range of variables that reward customers for safe usage of their insured goods, such as cars. The commuter driving over 100 miles per day would pay a considerably higher premium than the casual driver traveling to cricket once a fortnight. With 89% of consumers looking to switch providers, seeking improved service, over the next few years, executives must work harder to keep up with customer demands.
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