Who will rule the insurance ecosystem of the future?
The race is on between insurance industry incumbents and tech start-ups to define ecosystems of the future
An ecosystem of insurance means partnering with software and hardware companies within an umbrella system which is backed by a significant player - until now one of the digital giants of silicon valley. The lesson so far is that ecosystems are mutually exclusive - apple vs amazon vs microsoft vs google. But new industries and players are about to change the game once again - cars and other vehicles become computers on wheels, homes and businesses plugged into IoT to become virtual networks. The implications for insurance are significant. Will car insurance be based on the self-driving algorithm risk profile. Will business insurance be part of a security service offering? Will health insurance be monitoring a range of personal devices measuring every aspect of your personal health and risk profile. And for all of this real time data, what need of an annual policy - charge by the minute!