Autonomous vehicles, smart cities, private and digital healthcare, travel and hospitality- as digital transformation changes industries so new ecosystems will come to dominate the new disrupted landscapes.
Insurers must not only digitise- digital platforms for the complete insurance value chain; they must chose the right partners that will dominate these new ecosystems.
Tactical and strategic actions to take- see how:-
Insurers could work with OEMs higher up in the value chain to develop products that address the added risks auto manufacturers might bear as the market embraces autonomous vehicles. As individuals relinquish control over their vehicles during driving, insurers could shift coverage from personal lines to commercial lines, hence widening the scope of engagement. A stronger relationship with OEMs and high-tech players could allow insurers to assimilate risk into existing offerings: pay-how-you-drive and pay-as-you-drive modeling, loyalty and gamification, emergency and breakdown services, crash assistance, and theft reporting.