The futurist told the 2015 UK Broker Summit that in order to be successful and durable, brokers needed to refresh their business and predict changes in technology.
“A systematic approach to technology is healthy for any business. You need to have a heads up on technology to gain a competitive advantage,” he said.
Smith claimed that it was already clear that the evolution of core insurance systems would lead to more emphasis being placed on preventative models going forward.
“The focus will be on preventing failure and loss instead of covering it after it happens,” he said.
In order to implement such preventative tactics, Smith predicts that smart apps will play a central role in the way the insurance sector operate in the future. He gave the example of an app that can monitor road conditions and a driver’s potential for an accident.
The futurist warned that once a number insurers begin using such preventative apps and tools, the companies that fail to adopt such technology will quickly become ‘outdated’.
Smith also told delegates at the conference that although brokers were generally good at embracing technology, knowing how to engage with it was still a challenge for many.