Insurers need to take emerging consumer technology seriously

Insurers need to experiment with emerging consumer technology, according to analyst Denise Garth.

A partner at Strategy Meets Action, she said that the recent Consumer Electronics Show (CES), in Las Vegas, revealed how these new technologies could be the most ‘game changing’ since the creation of the internet.

Some of the ground-breaking announcements from this year’s CES included a prediction that 90% of home hardware being connected by 2017, that autonomous cars will be available by 2017 and large volumes of drones will be in operation by 2018.

Based on these forecasts, Garth said it will be crucial for many companies to experiment with these emerging technologies in the forthcoming months. She added that it will be important for insurers to also pilot these technologies if they want to compete in new technology-driven markets

She said that these developments will lead to new consumer demands and expectations, which will change relationships and the insurance products required. To remain competitive, Garth claimed that insurers must embrace new core systems which can integrate emerging solutions.

“Adoption of the emerging technologies is on track or accelerating toward the tipping point. It is no longer science fiction. It is science reality. Welcome to the future… today!” said Garth.