Non-insurance technology providers are set to have the biggest impact on the insurance sector, according to new research by Insurance Times.
The survey found that a quarter of brokers believe that the rise of non-insurers using technology and data to branch out and poach customers will be the most significant source of disruption insurers face in the next ten years.
Driverless cars were also highlighted as a significant innovation. More than half of brokers said they were concerned that their autonomous features will take a cut of the premium from the market - due to a reduction in human error and moral hazard from driving.
Most respondents claimed that intermediaries had yet to get ‘on board’ with telematics, however, with less than two fifths (39%) marketing these options to clients. The report said that many still regard the technology as a niche product.
The report also revealed that a fifth (19%) of brokers believe online aggregators will continue to keep customer focus on price, but many predict that over the next ten years tailored solutions will become more significant.
Almost two thirds (65%) of brokers also said that the Internet of Things will improve the underlying risk, leading 85% to predict that they would see a resultant drop in fraud.