The Digital Transformation of Insurance

With FinTech and InsurTech now firmly established in business lexicon, the Swiss Re Centre for Global Dialogue has developed a free app, to help insurance and reinsurance incumbents adapt to the challenges of digitalisation.

We know the insurance industry will be disrupted by new digital forces. The Digital Transformation of Insurance app is a strategic resource and an introduction into tech and the insurance industry, providing a framework for how this disruption might happen. The app contains cutting edge research plus interviews from industry challengers and experts contained in five sections.

· Customer engagement – how we digitally sell and retail insurance in changing economic circumstances, such as the sharing economy?

· Risk profiles – how will tech will change risk profiles? Possibly through automation, through sensors in the Internet of Things or through tech-enabling learning feedback loops, for example, health monitoring.

· Manage data – how do we manage data? Can we use it to build models and analyse correlations, and how will we keep data secure?

· Exchange and record management – new smart contracts chiefly based around block chain.

· Lastly, these four areas will increasingly be brought together by artificial intelligence.

In the real world there are lots of messy overlaps in these divides. However, they do provide a prism through which to view the world of tech, and consider how it will impact insurance. We hope you find it a challenging and stimulating read.