The world we live in is rapidly changing. Customer exceptions and behaviours are changing. New risks from cyber to climate change are increasingly becoming the norm. Disruption from digital companies are happening left right and centre. Whether it’s Facebook’s Libra Association or Google’s WAYMO the examples keep popping out.
What will insurance look like by the year 2030? What will the customers expect from us? What products and services would be needed? What will be the new risks? Who will be the new players? And what technology stack and data sets will be needed?
All these questions and more will be looked at in this in-depth report entitled “Insurance 2030”. We will be interviewing insurance incumbents, insurtechs, regulators and risk managers around the world to get a view of what will Insurance be in 2030 and how best to prepare for it.
If you’d like to be part of the conversation please enter your email address and we will be delighted to have you on board.
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2030- it’s hoped by then that the three billion insurance under-served will be integrated into a more level risk playing field as are the first world and emerging ins markets (e.g., China) are experiencing. Toward that end- factors other than tech methodology will be the primary barriers. Smart device access is far greater at this time than are the benefits from smart devices. How ought that imbalance be resolved?
Will insurance flourish in a level playing field as it is regulated now, or will ecosystem evolution force changes to match customer availability? Politics and regionalism affect business now; in what way will Insurance 2030 be able to anticipate and adapt to the political environment ten years hence?
Risk management and response is tipped toward wealthier countries and within those countries, wealthier insureds. As effects of natural disaster grow, the effects of regions/countries not being able to fully recover will have growing ripple effects on economies. Parametric options can help, but what of vast areas that may become uninsurable, and what cascading effects on property ownership/financial risk will precipitate?
The approach for Insurance 2030 cannot be grounded on current practices; a decade will be like a century based on challenges. Even a global risk giant like Lloyd’s cannot be its ten years from now self. Insurance 2030 must be a foundation up consideration.