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Published in:
Exponential Change Read chapter Read first chapter

2017 | OriginalPaper | Chapter

6. Impact by Type of Insurance

Author : Michael Naylor

Published in: Insurance Transformed

Publisher: Springer International Publishing

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Abstract

Naylor examines the likely impact of the insurance transformation required by each sector of insurance. There is a particular focus on the looming transformation of automobile insurance as this is seen as the first sector to be transformed. There is then a discussion on other insurance sectors, including Life and Health. The chapter argues that while health insurance may transform slower than automobile, its eventual transformation will be nearly as substantial.

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previous chapter What Insurance Companies Need to Do
next chapter The Dynamics of Decline
Footnotes
1
US National Highway Traffic Safety Administration data show that as of 2016, semi-autonomous cars had a 60% lower crash rate than fully manual cars.
 
2
Note that the Aug 2016 crash of a Tesla car did not involve an autonomous car, but a car with advanced cruise control capacity, which required constant human supervision.
 
5
For a summary, see Gibbs (2014).
 
6
For a detailed cyber security summary, read Morgan-Stanley (2016a).
 
Literature
Boston Consulting Group. (2013). Telematics: The test for insurers. BCG Perspectives.
Boston Consulting Group. (2014). Bringing big data to life. BCG Perspectives.
Boston Consulting Group. (2015a). Robo-taxis and the new mobility. BCG Perspectives, April 21.
Boston Consulting Group. (2015b). Revolution in the driver’s seat: The road to autonomous vehicles. BCG Perspectives, April 21.
Capgemini/Efma. (2016). World insurance report.
Energesse. (2015). ‘Future Solutions in Customer Experience for Health Insurers White Paper’.
Foster. (2012). The customer experience index.
General Electric. (2012). Industrial Internet: Pushing the Boundaries of Minds and Machines. P. Evans & M. Annunziata (Eds.). USA.
Gibbs, W. W. (2014). The clock-watcher. Nature. 508.7495 (Apr 10, 2014): 168–170.
Gomes. (2014). Driving in circles. Technology. October 21.
Horvath, S. (2013). DNA methylation age of human tissues and cell types. Genome Biology, 14(10), 3156.CrossRef
International Transport Forum/OECD. (2015). Urban Mobility System Upgrade: How shared self-driving cars could change city traffic.
KPMG. (2015). Automobile Insurance in the Era of Autonomous Vehicles: Survey results, June.
McKinsey. (2015). The Internet of Things: Mapping the Value Beyond the Hype. McKinsey Global Institute.
McKinsey. (2016). Shifting Gears: Insurers adjust for connected-car ecosystems, May.
Morgan-Stanley. (2016a). Cybersecurity: Rethinking security. Blue Paper. USA.
Morgan-Stanley. (2016b). Insurance—property & casualty—digital disruption in small business insurance. North America Insight, June 29.
SwissRe. (2014). Insurance and the rise of drones. New York: SwissRe.
SwissRe. (2016). The future of motor insurance: How car connectivity and ADAS are impacting the market. Berlin: SwissRe/Here.
Yoder, J., & Rao A. (2015). Insurance at a tipping point. Insurance Thought leadership, PWC, June 20.
Metadata
Title
Impact by Type of Insurance
Author
Michael Naylor
Copyright Year
2017
Book
Insurance Transformed

Print ISBN: 978-3-319-63834-8

Electronic ISBN: 978-3-319-63835-5

Copyright Year: 2017

DOI
https://doi.org/10.1007/978-3-319-63835-5_6