It is that time of year again. As the insurance industry gets ready for 2017, forecasts get announced. With CES around the corner, expect tons of announcements for new consumer technology. It is critical for both insurance companies and financial institutions to watch consumer technology trends. How they use technology day to day is rapidly changing how they want to purchase and use insurance and financial services. If smartphone was not a viable use case, we would not be building apps and mobile interfaces to service customer right? So here are my top predictions for the insurance and financial service industry to watch out for.
1. Internet of Things (IoT) becomes ubiquitous.
2. Buy insurance online available 24x7 fully automated
3. Insurance for the sharing economy is table stakes
4. Insurance discounts for vehicles with automated emergency safety features become available
5. Online self service for policy holders become a consumer expectation.
I wrote a detail analysis on my prediction on Insblogs.com by Canadian Underwriter. See my analysis here.