A shift is going on in the P&C insurance sector. In this shift some will emerge as leaders, many falling behind, and another group may be wiped out from the market. Year 2016 continues with market disruption. What are the forces that disrupt the market? How it affects processes and stakeholders is a hot discussion already. Now let us delve deeper.
First and foremost is disruption due to innovations and new product development. Innovations are great levelers as well as a destroyers. Just look at the potential of IoT in changing insurance business. IoT is adding new tasks for the insurers. Wearable devices, automobiles, transmitters, medical equipment’s, security systems, doors, lights etc., are providing insurers to segment markets and create new price models for the P&C market.
Emergence of sharing economy where assets are shared is creating opportunities for the property and casualty markets. This means insurance companies need to create new pricing models to tap those assets.
Article Source: http://EzineArticles.com/9451239
First and foremost is disruption due to innovations and new product development. Innovations are great levelers as well as a destroyers. Just look at the potential of IoT in changing insurance business. IoT is adding new tasks for the insurers. Wearable devices, automobiles, transmitters, medical equipment’s, security systems, doors, lights etc., are providing insurers to segment markets and create new price models for the P&C market.
Emergence of sharing economy where assets are shared is creating opportunities for the property and casualty markets. This means insurance companies need to create new pricing models to tap those assets.
Article Source: http://EzineArticles.com/9451239
loading...