The digital technology, a new battle field
Well beyond this finding, the market seems to be troubled by vital issues that go beyond the simple renewal of reinsurance treaties.
In fact all players, insurers, reinsurers, brokers are conscious that they are living a critical turning point that marks the end of an era. The business is now irreversibly going towards a new world immersed in artificial intelligence, algorithms and sensor-generated data. For some years now, digital technology has been gradually invading insurance, reshaping its traditional architecture and activities.
Corporates are fully aware that their fate is being decided. The undertaking ahead of them is monumental because almost everything is waiting to be overhauled namely the organization, recruitment, training, underwriting, distribution, management. Their salvation lies with their responsiveness.
The insurers are facing the big data giants who are shaping their model on the collection of all existence: connected objects, connected beings, connected activities. All the data entered, processed, measured are opening endless fields of functionalities.
Google, Facebook and consorts are now in the driving seat, poised to be insurance world leaders on the mid-term basis.
