The impacts of new and developing technologies have dominated recent conversations about the future of the insurance industry - and for good reason. Advances in robo advisory, AI, big data, analytics and more are reducing costs, increasing efficiency and improving customer service.
Yet, in addition to the advances driven by insurtech and B2B technology innovations, a deeper transformation is underway. Instead of approaching insurtech from a technology perspective, forward-thinking insurers are embracing disruptive innovation to reimagine the relationship between the insurer and the insured, to create a new insurance business model.
One particularly interesting area where we are seeing this type of transformation is in "connected insurance". Connected insurance envisions a new role for the insurer as an active supporting participant in the customer's daily life.