In this installment of the Trusted Analytics series, KPMG’s Gary Richardson and William Howe explore how the rise of connected devices, the internet of things (IoT), InsurTech start-ups and sophisticated data and analytics are disrupting the insurance industry.
The relationship between insurers and their customers is changing as both gain more insight through data and analytics.
These analytics will underpin many of the decisions that insurers make in the future, and more focus will need to be placed on ethical questions and the power of trusted analytics.
“The IoT and InsurTech companies are the major market disruptors. Like the booming FinTech sector in banking, InsurTechs play to the growing desire of consumers to conduct their business with very little direct human contact, and take advantage of the evidence that these emerging robo-relationships and the analytics behind them are becoming more trusted than the human equivalent." – Gary Richardson, UK Head of Data Engineering, KPMG in the UK