Insurers must face challenges from disruptive technology, climate change, increasing competition and changing customer demand if they are to succeed over the coming decade, according to a report from Australia. The use of AI is expected to streamline the claims handling process; cyber risk is expected to create both opportunities and risk; ride-sharing and driverless vehicles will lead to a decline in revenue streams as well as creating opportunities; connected devices will provide real-time risk insights; and entry of the tech giants to the market appears "inevitable".
Insurers must face challenges from disruptive technology, climate change, increasing competition and changing customer demand if they are to succeed over the coming decade, according to a report from EY. The use of AI is expected to streamline the claims handling process; cyber risk is expected to create both opportunities and risk; ride-sharing and driverless vehicles will lead to a decline in revenue streams as well as creating opportunities; connected devices will provide real-time risk insights; and entry of the tech giants to the market appears "inevitable".