Insurers must face challenges from disruptive technology , climate change , increasing competition and changing customer expectations if they are to succeed over the coming years , 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 uncertainty and risk ; ride - sharing and driverless vehicles will lead to a decline in revenue streams as well as creating opportunities ; connected companies will provide real - time customer 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".