InsurTech is where the insurance industry’s future begins—a starting point that is unfathomable and challenging, according to Magdalena Ramada and Andrew Harley of Willis Towers Watson. Still, the promise of InsurTech is well within reach, they say.
This white paper details the current level of industry adoption of novel external data sources and emerging technologies. The authors also present a vision of the not-too-distant future, envisioning a world in which an individual’s digital footprint gets recorded in real time into an immutable, highly encrypted distributed digital ledger connected to his or her watch, phone, car, smart house, private virtual assistant and wearable health tracking devices.
Since guessing the actual future state of the insurance sector is virtually impossible, the authors recommend structured scenario planning in order to build adaptable and resilient business models, offering a set of recommended practical steps for strategy development.
Download this paper for a strategy development guide.