As a technology boom threatens to pass the country by, the iPhone maker is worth more than Germany’s 30 leading companies which includes global insurer Allianz

"When Steve Jobs returned to Apple as chief executive in September 1997, the computer maker was valued at $3bn — less than one-tenth the value of German conglomerate Siemens, Europe’s largest industrial group both then and now. Fast forward two and a half decades, and Apple’s market capitalisation exceeds not only Siemens — at $1.35tn the iPhone maker is worth more than the entire Dax index of Germany’s 30 leading companies."

Patrick McGee in San Francisco and Guy Chazan in Berlin writing in the FT today

The digital giants are inserting themselves between customers and service providers. The data they capture on customer behaviour every minute of every day is leveraged for competitive advantage.

Insurers must become as adept as the digital giants to leverage data. In addition- as they move to prevention of risk rather than just recompensing policyholders for loss and damage they have to master the integration of sensors, the IoT and connected vehicles, property, people and their pets.

They are moving from their core strengths to those of the digital giants. That is a daunting challenge that Isabelle Connor Chief Customer & Marketing Officer at Generali discusses in "Why insurers lose customers". 

I'll be writing about how to meet the challenge head on my next blog. For now consider the implications for your commercial and technology strategy and read:-

The future of insurance is happening without insurance firms

The link between NPS and revenue growth

Embedded insurance and disruption