Maarten Ectors' role at L&G is to anticipate and plan for disruption, change, threats and opportunities. He signals the trends behind the headline so at the very least you should have proven answers to the disruption he describes.
One of the roles of any technology partner is to help its customers deliver the products and services that customers will demand now, in the next five years an in the next ten. That includes anticipating the disruption that Ectors describes and empowering insurers to plan and deploy the services and products that will maintain an insurer's competitive and profitable place in the market.
Agile is a frequently bandied word but when it means a carrier can, from scratch and not being a customer, meet the surge claims demands (ten times normal claims) of an incoming hurricane with only two weeks notice you get the idea.
Or take a large global insurer delivering warranty insurance unable to meet the auto manufacturer's demand to triage, orchestrate and complete a vehicle recall programme. What would you say to the technology partner that delivered that solution (to an existing customer) in two days and the customer deploying it two weeks later?
So, if electric vehicles, autonomous driving, fleets of robo taxis and raid-hailing fleets undermine your strategic vision and plans have a word. We can help in the transition to deploy, test, iterate and constantly improve new products and services. And empower the move from insuring drivers and owners to embedding insurance in autos, fleets and adding product liability insurance.
For reassurance amd advice drop me a line to Mike.Daly@360Globalnet.com
Cars are becoming platforms. Not only can Tesla owners buy from a store inside their vehicles any type of car feature extensions and entertainment, very soon they will be able to buy a lot more. If you are driving towards a foreign city, why not buy travel insurance, overnight parking, theatre tickets, and more. Once cars become fully autonomous, ownership is likely to shift from a product owned by families to a transportation service offered by platforms. Car manufacturers in this case will become pure metal benders and owners of the transportation platform will rake in all the profits. Car insurers will loose their complete market, given that ownership now lies with the platforms who can negotiate business insurance discounts.