{Radio} Insurance, but not as you know it!
Just in case isn’t a good enough reason to take out insurance anymore.
Each year we receive an insurance premium that in advance assumes what we might do in our property, drive in our car, or maintain health and wellness.
These are pure actuarial guesses based on people like you and calculated predictions of what that group including you might need, if anything, if something in their homes, car, health, property or life goes wrong, breaks or dies.
But we can do better than that, I’m an individual, see me, know me, quote me for my risk and my exact needs.
Increasingly now, under a model of Usage Based Insurance (UBI) insurers and customers are exploring a world where using technology, including telematics (real time tracking) Artificial Intelligence, blockchain, smart contracts and a change of insurance and assurance business model, insurers are now collaborating with their customers and in real time checking, tracking and assessing risk and applying cost to that risk in the form of incremental pay as you go insurance policies.
And while where on that, why do we have so many insurance policies, why can’t we have one policy that covers health, car, home, contents, travel, life and everything else in our life, get set for lifetime insurance.
And, why can’t future insurers become assurers and help or stop us getting in trouble, before it ever happens, I’d pay more for that!
In this week’s segment Triple M’s Anthony Tilli and I explore all things Future of Insurance and ask do we need insurers in the future and if so why?.
Listen now
Just in case isn’t a good enough reason to take out insurance anymore. Each year we receive an insurance premium that in advance assumes what we might do in our property, drive in our car, or maintain health and wellness. These are pure actuarial guesses based on people like you .
When signals like Insurance, but not as you know it! emerge, organisations that engage early have the advantage of choosing their response rather than reacting to events. That gap between those who prepared and those who did not is where competitive positioning is actually made or lost.
The most important question is not whether Insurance, but not as you know it! will matter, but how quickly it will matter in your specific context. Leaders benefit most from mapping the ripple effects early — not just the direct impact but the second and third-order consequences that arrive later and hit harder. That is the practical work of foresight.
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