KPMG has highlighted the major forces they see shaping the insurance industry in their general insurance update.
“Disruption is the new normal,” says KPMG’s Steven Graham in KPMG’s General Insurance Update 2017, released today following his presentation at last week’s Insurance Council of New Zealand’s annual industry conference.
The potential for a non-traditional provider, such as one of the technology giants, Amazon or Apple, to step into the market adds to a clear imperative for the industry to continually challenge itself and evolve.
Why wouldn't Amazon choose general insurance - nearly everyone has some - so its a great place to start. But they aren't starting here, because the market is tiny. They are starting in the UK.
The paper also looks at life events, bancassurance, cover that flexes better with changes in circumstances, plus virtual reality, digital labour, cybersecurity, and digital disruption.