Insurance Transformed Technological Disruption 1st edition by Michael Naylor 9783319638355 3319638351

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Product details:

• ISBN 10:3319638351 

• ISBN 13:9783319638355

• Author:Michael Naylor 

 Insurance Transformed
Technological Disruption
This book explores how a range of innovative disruptive technologies is about to combine to transform the insurance industry, the products it produces, and the way the industry is managed. It argues that unless current insurance providers react to these waves of disruption they will be swept away by new innovators. The book describes what insurers need to do to survive. The main aim is to get insurers to reimagine their industry away from the sale of a one-off product, into the sale of a series of real-time, data-based risk services. While parts of these disruptions have been discussed, this book is the first to bring all the issues together and unites them using a theoretical framework. This book is essential reading for insurance industry participants as well as to academics interested in insurance and understanding the key issues the industry currently faces

Insurance Transformed Technological Disruption 1st  Table of contents:

 1 Exponential Change
Introduction
The Third Wave
Exponential Change
The Ah-Ha Moment
Hype and the Technological Innovation Cycle
References
2 Key Technological Disruptors
Internet of Things
Data Storage and Cloud Computing
Big Data
Digital Natives and the No-Wait Generation
Software, not Hardware
Artificial Intelligence and Complexity Science
Hyperscaling
Voice and Visual Recognition
Digital Agents
Block-Chain Payment Systems
Robotics
3D Printing
Energy and Material De-intensification
References
3 Types of Insurance
House & Contents Insurance
Automobile Insurance
Personal Insurance
Travel Insurance
Business Insurance
Liability Insurance
Marine/Shipping Insurance
4 The Impact of Disruptive Technology
Not Business As Usual
Costs of Production
Servicization
Administration
The IT Productivity Paradox
Legacy Systems
Customers
Disintermediatization
Big Data and Analytics
Telematics and Dynamic Insurance
Individualization
Data-Focused
Insurance Rates
Safer Lifestyles
Robo-Advice
Conclusion
References
5 What Insurance Companies Need to Do
Management during Disruptive Waves
Existing Insurer Capacities
Services instead of Products
Automated Underwriting
Automated Claims
Cultural Change
Transformation Pathways
Legacy Systems
Integration with Customers
Big Data and Artificial Intelligence
Internal Systems
End-to-End IT Systems
Cost, Scale, and Platforms
Flexible Programming
Digital Laggards
Omni-Channel Response
Social Dynamics
Active Engagement
Innovators
Competitive Advantage and Dynamic Capacities
Peer-to-Peer Insurance
Cyber-Insurance
Business Ecosystems
Social Capital
Insurance Policies
References
6 Impact by Type of Insurance
Autonomous Vehicles
Automobile Insurance
House/Contents Insurance
Life Insurance
Health Insurance
Commercial Insurance
Cyber Security, Drones, and Hacking
References
7 The Dynamics of Decline
Introduction
Profitability vs Premiums
Tipping Point
Telematics and Turnover Rates
Electric and Automatic-Drive Vehicles
Rapid Innovation Switches
Barriers to Entry
Regulation
Reference
8 The Response of Incumbents
Incumbents
Stages of Disruption
Oligopolies and Disruptive Entry
The Economics of Digital Disruption
Stages of Disruption
Digital Strategy’s Double Game
Innovation Traps
New Entrants/Innovators
Possible Future Pathways
Disruptive Innovators
Keys to Insurer Success
Value-Added vs Commodity
Conclusion
References
9 Regulatory and Legal Issues
Pricing Regulation
Data Law
Data Privacy Issues
System and Flash Crashes
The Ethics of Insurance Bets
Privacy Legislation/Regulation
Unavoidably Higher Risk Customers
General Regulation Recommendations
Auto-Insurance Vs Product-Liability Insurance
Issues Around Autonomous Drive Programming
References
10 Consequences for Insurance Workers
Introduction
Mechanical vs. Analytical
Fluff Not Stuff
Complexity
Degree of Creativity or Human Interaction
Types of Jobs
Increasing Income Inequality
The Overall Job Market
Lessons from the Professions – the importance of programmable rules
References
11 Impacted Occupations
Actuaries and Underwriters
Administrative Staff
Robo-advice and Brokers/Advisers
Overview
Key Concepts for Adviser Survival
Change in Activities
Diagnostic Robo-advice Systems
Revenue Issues
Overview
References
12 Conclusion
The More Distant Future
Useful Sources
Index

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