New SMA Blog by Mark Breading, Partner, Strategy Meets Action –
After three intense and exhausting days at the ITC2019, I got a bit in conflict. It was very exciting. And there are many fascinating companies and ideas that really change our industry. But then the words of King Solomon (from the Bible) come to mind: "There is nothing new under the sun." It's just that in many ways we are seeing an increasing maturity of the movement.
Of course, practically everyone talks about AI / machine learning. The digital transformation is at the top of the list of activities and discussions. New distribution options, the development of new ecosystems, and the progressive advancement of the new era of computing are compelling topics. The potential and progress of transformation technologies such as the Internet of Things (IoT), autonomous vehicles, wearables and many other technologies is driving much of the innovation. Still, I wonder if I've seen something fundamentally new at ITC.
There were a few announcements and companies raising a few eyebrows, to say the least. Here is my list of those who should take note of the industry:
- USAA and Google Partnership, These companies have worked together to develop machine vision and machine learning functions for damage assessment of motor vehicles (see announcement), As far as I know, this is the first instance of Google that actually develops or co-develops a specially designed insurance solution. Sure, they've tried Google Compare and invested in Applied Systems. However, this is a case where Google uses its extensive machine learning capabilities to provide a specific insurance function.
- Strategic partnership between Genpact and Apple, OK. Apple has therefore partnered with other companies, such as IBM, from which some insurance solutions have emerged. However, these are more ambitious and comprehensive. Time will tell, but this is a case for another large global technology company focused on the insurance business.
- Mitchell / Qualcomm smart eyewear solution, Augmented reality for workshops in car accident repair shops (see announcement) is a very cool solution from two well-established, established technology companies demonstrating that these areas (in addition to the startups) are undergoing significant innovation.
- The dissemination of great use cases, Although not new, we see many examples of innovative applications of machine learning, aerial photography, the Internet of Things, new digital brands, interesting products, and more. In the past few years, there may have been one or two examples of a particular business area and / or business area. Meanwhile, there are many InsurTechs, established technology companies and insurers, who can cite several examples of the business value achieved.
Has a new topic emerged? I assume it depends on your definition of "new". I prefer to see it as the development and maturity of ideas and technological solutions that have been around for some time. But now it is real. And it's a great thing for the industry. The past few years have in some ways been revolutionary for insurance companies, but based on the developments I see at ITC and elsewhere, there are still huge innovations and changes ahead. This industry is likely to look very different in a decade.
About the author
Mark Breading, Partner at Strategy Meets Action, is known for his insights into the future of the insurance industry and the innovative use of technology. Mark consults insurers and technology companies on forward thinking strategies for success in the digital age. His innovative methods and his ability to incorporate InsurTech and emerging technologies into business strategies are unprecedented. Mark also leads SMA's research program, has been responsible for publishing over a hundred research reports, and has led tailor-made research projects for insurers and technology clients. His insights on InsurTech, Emerging Technologies, Customer Experience and Digital Strategies have ranked him InsurTech News and Onalytica as "Top Global Influencers in InsurTech" and ranked among the top 10 finalists for the "Top Global IoT in" Insurance Influencer Award. "
Prior to joining SMA in 2009, Mark worked for 25 years at IBM, where he co-developed IBM's Account Based Marketing program and led the global project office to implement ABM across all industries worldwide. Mark has both technical and commercial roles in sales, consulting, marketing and business strategy and has been advising insurers around the world for nearly 30 years.
He is a frequent speaker at industry events. an InsurTech mentor with the Global Insurance Accelerator; and a frequent contributor to Insurance Thought Leadership, Insurance Networking News, LOMA Resource, and many other specialist publications.
Strategy Meets Action (SMA) is a consulting firm dedicated exclusively to the insurance industry, offering retention, research, advisory, event and innovation offerings to both insurance companies and solution providers. Learn more about SMA at www.strategymeetsaction.com,
SOURCE: Strategy Meets Action (SMA)
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