Naylor Insurance Transformed

Technological Disruption
1. Auflage 2017
ISBN: 978-3-319-63835-5
Verlag: Springer Nature Switzerland
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 339 Seiten

Reihe: Progress in Mathematics

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.

Dr Michael Naylor is a Senior Lecturer in Finance and Insurance. He has been involved in teaching and analysis of the insurance sector for 20 years, both in New Zealand and Asia. He plays an active part in the NZ insurance community, is a frequent media commentator and presenter at international conferences. He has published in internationally respected academic journals.

Autoren/Hrsg.

Naylor, Michael

Inhaltsverzeichnis

1;Contents;6
2;List of Figures;8
3;1 Exponential Change;9
3.1;Introduction;9
3.2;The Third Wave;11
3.3;Exponential Change;12
3.4;The Ah-Ha Moment;15
3.5;Hype and the Technological Innovation Cycle;17
3.6;References;21
4;2 Key Technological Disruptors;22
4.1;Internet of Things;22
4.2;Data Storage and Cloud Computing;25
4.3;Big Data;26
4.4;Digital Natives and the No-Wait Generation;28
4.5;Software, not Hardware;32
4.6;Artificial Intelligence and Complexity Science;32
4.7;Hyperscaling;38
4.8;Voice and Visual Recognition;39
4.9;Digital Agents;42
4.10;Block-Chain Payment Systems;43
4.11;Robotics;44
4.12;3D Printing;45
4.13;Energy and Material De-intensification;46
4.14;References;46
5;3 Types of Insurance;48
5.1;House & Contents Insurance;48
5.2;Automobile Insurance;48
5.3;Personal Insurance;49
5.4;Travel Insurance;50
5.5;Business Insurance;50
5.6;Liability Insurance;51
5.7;Marine/Shipping Insurance;52
6;4 The Impact of Disruptive Technology;53
6.1;Not Business As Usual;53
6.2;Costs of Production;55
6.3;Servicization;57
6.4;Administration;59
6.5;The IT Productivity Paradox;59
6.6;Legacy Systems;60
6.7;Customers;64
6.8;Disintermediatization;73
6.9;Big Data and Analytics;75
6.10;Telematics and Dynamic Insurance;82
6.11;Individualization;85
6.12;Data-Focused;86
6.13;Insurance Rates;90
6.14;Safer Lifestyles;90
6.15;Robo-Advice;91
6.16;Conclusion;95
6.17;References;96
7;5 What Insurance Companies Need to Do;99
7.1;Management during Disruptive Waves;99
7.2;Existing Insurer Capacities;105
7.3;Services instead of Products;107
7.4;Automated Underwriting;109
7.5;Automated Claims;117
7.6;Cultural Change;120
7.7;Transformation Pathways;124
7.8;Legacy Systems;127
7.9;Integration with Customers;131
7.10;Big Data and Artificial Intelligence;136
7.11;Internal Systems;140
7.12;End-to-End IT Systems;145
7.13;Cost, Scale, and Platforms;148
7.14;Flexible Programming;149
7.15;Digital Laggards;151
7.16;Omni-Channel Response;154
7.17;Social Dynamics;156
7.18;Active Engagement;157
7.19;Innovators;159
7.20;Competitive Advantage and Dynamic Capacities;160
7.21;Peer-to-Peer Insurance;161
7.22;Cyber-Insurance;162
7.23;Business Ecosystems;164
7.24;Social Capital;170
7.25;Insurance Policies;177
7.26;References;179
8;6 Impact by Type of Insurance;181
8.1;Autonomous Vehicles;181
8.2;Automobile Insurance;187
8.3;House/Contents Insurance;195
8.4;Life Insurance;196
8.5;Health Insurance;199
8.6;Commercial Insurance;210
8.7;Cyber Security, Drones, and Hacking;211
8.8;References;212
9;7 The Dynamics of Decline;214
9.1;Introduction;214
9.2;Profitability vs Premiums;215
9.3;Tipping Point;217
9.4;Telematics and Turnover Rates;218
9.5;Electric and Automatic-Drive Vehicles;220
9.6;Rapid Innovation Switches;222
9.7;Barriers to Entry;223
9.8;Regulation;224
9.9;Reference;225
10;8 The Response of Incumbents;226
10.1;Incumbents;226
10.2;Stages of Disruption;227
10.3;Oligopolies and Disruptive Entry;233
10.4;The Economics of Digital Disruption;237
10.5;Stages of Disruption;240
10.6;Digital Strategy’s Double Game;241
10.7;Innovation Traps;247
10.8;New Entrants/Innovators;251
10.9;Possible Future Pathways;253
10.10;Disruptive Innovators;254
10.11;Keys to Insurer Success;260
10.12;Value-Added vs Commodity;262
10.13;Conclusion;264
10.14;References;267
11;9 Regulatory and Legal Issues;268
11.1;Pricing Regulation;268
11.2;Data Law;270
11.3;Data Privacy Issues;272
11.4;System and Flash Crashes;275
11.5;The Ethics of Insurance Bets;276
11.6;Privacy Legislation/Regulation;277
11.7;Unavoidably Higher Risk Customers;279
11.8;General Regulation Recommendations;279
11.9;Auto-Insurance Vs Product-Liability Insurance;280
11.10;Issues Around Autonomous Drive Programming;282
11.11;References;284
12;10 Consequences for Insurance Workers;285
12.1;Introduction;285
12.2;Mechanical vs. Analytical;286
12.3;Fluff Not Stuff;287
12.4;Complexity;288
12.5;Degree of Creativity or Human Interaction;290
12.6;Types of Jobs;292
12.7;Increasing Income Inequality;293
12.8;The Overall Job Market;293
12.9;Lessons from the Professions - the importance of programmable rules;296
12.10;References;299
13;11 Impacted Occupations;300
13.1;Actuaries and Underwriters;300
13.2;Administrative Staff;301
13.3;Robo-advice and Brokers/Advisers;304
13.3.1;Overview;304
13.3.2;Key Concepts for Adviser Survival;307
13.3.3;Change in Activities;314
13.3.4;Diagnostic Robo-advice Systems;319
13.3.5;Revenue Issues;320
13.3.6;Overview;322
13.4;References;322
14;12 Conclusion;323
14.1;The More Distant Future;324
15;Useful Sources;327
16;Index;337