Digital transformation, changing cultural values, resource scarcity and environmental impact concerns are affecting every industry, including insurance. Those changes are accelerating the growth of the sharing economy and the demand for resource optimization. The rise of sensors and intelligent digital ecosystems are blurring the boundaries between the digital and physical worlds and generating massive new data sources. Next-generation analytics and artificial intelligence are coming on-stream to harness that data. Adapting to and succeeding within this digitally transformed world will require changes in every aspect of the financial services industry, and the processes by which it delivers value to its customers.
To check on the state of innovation in insurance, the Silicon Valley Innovation Accelerator and Celent combined to conduct a study that combined a quantitative survey with qualitative discussions with key players. Here are the results:
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