DRIVING INNOVATION
HYPER-PERSONALISED RISK
INSURTECH
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DRIVING INNOVATION
Climate change isn ’ t the only global trend predicted to have a lasting effect on the insurance sector . Auto insurance accounts for as much as 40 % of the insurance industry ’ s annual revenue . As driverless vehicles grow closer to becoming a reality , their promise of radically safer transportation is threatening to disrupt a huge part of the insurance space . A 2015 report by KPMG predicted that the advent of driverless cars could shrink the auto insurance industry by as much as 60 %, potentially hurting some of the industry ’ s biggest players .
HYPER-PERSONALISED RISK
One of the ways in which companies are looking to adapt to changes like the rise of the self-driving car and climate instability is through AI-driven personalisation . By ingesting large amounts of data — particularly from wearable monitors and IoT connected systems — insurers are increasingly
APRIL 2020