Technology consultancy firm Capgemini claims the insurance industry is facing a “fundamental threat” in the form of the combined forces unleashed by robotics and the internet of things (IoT).
In a recent study – World Insurance Report 2016 – into the growing trend of using robotic process automation for office administration procedures, as well as such things as cars equipped with telemetry devices which record every driving action, Capgemini found that expectations are changing within customers it calls “Gen Y” – those aged between 15 and 34. One example of a new company which has combined IoT and telemetry in vehicles is Veniam.
John Mullen, corporate vice president and global insurance leader for Capgemini, says: “By not providing adequate engagement for digitally-advanced customers, carriers [companies] run the risk of pushing them toward a growing population of market entrants and non-traditional technology-driven competitors.
“Gen Y is clearly indicating that they do business differently and those insurers who respond to them on their terms will have a clear competitive advantage.” [Read more…] about Robotics and IoT are a ‘fundamental threat’ to insurance companies, says Capgemini