Summary of Digital Adoption in the Insurance Sector

From Ambition to Reality?

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Digital Adoption in the Insurance Sector summary
Facebook and Fitbits are the next frontier for insurance companies.

Rating

8 Overall

7 Importance

8 Innovation

8 Style

Recommendation

For all the advertising slogans touting their benevolent intentions, insurers find it difficult to break through the skepticism of a wary public. Smartphones, Fitbits and Facebook accounts present the latest challenge, creating terabytes of risk data that savvy insurers could analyze and model. But will people let the insurance industry use this information? That’s a question that this cogent report by the Economist Intelligence Unit raises but never quite answers. Nonetheless, getAbstract recommends this timely study to policyholders and insurance executives.

In this summary, you will learn

  • How digital technologies challenge insurers
  • How some companies have responded to those challenges
  • What issues the use of digital personal data raise for insurance companies and consumers
 

Summary

In the 20th century, door-to-door salesmen sold insurance. Today, the insurance industry, like most sectors, must adapt its business model to new technologies. But many insurers are slow to change. A 2013 survey found that only 43% could offer online quotes, and just 23% could handle claims digitally...
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About the Author

The Economist Intelligence Unit is an independent research and analysis organization.


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