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For the insurance industry, where will technology have its biggest impact in the next five years?

Swiss Re's Steven Henning and three other insurance industry leaders respond to this month's question.

February 23, 2016 Photo

"For the insurance industry, where will technology have its biggest impact in the next five years?”

“We’re already seeing the impact of driverless cars and their potential ramifications. Add the rapid development of nanotechnology and nanomaterials, and we are looking at new building materials, new skin and bone regeneration techniques, and new replacement joint materials. This technology may also give way to new foods. All combined, technology will have a significant impact on virtually all lines of business.”

-STEVEN HENNING, Vice President, Swiss Re. CLM Fellow since 2009.


 “Cyber insurance is now where EPL coverage was 10 years ago. In the next five years, every industry segment—especially professionals, medical practitioners, retail, hospitality, and energy—will embrace cyber coverage to manage their risks in a virtual world.”

-SHARI LEWIS, Partner, Rivkin Radler. CLM Member since 2008.


“For insurance, more knowledge will mean more success, and this knowledge will be fueled by technology. Carriers will increase their use of technology for intelligent decision-making systems, better forecasting, loss prevention, and process automation—all leading to happier clients and carriers alike.”

-NICKY MUKERJI, Chief Information Officer, Quovant. CLM Fellow since 2009.


“The ‘Internet of Things’ is the product of increasing connectivity of corporate computing infrastructures, industrial machinery, and electronic consumer devices. This tech evolution will create new cyber threats for businesses, which will need to be managed through a combination of robust cyber security measures and cyber liability insurance.”

-KAREN PAINTER RANDALL, Partner, Connell Foley LLP. CLM Member since 2009.


 

$500 Million

Amount GM will invest in Lyft to develop on-demand network of self-driving cars.

Source: General Motors

 

71%

Percent of insurers that know little or nothing about nanotechnology and nanomaterials risks.

Source: University of Limerick

 

$13 Million

The average cost of cybercrime in the U.S.

Source: Statista

 

200 Billion

Predicted number of IP-connected devices in the next four years.

Source: McAfee

 

$1.5 Million

The shortfall in technology security experts expected by 2020.

Source: Georgia Tech Research Institute

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About The Authors
Bevrlee J. Lips

Bevrlee J. Lips was managing editor of Claims Management magazine (now CLM Magazine) from January 2012 until March 2017.  blips@claimsadvisor.com

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