Can insurance keep up with technology?

Can insurance keep up with technology?

Can insurance keep up with technology? As well as being the driving force behind innovation in media and communications, the evolving nature of technology is reshaping the insurance marketplace. It’s up to those within the industry to embrace these advances and introduce products that meet the needs of the modern broker and their clients.  
 
Having experienced exponential growth over the past 12 months, ride-sharing is one area that’s moving insurance companies to create flexible products to respond to consumers’ changing needs.
 
Eager to stay at the forefront of the industry, Aviva Canada is the first company to offer personal coverage for ride-sharing drivers in Ontario. “We are filling a gap in the marketplace by offering a simple and affordable ride-sharing solution,” said Storah. “With ride-sharing on the rise, Aviva Canada is proactively addressing a gap in insurance coverage that potentially leaves ride-sharing drivers and passengers without appropriate protection and benefits. When consumer needs change, we must evolve our insurance solutions to respond.” The insurer is currently in discussions with other provincial governments with an eye to expanding their ride-sharing solution across the country.
 
Storah also discussed the need for insurance companies to create new products to meet the inevitable rise of autonomous vehicles. “As driverless car technology continues to advance and insurance companies look to adapt their coverage models, there will be a period of transition,” Storah said. “Brokers will play a key role in this transition. As an advocate for consumers and the conduit between the insurance company and the policyholder, brokers will be looked upon to provide advice to their customers at each stage of technology progress.”

Meaningful progress will only be made through a sustained collaborative effort between car manufacturers, insurance companies, brokers, governments and regulators. “The mobility trend and the demand for autonomous vehicles will continue to provide opportunities for product and technology-focused insurance businesses,” Storah said.  “Nimble companies that offer innovative insurance products that address the needs of consumers in a rapidly changing landscape will be best positioned to succeed.”