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What Will Insurance Be Like in Ten Years?

In a mere 3,650 days what can insurance agents expect to be dealing with? Here are some predictions already taking shape...
June 2, 2014

In a mere 3,650 days what can insurance agents expect to be dealing with? Here are some predictions already taking shape.

Smartphones will be totally voice active. Siri will be everywhere. Mr. Spock’s communicator from the 1960’s TV series Star Trek became a flip phone, which has already been replaced by the smartphone. Almost every product sold from pets to furniture will have a chip identifier so that if stolen, lost or misplaced the object can be located.

Homes will be wired and wireless-equipped with remote, real-time capabilities. Fire, water and theft identifiers in homes will react within seconds to alert the owner, police and medical centers. “I’ve fallen and I can’t get up” will be transmitted automatically. Self-driving cars will be a reality, but there will still be accidents due to human error. State legislators, insurance companies and adjusters, lawyers and agents will have to adjust to legal changes affecting the insurance industry. For the insurance industry, big data, analytic models and predictive modeling will predominate.

Remember: predictions are just that. They are often wrong. For example, remember when we were told that by now we would all be piloting flying cars? Some things are just not good ideas; how could accidents be avoided if billions of cars were all airborne?

Another prediction: Efforts by global financial services firms to turn insurance into just another banking product will all fail, because all risk will always be local.

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