John Cusano, senior managing director of Accenture, believes new technology is going to change the way that insurance companies work with their clients. Instead of just cleaning up after a loss, Cusano explains that companies will have the ability to “continuously monitor risks and ask policyholders to take actions to prevent losses.” Insurance companies will obviously help with financial backing when something goes wrong, but with new technology, they will begin to focus on helping their clients take on less risk on the front end.
In regards to cybersecurity, Alan Dayley, research director at Gartner, believes that unencrypted data from the ‘internet of things’ are extremely vulnerable to interception “as they travel across wireless communications networks from devices to data stores.” While this is certainly worrisome for both insurers and businesses alike, it will open up a tremendous opportunity for insurers to not only expand their business but to monitor and manage risk as well.