The design and innovation firm Fjord present some major trends they believe will transform what we do, their clients’ business, and ultimately, the way we live, in Fjord’s Annual Trends. One of them, Digital Underwriting attract our interest.
Fjord state “The most interesting dynamic to watch could be insurance startups: we’ll see challengers emerge who rethink the business model of insurance from top to bottom. For an industry so dependent on a complex ecosystem (brokers, underwriters, funds, agents, adjusters among others) it’s hard to see how disruption will create wholesale change. But health insurance companies like Oscar are “using technology to make insurance simple, intuitive, and human.””
We at Itello do think there is a big possibility for a disruption of the value change in the life insurance industry at least in Europe. Aggregators such at Insplanet, Compricer, Pricerunner might become one of the most important and cost effective distributions channels insurers have seen.