Munich Re has released the current summary of technology trends, the Tech Trend Radar 2020 – stay prepared amidst uncertainties (here). The stated purpose is to help prepare your business by making the best use of emerging technology trends. The article notes the shift in demand for technology applications driven by the coronavirus pandemic, and states that:
technology is not only a competitive advantage but also an actual necessity to keep businesses running
Trends are categorized into four “fields” (User Centricity, Connected World, Artificial Intelligence, Enabling Technologies), and includes an assessment of maturity of each trend. Most of the 52 noted trends are in the early or trial stages. A copy of the full report is available in pdf format (here)
One noted trend which has significant implications for the insurance industry is the growth of digital ecosystems, defined as a group of stakeholders that connect through digital platforms for a shared purpose informed by aspects of competition and collaboration among diverse entities.
Digital ecosystems enable a company to interact with customers, partners, other industries and competitors.
Digital ecosystems are a more mature trend, with Munich Re recommending adoption through initiatives now. Note that a move to digital ecosystems may result in a complete unbundling of services, helpful to some organizations and a threat to others.
Digital ecosystems provide a significant alternative distribution opportunity for thought leaders in insurance. The distribution opportunities presented by digital platforms and ecosystems for insurance was noted in our prior post on Attributes for Digital Insurance Distribution Success.
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