From CB Insights, Feb :
From geospatial analytics to commercial auto telematics, these are the top 15 property & casualty insurance trends to watch in 2019.
In 2019, drone pilots could become the next claims professionals, wearables could transform workers’ comp, and social media could enhance underwriting. And that’s just scratching the surface of what the future of insurtech could hold.
We identified 15 P&C insurance trends to watch in 2019.
1. Smartphone usage-based insurance (UBI)
Smartphone-based telematics, where an app tracks driver behavior in real time, is gaining traction in the P&C insurance industry. While telematics has been slow to pick up steam in the US, participation in the broader auto industry is growing. Looking ahead, smartphone UBI promises to be an area of greater focus for the auto insurance industry in 2019.
2. Geospatial analytics
Advances in deep and machine learning, combined with cheaper aerial imagery, have created an opportunity in property insurance. Geospatial analytics providers aren’t aiming to replace property inspections, but to enable better decision-making and fewer actions during property inspections. Competitive differentiation among providers will come down to AI sophistication, cloud orchestration, and vertical expertise.
3. Drone inspections
Teams of FAA-certified drone pilots could be the next claims professionals. Drones can help gather data before property risks are insured, assist in preventative maintenance, and assess damage after catastrophic events. In 2019, look for regulatory shifts that enable insurers to expand their drone programs to more areas.
4. Virtual auto claims
Auto claims that once took days to settle now take hours thanks to integrated smartphone technology. As more insurers adopt virtual claims technology, the shift is leading to less human touch in the auto claims process. One of the top P&C insurance trends to watch will be tech providers expanding into new product opportunities and geographic markets.
...MUCH MORE5. Robotic process automation (RPA)
RPA technology captures and interprets existing applications to process transactions, manipulate data, and communicate with other systems. The sector could be worth $5B+ by 2025, and RPA adoption by the P&C insurance industry is growing. Watch for greater RPA deployments in 2019 driven by insurers looking to see where the technology can add value....
We don't do watchlists or thing to watch or any of that stuff. As was said eight years ago in:
March 30, 2011
Climateer Line of the Day: Voyeur Edition
I saw this headline yesterday:
25 Master Limited Partnerships for Your Watchlistand started laughing.Hard.
Firstly because MLP's are so last year.
Secondly because 25 is a large number of names.
Lastly because of something we posted last August:
...One of my mentors could not stand indecisive traders. He loathed them almost as much as he loathed losses.Remember that the next time somebody tells you they have something they want you to watch.
If one said about an instrument "I'm watching it" he'd bellow "You like to watch? What are you, a freaking voyeur?" Except he didn't say "freaking".
If you were asked about implementing a certain strategy and said "I'm thinking about it" the response was "What are you, a freaking philosopher?", again substituting a different word.
