A recent report has identified that the widespread adoption and integration of technology is creating a broad spectrum of new tech risks that many in the insurance sector are currently unprepared for. Digital transformation has been in the driving seat over the past year across all industries, largely due to the impact of the pandemic, which has divided workforces and made it difficult for businesses and consumers to connect. However, is the insurance industry really ready to react to the new tech risks already on the horizon?
While there has been plenty of discussion of the risks that insurers have to tackle as a result of digital transformation and moving to a more tech-driven approach operationally, it’s the risks that are presented by the technologies that require coverage in the years to come where there could now be a potentially significant gap. As technology continues to advance over the next decade it’s going to be necessary for insurers to create entirely new product lines to cope with the risks that are being created -is the industry really prepared for this?
New technology offers opportunities for consumers to enhance their lives, create more security and safety and enjoy a more positive living experience. For insurers who want to continue to give customers what they want, staying on top of the risks these new technologies present is going to be key.