The wisest insurance incumbents will seize the collaborative opportunities springing from this new environment.
How did we ever manage to live, work and play without smartphones, tablets, broadband, and Wi-Fi?
These technologies that were once considered innovations are now part of our daily lives and form the backbone of the digital economy. The way we purchase consumer goods, earn a living, travel point to point, plan vacations and consume financial services is increasingly being shaped by companies that have created a niche for themselves in the digital economy.
Companies like Uber and Airbnb are not only having a major impact on traditional business models, but they are triggering important dialogues about how we should regulate companies in this diverse ecosystem of new business models, producers, and platforms.
While balancing the needs of traditional businesses with the demands of new digital ecosystems, the re/insurance industry is closely monitoring the digital economy as well as the risks and opportunities that may arise as the risk landscape changes.