Let’s Talk About Insurance Before Amazon Disrupts It
Summary
I saw many initiatives doing a great job putting together a fantastic team and a sexy equity story, some raised relevant capital but their business models look (to me) not sustainable from an insurance perspective.Result: A board member at one of the largest global reinsurers recently summarized the essence of insurance as assessing, dealing, and accepting risks using the latest technologies.Unfortunately, I damaged my laptop a few days ago so the crystal ball for the 2018 predictions is also not working…but I want to provide my middle-term view about the buzzword most on hype at the end of 2017: the Amazon activity in the insurance sector.The second aspect is about insurance product but have the same relevance considering only the distribution activity: each market has its particular characteristics, one size fits all doesn’t work…opposite than the social media or internet business.I don’t want to discuss the distribution of life insurance – the usual push product which needs to be sold – where the digital channel at global levels represent less than 1% of the new sales.