1. Technology, Demographics, and Insurance Are we Ready?
The Future of Insurance Forum
Andrew Castaldi

2. The rest of us Me
You
Innovation
Disruption

3. Pre-Digital Age: The American Dream and Insurance -1950s
Job at one company (retire, pension)
Marriage
House(mortgage, pay off mortgage, stay)
Raise family, college, grandkids, pension
Community involvement
Car(s)
Pet(s)
Insurance served to protect this dream via
Local insurance agent/advice
Home owners insurance
Life insurance
Auto insurance
Heath insurance
Even pet insurance

4. Digital Age: New insurance perspectives, does tradition fit?
22 is the most common age
79% have Bachelors degree
Average job lasts 2 years
Mobile/quick to relocate
Urban
Alternative work place
Diversified backgrounds
Resurgence in renting
Social media/Technology driven
Internet buying behaviors
Less owned assets
Pay as you use preference
CONNECTED to abundant data

5. New products
Omnibus’ coverage – one custom policy
Cyber theft and other commercial or personal high tech risks
Insurance on demand – pay as you need
Maintenance “smart” support. Shift from “repair and replace” to “detect and prevent” More “Value”
Risk Monitoring devices
Simplified claims (parametric) or technology senses
Smart device coverages
Dependency

6. Information, Distribution, Operations
Brick and Mortar Age
Digital Information Age
Single-specific, local, time consuming
multi-specific, unlimited, immediate
Municipal records
Drones
Satellites
Social networks
Hazard monitoring
Smart technology
AI – Broker in a box
Data – less noise
Expedia like product comparisons
Risk pools
Multiple insurers within one policy
AI/Machine learned risk sharing

7. Technology – shaking things up

8. AI and Machine Learning
Faster at collecting and analyzing data
Blockchain
More consistent
Better connected
Ability to find patterns and learn new things
More Efficient
Immediate
Developing a more human feel for things
Identify opportunities

9. What will the impact be on my business?
Insurance industry - percentage of tasks affected by Machines and AI
Job Title
Percentage
Insurance Agent 60%
Insurance Underwriter 35%
Claims Adjusters 26%
Actuaries 15%
CEOs 25%
Source: McKinsey

10. Andrew Castaldi – PERILS
Thank you END
Andrew Castaldi – PERILS