Hype vs Impact! The reality of innovation in 2017 💡💡 News #3
Dear steemians,
an analysis of the consulting firm Oxbow Partners raises 11 technologies that have been paying close attention in the past two years and assesses what companies are changing. And not only. It turns out that for the moment only telematics and connected cars generate business.
The synthesis of the epidemic leaves no room for doubt: as of now, for the majority of the technologies that represent the so-called 'trend' for the insurance industry (autonomous driving, big data, artificial intelligence, IoT, UBI, Blockchain, P2P, etc.) the impact on the business has not yet perceived.
There is a lot of 'hype' (literally frame, ie media attention), but little 'impact'. It is supported by Oxbow Partners (UK insurance consulting company) that has accompanied the dissemination of its evidence with a number of company suggestions.
Driverless car
In detail, the first thing to notice is the zero impact of the driverless car theme: of course, one might say, seen and considered that they are still not commercially available (apart from the Tesla, which are still hybrids). According to the consulting company, although there are already roadside tests of the first self-contained cars and that according to the forecasts of many companies the next 3 years will see the arrival of such vehicles within reach of all, the truth is that for an adoption massive and widespread, which has an impact on the insurance world, the times will probably be much longer. It's not just a matter of technology, but of a complex regulatory system that also includes ethical issues that must adapt to change.
The company's recommendation is to focus on short-term business opportunities offered by the 'connected car', but begin preparing for strategies to be adopted, as the autonomous car will change the same concept of 'vehicle ownership'.
Blockchain
Also for the chain of blocks we are in very high hype and very low impact.
Oxbow Partners is very skeptical about the issue and believes that the use of such technology in the insurance sector is by no means imminent. There have been experiments, that's true, but the advice is to wait still without concentrating too much on this subject
Big Data and Artificial Intelligence
In both cases, the discussion and enthusiasm for these technologies has been extremely high in the last two years and it will still be in the future. But it is a hype which also corresponds impact, because we are already seeing the adoption and implementation of new systems and solutions in the insurance world who exploit the opportunities offered by AI and analytics, and process improvements to services. The full potential has not yet been expressed, therefore companies must continue to invest (and believe) in these two trends.
IoT
It is undeniable that the objects' internet creates new, important opportunities for the insurance world. However so far as the companies have already begun to evolve in the proposed services and business models by leveraging these technologies, it seems (so says Oxbow) who have not yet understood how to exploit them fully. Until now, companies have added the IoT component to the classic policy models banally, without engaging in developing a different customer value proposition for the customer.
Telematics
At present it could be defined as 'collection sample' technology. It was the first insurtech innovation in the world, perhaps less fascinating than others and therefore with a lower hype in recent years, but hand made is this the technological area in which insurance companies have been able to bring new opportunities to grow business and where the impact is really substantial.
The problem that will come up in the coming years is rather the relationship between car makers and data property insurers. Companies must then continue to ride on the opportunities offered by the black box, but also carefully monitor the evolution of the industry and how the world of data generated by cars will be able to influence their business.
P2P
Oxbow Partners are rather skeptical about the peer-to-peer model in insurance, it's just too complicated. The attention for this model has been very high in recent years, many startups insurtech rely on this concept, but the consulting company does not feel that they will really work.
So do you think is all an Hype? What about Blockchain applications?
Happy steeming,
Francesco
A more detailed article you can find it here
You are awesome !!!! Man...
from where you track down such brilliant info.!!!!????
Upped !!!
I'm basically sceptical of such organisations who claim to be experts to predict the future. The list is very interesting but also controversial for me. Because as i understand they give advice to not invest in some areas because it's too early and that's often the failure if you blindly follow also if you blindly follow the hype and don't think for yourself.
I personally step back from such statements and ask me questions like:
How should they know it's too early?
What's their motivation to give such advice? (idealistic, partnerships, simply for the money,..)
What's their track record in predictions?
If i look at finance sector and you would follow blindly the advices of banks, insurers or whatever, then i think you will end up in a very bad situation, broke, hopeless and unhappy.
I put it simply like Brian Tracy said. If you do what "THEY" say, the "ALMIGHTY THEY" you could be in trouble soon. Investing in a hype could be the best thing someone can do sometimes, if a technology is unknown, undervalued and there is some catalyst which suddenly activates the masses like a virus connected with hype. You'll see exponential rise and maybe fall to average level, which is still high and much higher than before. Early investors who believe in a technology like driverless cars, blockchain or IoT who thought for themselves and made diligent research have the biggest potential. That's my opinion.
My point of view is, if you see such trend, technology which will disrupt almost everything and you estimate that will happen in 10 or 15 years, why you should not invest if there already a forseeable market leader or a Top 5 or 10 and you are very long term oriented?
Thank you, the information gives a wonderful opportunity to rethink or to check and double-check my own investments!