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Cees WERFF, CCN: The auto transformation will profoundly impact insurance as well

"We see a lot of technology developments coming up: robots, AI, telematics - all are coming into our [insurance] market as well. We see more and more often a customer centric approach, the customer is placed in the front of this process", Cees WERFF, President, Claims Corporation Network, pointed out during the Motor Insurance Conference at FIAR 2017.

"The customer wants to buy insurance when he needs it, he wants 24/7 online access, he wants to notify a claim when he chooses to do so, not when someone else has the time to do it", Cees WERFF added, speaking about today's clients need to have access to products from all platforms and at any time of the day.

"There will be a 'Kodak moment' (ed. the situation in which a business fails to foresee changes within its industry and drops from a market-dominant position to being a minor player or declares bankruptcy) in insurance as well", Cees WERFF warned, if the companies fail to adapt to these new technological changes.

The digital disruption has already happened, explained CCN's President, as evidenced by facts such as:
  • The world's largest taxi company owns no taxis (Uber)
  • The largest accommodation provider owns no real estate (Airbnb)
  • The largest phone companies own no telco infra (Skype, WeChat)
  • The world's most valuable retailer has no inventory (Alibaba)
  • The most popular media owner creates no content (Facebook)
Therefore, "the auto transformation will profoundly impact insurance as well." Today, car technology advances daily (telematics enabled policies are growing in popularity, for example, while software innovations are constant) and the clients' attitude is changing (ride sharing is becoming increasingly conventional). Moreover, the importance of digital services is growing significantly. In the future, driverless cars are estimated to reduce the potential of traffic fatalities by 90%. Moreover, up to 30% additional automotive revenue is estimated to stem from data driven services and on-demand mobility.

Author: Adina TUDOR on 24.05.2017

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