DIGITAL TRANSFORMATION
“There are huge amounts of data available , but you have to have a strategy of what you ’ re using that data for ”
CHRIS MOORE HEAD OF IBOTT 1971 , APOLLO
always going to come to us ,” he comments . “ However , new consumers – especially when it comes to big commercial clients – don ’ t want that buyer-seller relationship anymore . What they want is a strategic partnership . When you look at that strategic partnership model , the major companies that are coming to say ‘ we want to buy huge levels of insurance ’ are massive digital companies . And for them , data and digitalisation aren ’ t just important to their business , they are their business .”
As Moore highlights , the overwhelming warning sign for the insurance industry is to not sit and do nothing . Last year , Tesla CEO Elon Musk announced plans to launch his company ’ s own insurance offering , with a statement saying premiums would be calculated on driving behaviour rather than ‘ traditional factors like credit , age , gender , claim history , and driving records ’ used by traditional insurance providers .
“ That , for me , is quite scary ,” says Moore . “ I don ’ t think Elon Musk wants to be an insurer . It ’ s not that glamorous . But I think he ’ s doing it because he ’ s saying , ‘ I refuse to allow an industry to be a blocker of where I see the future ’. And that ’ s why I think we have to digitalise . If we don ’ t , rest assured someone else will .” technologymagazine . com 57