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The Geneva AssociationThe Geneva Association is the leading international insurance think tank for strategically important insurance and riskmanagement issues. The Geneva Association identifies fundamental trends and strategic issues where insurance playsa substantial role or which influence the insurance sector. Through the development of research programmes, regularpublications and the organisation of international meetings, The Geneva Association serves as a catalyst for progress inthe understanding of risk and insurance matters and acts as an information creator and disseminator. It is the leadingvoice of the largest insurance groups worldwide in the dialogue with international institutions. In parallel, it advances—in economic and cultural terms—the development and application of risk management and the understanding ofThe Geneva Association membership comprises a statutory maximum of 90 chief executive officers (CEOs) fromthe world’s top insurance and reinsurance companies. It organises international expert networks and managesdiscussion platforms for senior insurance executives and specialists as well as policymakers, regulators and multilateralEstablished in 1973, The Geneva Association, officially the International Association for the Study of InsuranceEconomics, is based in Zurich, Switzerland and is a non-profit organisation funded by its members.A view on key implications for the economy and societyPublished by The Geneva Association—International Association for the Study of Insurance Economics, Zurich.The Geneva Association—International Association for the Study of Insurance EconomicsTalstrasse 70, CH-8001 ZurichEmail: secretariat@genevaassociation.org | Tel: +41 44 200 49 00 | Fax: +41 44 200 49 99 www.genevaassociation.orguncertainty in the modern economy.organisations.September 2018Insurance in the Digital Age© The Geneva AssociationPhoto credits:Cover page—pcruciatti, Shutterstock. 1Insurance in the Digital AgeInsurance in the Digital AgeA view on key implications for the economy and societyChristian SchmidtDirector, Digitalization research programmeThe Geneva Association 2www.genevaassociation.orgAcknowledgementsThe author is much obliged to the members of The Geneva Association’s Digitalization Working Group and the Associateswho provided guidance for this report. In particular, the author would like to express his deep gratitude to PanosCharissiadis (Munich Re); Hannah Fiedler (Allianz); Hugh Francis (Aviva); Tim Hall (Aviva); Sarah Layden (Aviva); BryanPickel (Prudential); Marc Radice (Zurich); Catharina Richter (Allianz); Henning Schult (Allianz); Inge Thut (Munich Re); andLutz Wilhelmy (Swiss Re). Their insights and support were crucial in preparing and reviewing the report.ContentsAbstract1.Executive summary2.The impact of digital technology on the insurance value chain3.The changing nature of risks to society4.The insurers’ shifting customer relationship5.Changing competitive landscape6.Conclusions @TheGenevaAssoc3468101416 This paper is concerned with the impact digital technologieshave on insurance, and reflects on the contribution thatinsurance makes to the development of a digitalizedeconomy. Technology and new data sources are changingfundamentally our economy and society, and promise totransform the insurance industry as well. New technologystartup firms—or InsurTechs—are entering the industry todeliver some of the services typically provided by incumbentinsurers and intermediaries. Industrial companies as wellas established technology firms are eyeing opportunitiesin insurance. The new entrants present opportunities formutually beneficial partnerships with insurers but theycould also become direct competitors, putting pressure onprofit margins and challenging the insurers, especially attheir interface with customers.Digitalization is widening the role of insurers from oneprimarily concerned with loss indemnification to a broaderadvisory service for insureds on how to prevent, mitigateand manage risks. That is to say, new technologies allowAbstract insurance to evolve from pure risk protection towards riskprediction and prevention. Underwriting, pricing, claimshandling—all these processes could become more efficientthanks to digital technologies. But digital technologiesalso give rise to new challenges. For example, technology-driven personalised pricing could also mean that for someindividuals who are exposed to a higher risk within anygiven risk pool, adequate insurance cover might come attoo high a price. Societies need to reflect on this and onthe risk that ethics and data protection may lag behindtechnological progress.Insurance plays an important role in helping to addresssome of societies’ greatest challenges. In the face of theever increasing digitalization of the economy, and in spiteof pervasive trends to personalise more and more aspectsof our daily lives, risk pooling through insurance is likely toremain as the best response of the industry to the financial