While the digital revolution is taking a toll on many traditional industries - media, financial services, retail and more - the news from the new economy isn't all about industries that are shrinking: it's also a growth story as many new industry sectors and jobs emerge. So what are the opportunities for the astute insurance agency to tap into? One obvious growth sector is the emerging "gig economy."
Hurricane Harvey is the the largest deployment of insurance drones since the Federal Aviation Administration restrictions were eased last year. See Claims Journal's report, Fewer Ladders, More Drones Being Used to Adjust Harvey Claims.
Myth: No one wants to talk to a machine. Reality: Millions of people are happily engaging with iPhone’s Siri, Amazon's Alexa and Google's Assistant. Every day, people are having their questions answered via customer service chatbots, both by voice and by text. Artifical Intelligence (AI) is powering these agents, which grow more sophisticated by the day. Gartner predicts that by 2020, AI will handle 85% of all customer service interactions.
We're at the dawn of a workplace revolution as automation and artificial intelligence are increasingly adapted into everyday work settings. What recently sounded like a far-distant science fiction future is actually a reality and knocking at our doors. McKinsey Quarterly talks about these advances and offers a A CEO action plan for workplace automation in its July edition.
Managing risk isn't a new concept - merchants in ancient days used to distribute loads across many vessels to protect against weather hazards and robbers; they would also band together to insure their goods through various mechanisms. But modern insurance really began taking shape in London in the 17th century. Fires were a devastating risk for businesses and homeowners alike. The Great Fire of London in 1666 destroying more than 13,000 houses.