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The insurance industry should not become obsessed with developing new products driven by technology and fears of competition from new entrants but should instead concentrate on their core business, according to Arno Junke, chief executive officer of Deutsche Rück.
Junke's comments come against a backdrop of widespread changes in the industry driven by technology and innocation and a fear by some that the landscape could change quickly.
Google, Facebook or Amazon are seen as potential new competitors in the insurance sector because of their close relationships to consumders and the large amount of data they have access to. This data could potentially be used to better assess customers’ risks and tailor insurance products to their needs.
Potential opportunities offered by big data are attracting new competitors into the insurance market such as The Climate Corporation. The San Francisco-based firm examines weather, soil and field data to help farmers determine potential yield-limiting factors in their fields.
Deutsche Rück, Admiral, Disruption, Arno Junke, Kurt Cripps, Florence Tondu-Melique, Europe