Help Net Security – by Stephen Holdstock
The insurance industry is vast and varied. It can be found in nearly every country in the world, with the earliest references dating back as early as 1750 BC. Modern insurance, however, started around 1686 with Lloyd’s of London and with the U.S. founding its first fire insurance company in 1732.
Much of the industry is heavily regulated, has multiple markets (U.S., London, Switzerland, Bermuda, Singapore, and so forth), and covers a plethora of risk types. Spanning across motor, health, pet, oilrig, terrorism, catastrophes, liability, and bespoke covers, each of these segments of insurance vary enormously and they are proceeding at different speeds on their digital transformation journeys.
In many regions, personal lines insurance is already adopting features like self-service platforms and paperless policies, working with aggregators and automated quotes, not to mention automating claim handling with same-day payments.