Technology-Driven Value Generation In Insurance

Insurers are leveraging cutting-edge technologies to improve and upgrade existing insurance products, develop innovative new ones, and reshape the industry. The key technologies include cloud computing, the Internet of Things (IoT), big data, artificial intelligence, and blockchain.

Applications based on these technologies are either being developed or adopted by insurance companies. While applications based on cloud computing, telematics, and big data are already having a significant impact on the insurance industry, further applications from big data, AI, and blockchain will have a greater impact in the future.

Insurers with strong technology capabilities could export their technologies to other insurance companies, financial services companies, or even non-financial services companies. ZhongAn Technology, a subsidiary of ZhongAn Insurance – the first insurer managing 6 billion policies in the cloud – was launched to export such expertise.

Oliver Wyman, ZhongAn Insurance and ZhongAn Technology are jointly publishing this report to analyse these technologies, and answer the following questions:

1.     Which technologies are shaping the future of the insurance industry?

2.     What are the applications of these technologies in the insurance industry?

3.     What is the potential value these applications could generate?

4.     How can an insurer with strong technology capabilities monetise its technologies?

5.     Who is benefiting from the value generated by these applications?

Technology-Driven Value Generation In Insurance