Only a few years ago, the insurance sector was made up of a number of large companies that dominated the market. The functioning of this industry seemed unchangeable, as well as the relationships between insurance companies, insurance brokers and insurance agents, built and consolidated over many years. Everyone knew the rules of the game and knew which role they played.
Until the arrival of the Internet and the new technologies that are available to anyone, which has caused a change in the classic power balance between companies and consumers. This change, which has given more power to the insured at the disadvantage of the insurers, will thus have the consequence of a radical change in the ways of defining and selling insurance products and services.
Murray Raisbeck, partner in KPMG London and Head of Insurance Technology, spoke about this and what insurance companies can do in order to not lose market share in an interview published on the blog InsurTechTalk. In this post we summarize this interview.
This post is also available in Spanish.