Insurance Business Models Face Massive Disruption As IoT Evolves

The continued evolution of the Internet of Things (IoT) is among the multiple threats pushing the insurance industry toward massive disruption, notes a report released Tuesday by Capgemini and Efma. IoT, combined with changing behaviours and preferences from Gen Y customers, “is driving the urgent need for insurers to undergo significant transformation or risk falling behind emerging competitors such as FinTechs,” reports Capgemini, which provides consulting, technology and outsourcing services, and Efma, a global not-for-profit organization that brings together retail financial services companies from more than 130 countries.