Industry 4.0: What It Means For Insurance

The topic of Industry 4.0 has been discussed at many conferences in recent times. When you talk to participants and colleagues, you quickly realize that everyone associates this buzz phrase with something different. To make matters worse, the term is now used in almost every industry as a synonym for the digitized, automated and connected world, also known as the “smart factory.” This article discusses the term Industry 4.0 and examines its impact on property insurance. Industry 4.0 is a new level of organization and control over the entire value chain of a product — from idea and design, to flexible production of customized products and delivery to the customer.