New Tech and the Future of Insurance
Uprising New Risks in Developing Technology, Should Your Insurance Agency Be Involved?
As new technologies arise new risks follow along. It’s always great to be trendy and doing the newest, greatest, and latest thing, but sometimes that can back fire. With how fast technology grows, you may not even be aware how close a new way of doing things could be or what new technology your agency may already be using. Here are some advantages and risks from new technologies that your agency could be using now, in the near future, or may even end up insuring.
- New means of delivery
- Automated errands
- New insurance coverage
With companies like Amazon introducing the concept of drone delivery, it’s a realistic future to see more companies doing drone delivery. Have you thought about how that could impact your clients? Would drone insurance be something they would need, or could you see your agency investing in drones to use around the office? Drones have the ability to run little tasks around the office. In Japan drones have been used to blast annoying music at employees that are overworking too many hours and won’t go home.
A fleet of drones is something that your clients would need to have insured. Risks to consider about drones in the office could be if one knocks into someone’s hot coffee and burns them, or what happens if they lose charge, fall, and break down. Right now most drones need to have an operator; it’s not too far off to assume drones would be auto-piloted in the near future. If no one is piloting a drone, and an accident happens, someone gets hurt or a delivery isn’t made, where will the liability lay? Insurance companies are already discussing similar risks with the popular growth of autonomous vehicles.
Internet of Things
- New autonomy
- More security risks
Internet of things is a term used to described electronics and appliances that connect to the internet. Every day we are seeing more new everyday objects come out with new internet capabilities. For example your TV, refrigerator, printer, or even your coffee maker may be an “IoT” if it is capable of connecting to the internet. Having IoT technology around your agency could really improve tedious tasks. Having simple objects be able to connect to the internet allows them to run more autonomously and save you time.
However, anything that can connect to the internet can be at risk of being breached. Even if the object can’t browse the internet, just being able to connect and receive an update is enough for the device to be subject to a privacy invasion.
Every day new technology is being introduced. New risks will arrive, and sometimes it’s a good idea to adapt. Overall, the nature of risk won’t change even as technology does. Your agency could benefit from these new technologies and may adapt to them as well. New technology can even lead to new areas of insurance being needed. So even if your agency doesn’t adapt, drones and data security could be an insurance policy your agency may offer in the future.