311 Institute - The Future of Insurance 2020 &Beyond

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Notes: but on the other we will have access to new and advanced technologies that help us live longer, and potentially more prosperous lives. Most people are already aware of the majority of the major global trends that are either already ascending, or that are appearing on the horizon, but sometimes it’s good to pause, take stock and reflect on the progress they’ve made over the past year, if for no other reason that it helps us focus our minds on what’s coming and how it’s going to threaten, or benefit, our businesses, investments and strategic thinking. As devices, machines, objects and people increasingly become inter-connected, and as the boundaries between them all blur, it’s fair to say that we’re beginning to see the emergence of what we could call “Living Services” - services that are tailored, flexing to meet each individuals personal circumstances and preferences, that evolve, by learning intents and needs, and that are proximal, living in the devices that are in us, on us, or near us. 28 311institute.com
AUTONOMOUS VEHICLES WHILE MANY insurers are focused on the emergence of autonomous cars the fact is that across the board organisations, both civilian and military, are now running almost full tilt to automate every mode of transport, as well as create new modes, such as sky taxis. Every new development presents insurers with both threats - such as the end of personal car ownership which will impact general insurance lines, as well as new opportunities - such as the opportunity to insure and corner the future sky taxi market that is being shaped and developed by the likes of Airbus, EHang and Uber. 2016 was an inflection point for the autonomous vehicle industry and it was the first time we saw private organisations, governments and regulators come together in a meaningful way, for example, in Australia, China, Dubai, the UK and the US, to authorise widespread trials of the technology - in many cases without the need for human drivers to be present in the vehicles. Meanwhile Michigan and Singapore took things one step further and, in the first moves of their kind anywhere in the world, passed new laws permitting the public to use fully autonomous cars on their public roads. Obviously, I expect both trends to continue and accelerate in the coming years. There were also advances on the technology front too in both AI and mapping systems. However, one development which could have easily gone under the radar was the miniaturisation of Velodyne’s Lidar sensors, which thanks to a $150 million investment from Ford and Baidu, now means that this critical sensor technology is now easier to install and integrate into autonomous vehicle platforms than ever before. But perhaps most importantly these sensors are now much cheaper to buy, dropping from $30,000 per unit to just $2,000 - a move that will make autonomous vehicles, particularly cars, much more affordable. As mentioned I also saw significant advances in 3D mapping, AI and Machine Vision capabilities, as well as business model creation, from companies including Didi, Ford, Lyft, Tesla and Uber, all of which play their part in helping the technology and platforms mature and take shape. Based on current information I expect to see companies starting to scale their autonomous car services and operations in earnest from 2020 onwards, starting 311institute.com 29
Page 1 and 2: 311 Institute Global Consulting : F
Page 4: ABOUT THE AUTHOR Matthew Griffin, F
Page 7 and 8: PREFACE THE INSURANCE industry, it
Page 9 and 10: WITH ACCESS to the right breadth an
Page 11 and 12: Notes: biding their time is a luxur
Page 13 and 14: EVERY CULTURE, every industry, and
Page 15 and 16: ADVANCED MANUFACTURING E VERYTHING
Page 17 and 18: CONNECTIVITY I T IS no secret that
Page 19 and 20: GEOENGINEERING UMANITY IS using geo
Page 21 and 22: MATERIALS HE GLOBAL materials marke
Page 23 and 24: SECURITY HE SECURITY technology mar
Page 25 and 26: USER EXPERIENCE E VENTUALLY EVERY n
Page 27: THERE COMES a point in everyone’s
Page 31 and 32: CONNECTED HOME THE CONNECTED home e
Page 33 and 34: Notes: conversations. But it doesn
Page 35 and 36: Notes: personalised, to eliminate t
Page 37 and 38: INTERNET OF EVERYTHING THE INTERNET
Page 39 and 40: ROBO REVOLUTION TODAY THERE are few
Page 41 and 42: SINGULARITY THE SINGULARITY represe
Page 43 and 44: WEARABLES IT WOULD be fair to say t
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Page 47 and 48: IT’S UNLIKELY that 2017 will be a
Page 49 and 50: Notes: building and scaling new glo
Page 51 and 52: Notes: 9. DATA DEMOCRACY A buzz wor
Page 53 and 54: Notes: In 2017 we will see a rise i
Page 55 and 56: GIVEN ENOUGH time everything moves
Page 57 and 58: THERE IS no doubt, and no debating
Page 59 and 60: THE UBER MOMENT AFTER WHAT can only
Page 63 and 64: COMPARED WITH other analogous finan
Page 67 and 68: ALMOST EVERY innovation and every p
Page 69 and 70: Notes: • Claims management and au
Page 71 and 72: Notes: • AML • Archiving bindin
Page 73 and 74: Notes: can handle anything like the
Page 75 and 76: Notes: countries, for example, who
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IT IS clear that many insurers feel
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TECHNOLOGY TECHNOLOGY ENABLES, enha
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ECONOMIC BETTER RISK awareness, mit
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POLITICAL INCREASINGLY THE governme
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Notes: 311institute.com 87
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FROM THE impact of analytics, digit
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COMMERCIAL • As the broader marke
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Notes: 311institute.com 93
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THE WORLD around us all is being re
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AUTOMOTIVE THE PACE of change withi
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BUSINESS SERVICES THE PACE of chang
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DEFENCE THE PACE of change within t
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EDUCATION THE PACE of change within
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Notes: in tidal and wind power plat
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HEALTHCARE THE PACE of change withi
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Notes: • Virtual reality; researc
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Notes: sized transistors and comput
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NATURAL RESOURCES THE PACE of chang
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RETAIL THE PACE of change within th
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TECHNOLOGY THE PACE of change withi
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TRANSPORTATION THE PACE of change w
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PEOPLE SAY change is a constant. Bu
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311 Institute - The Future of Insurance 2020 &amp;Beyond

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311 Institute - The Future of Insurance 2020 &Beyond