Seven technologies that could fundamentally change the products, services and commercial models of Property and Casualty (P&C) insurance... today.

This is no longer a pipe-dream. These technologies exist and are being invested in by companies within the Insurance industry and outside of the industry who have one eye on the prize of first mover advantage. The industry is digital disruption ready... but are the organisations within the business ready to go on the transformation journey that spans beyond deploying new technology and into fundamental business and operational change.

Until recently the discussion has been about future disruption and the potential for transformation of the products and services in the market. Now we are seeing an increasing number of credible points of view that this shift could take effect as soon as the next three to five years.

A word of warning for the Insurance industry is that for all the savings that can be made streamlining and improving processes like claims management, there needs to be investment in using technology to improve the relationship between the insured and the insurer to provide them with the products and services they need today, tomorrow and over their life-time. This illustrates some of the business model and operational transformation that insurers and brokers need to consider when undertaking digital transformation in order to continue to add value across the insurance life cycle rather than simply making insurance products and services commodities that trade at common market rates.

Personal banking is a good example of an industry that focused digital transformation around reducing friction in transactions and reducing the levels of interaction between customer and the bank to get things done (which makes life very easy for the end-customer). The outcome is that now there is so little engagement that banks struggle to differentiate themselves, to really understand its customers on-going needs to cross-sell products and has lost its role as an integrated value adding part of it's customers day-to-day... This is why there is now heavy investment in "Know Your Customer (KYC)" initiatives for banks  and trying to find ways to use technology and big data to increase points of engagement and an understanding of client needs beyond commoditised transactions.

Insurance has great opportunity to transform and revitalise the industry. Although time is not on their side, it is imperative that the insurers, brokers and service providers in the industry try to balance using technology to improve the customer experience for core transactions with improving the quality of engagement and relationship between the insured and the different stakeholders across the industry.