One of the most profitable in the world, the insurance industry exceeded $1.2 trillion in annual revenue since 2011 in the U.S. alone.
But risk is becoming predictable. And insurance is getting disrupted fast.
By 2025, we’ll be living in a trillion-sensor economy, projected to generate bronto-bytes (1000 trillion trillion) of data, as explained by TSensors Summit co-founder Janusz Bryzek. And as we enter a world where everything is measured all the time, we’ll start to transition from protecting against damages to preventing them in the first place.
But what happens to health insurance when Big Brother is always watching? Do rates go up when you sneak a cigarette? Do they go down when you eat your vegetables?
And what happens to auto insurance when most cars are autonomous? Or life insurance when the human lifespan doubles?
For that matter, what happens to insurance brokers when blockchain makes them irrelevant?
Read about in in Peter Diamandis’ blog post
Video below has another perspective on the industry
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