The vision for insurance in 2030: Will it be bought, or will it run on “subscription” models?
Times are changing and moving forward, and the world of insurance is moving with them. It is increasingly focused (thank God) on the customer and their convenience.
In 2030, insurance will not be:
- something you have to fill out, set up, and pray it works
- about what it “still covers” or “no longer covers”
- a matter of paperwork, call centers, and approvals
When I look ahead, I imagine insurance that “disappears” from view but stays somewhere in the background, ready to step in at any moment thanks to personalized data and AI.
In 2030, insurance will be:
1. autonomous – technology will monitor risks in real time and use AI to adjust coverage dynamically, with no need for the customer to intervene beyond giving their final approval.
2. hyper-personalized – based not on age and gender, but on behavior, real-life data, and lifestyle, i.e., our available history, e.g., from smartwatches and phones.
3. connected – your car, home, health, and finances will “talk to each other,” and insurance will respond intelligently to changes
4. integrated – we won’t buy insurance policies; insurance will be part of the things we already use, e.g., the moment you buy a bike, theft insurance will kick in automatically, and when you sell it, it will stop
5. proactive – not only in handling claims but in prevention; AI will alert you to a risk before a problem arises, e.g., your car will tell you that driving in the current weather significantly increases the risk of an insured incident and will recommend a different route
Sounds like sci-fi? Maybe.
But just as 10 years ago we couldn’t imagine a bank on our phones, today it’s the standard and we all pay with Apple Pay. So the question isn’t whether it will happen. The question is who will do it first, and who will do it well.
