Digital entrepreneurs have spied an opening in the slow-moving insurance industry
, from a room in Birmingham, some of the world’s largest firms are briefed by phone on the weather in store. As continents, arrows and weather fronts flicker across their screens, meteorologists at The Weather Company help British grocers decide whether to stock soups or salads, and Chinese energy firms when to operate wind turbines. Yet such sessions are getting rarer.
Slice, a startup in New York, offers policies to flat- or ride-sharers that cover single items for a few days. Brooklyn-based Trupo provides disability insurance to “gig” workers, from makeup artists to Uber drivers. Bought by Many, a British startup, caters to people with niche possessions, for example model railways or exotic pets.
The growing abundance of data means customers increasingly think they can do without insurance altogether. The portion of the economy that is covered is shrinking. In developed countries total non-life insurance premiums have grown by 1.2% a year on average since 2008; life has seen an average decline of 0.5%. Despite increased take-up by rising middle classes in emerging markets, global premiums grew in real terms by only 1.3% annually over the period, to $5.2trn.
Other weaknesses are less excusable. Mr White describes a typical sequence. Starting from the premise that innovation is good, insurers try to make it “part of the”. Facing internal resistance, those pressing for change shift to an “arm’s-length model”. Many insurers have set up innovation “labs”, “studios” or “garages” where pricey data scientists are told to come up with cool new pilots.
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