This is a great example to illustrate the future dilemma of the insurance industry.

As technology risk manages people’s health, the number of events and resulting claims diminish. As the reason for having insurance reduces, so will the premiums. Insurers make less money.

If insurers do not insert themselves into this equation and start developing the very best risk management services to provide to their policyholders, someone else will. There will be a Risk management (Risk Management as a Service – RMaaS) market backed up by a separate Insurance as a product market.

Guess which one will be viewed as most value and therefore, take the lion’s share of the revenue?

These are the technologies that insurers should be considering when thinking about their future