At the 2015 European Insurance Forum, asked Arjen de Boer, the Founder of ITDS Business Consultants for his take on technology trends affecting insurers and for his advice on the industry’s use of social media.

According to Mr. de Boer, the decline in insurance penetration these days is due, in part, to the economic recession. In England, he says “people don’t feel the need to buy life insurance policies because there is less incentive.” People are putting their money into bank savings as opposed to taking out life insurance policies.

Insurance companies are starting to feel the pressure of new startups and new technologies like or, which use telematics to monitor how many miles a person drives and adjust premiums accordingly. Mr. de Boer feels that innovation will likely come from outside of the insurance industry, and technology will play a major role. The danger is: who will become the Uber of the insurance industry?

Mr. de Boer also believes “the industry is falling short in the use of social media… they don’t see the real power of social media…67% of the people worldwide will buy insurance policies… from non-insurance companies like banks and online retailers.” To combat this trend, Mr. de Boer suggests insurers use social media and “put it into their DNA.”

Looking ahead, Mr. de Boer believes the emerging tech trends that could change the way insurers assess risk and service customers include: real insights and actionable data; self-driving cars and wearable technology. Social media and Apps like Twitter and WhatsApp will have an impact on customer service.

Mr. de Boer says social media and social networks are here to stay. And for insurance companies, the most important thing is to be where the customer is. “Right now, that is on mobile and social…Through storytelling on social media, customers can be informed about the benefits of taking out life insurance policies. Put Social Media into your DNA…Connect and Engage.”

For more World Risk and Insurance News from the 2015 European Insurance Forum (EIF) Conference in Dublin, visit the dedicated EIF 2015 Channel in the On Demand Library

Load More Related Articles
Load More In Data/Tech/Modeling

Check Also

Guy Carpenter & RAA Execs on CAT Losses, Elections, & (Re)Insurance Markets

In this edition of CEO Angles, AAIS CEO Ed Kelly welcomes Guy Carpenter Chairman David Pri…