The Internet of Things: Insurance in the Age of the “Sharing” and “On Demand” Economy

This PowerPoint report explores how the Sharing (On-Demand or ‘Gig’) Economy is transforming the way we work, live and do business, and by extension, the property/casualty (P/C) insurance industry too. The presentation opens with a look at cyber risk, and the true cost of breaches. Technology has impacted and will continue to impact many segments of the economy important to P/C insurers such as auto, homeowners/renters, liability coverages, professional liability and workers compensation and will lead to new questions of regulation and will redefine the insurance value chain. It discusses at length is the impact of the Gig economy on the American labor market and the workers compensation industry, and presents both optimistic and pessimistic points of view on potential outcomes along with potential consequences for insurers. Also addressed is how this trend affects Wall Street, with an Uber case study. The presentation concludes with a discussion of wearable devices, ingestibles and implantable virtual reality devices.