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Insurers must embrace IoT to survive

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David Smith, Chief Executive, Global Futures and Foresight

Centuries of innate conservatism and inbuilt resistance to change is leaving some traditional insurance companies at risk of their continued existence as they react, often grudgingly and too slowly to a changing world. Clinging to comfortable but outmoded status quo simply isn't an option as new technologies such as IoT and upstart virtual competitors force change upon them. As Futurist David Smith explains, the insurance industry has to look ahead and plan a head right now if it is to make meaningful contributions to an agenda that is drifting out of its control.

Filmed at: Internet of Insurance, London, 2016

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