OLDWICK, N.J.--(BUSINESS WIRE)--In this A.M.BestTV episode, Robert P. Hartwig, outgoing president of the Insurance Information Institute (III), explains how shifting information flows are remaking insurance business models, why automobile insurance will endure and why the insurance industry should champion its role as the economic first responder. Click on http://www.ambest.com/v.asp?v=hartwig816 to view the entire program.
“In the 18 years I have been at III, and the 23 years I have been in the business, I would say technology has been the most transformative force,” said Hartwig. “When I first came to III we were talking about some of the earliest online insurance aggregator sites, which were very crude. For instance, websites did not have too many options in terms of comparison and were very slow. However, 18 years later, consumers have never been more empowered than they are today.”
“Consumers can get more quotes and more information about insurance from a wider number of companies faster than they have ever been able to in history. Technology transcends not only the consumer space, but obviously it impacts insurers themselves.” Hartwig also sees the industry being on the leading edge of this technological transformation, since it is changing how to sell insurance, analyze risk and increasingly, how to collect the information that is useful for underwriting.
Being quite optimistic about the future of the industry, Hartwig believes that in 10-15 years the industry will be larger and, “insurers will be able to insure a wider range of risks than they currently do, including private passenger automobile insurance.”
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