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December 23, 2016

Insurance Meets Hollywood!

Summary:

Ideas from TV and film have made it off the screen and into real life. Insurers should take note.

Photo Courtesy of Pixabay

I love movies; usually really bad ones, I’m told! While watching movies, I often find myself thinking about insurance. Over the years, I have noticed how things from TV and film have made it off the silver screen and into real life. This has a very real impact and relation to insurance.

See also: Movies That Make You Wish You Had Insurance  

Let me give you some examples:

  • Minority Report (2002): For many, this is one, great movie that showed off lots of very cool technology and futuristic concepts, including the ideas of “Pre-Crime” (preventing something before it happens). The movie also features retina recognition, where, as you walk past shops, computers system recognize you and serve up fully personalized content. This is a great example of mass personalization. Could this lead to risk personalization and prevention-based insurance? 

  • Judge Dredd (1995):  This movie features cryogenics. It is not quite insurtech, but I recall a recent article on a teenager who was granted permission to be frozen so he could be cured in years to come. Does this bring a whole new category of health insurance?

  • Die Hard 4.0 (2007): We see the “Fire Sale,” where hackers take over the entire country – from power stations to water supply to traffic lights. It is the mother of all cyber attacks. Maybe something like this isn’t impossible?

  • IT (2016): The movie features connected home, connected car and hacking. While this is a terrible movie (even with Pierce Brosnan), it does highlight that the connected home is wildly open to cyber attacks. And, with the recent increase in the numbers of these offerings, what does this mean for homeowners? Could this lead to personal cyber policies?

  • Knight Rider (1982): This is where it all started for me as a kid. I loved seeing the ability to talk to your watch and self-driving cars in action. Could this be the future of technology and cars?

There is definitely a theme with these movies, specifically about cyber technology, autonomous cars and connected homes. Maybe it’s just the movies I watch,  but I think these movies could signal a trend for the future.

See also: What Do A Drive In Movie Theater And Intellectual Property Have In Common?  

So, is this our warning shot?  The next time you settle down to watch a movie, think what impact it may have on the future of insurance. Add your movie examples in the comments below! I’ll keep adding mine.

Look forward to seeing them!

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About the Author

Nigel Walsh joined Deloitte in 2016 as Partner in the Insurance Consulting team. His key focus areas include technology transformation, digital and insurtech. Prior to Deloitte, Walsh served as Vice President and Head of UK Insurance for seven years. Walsh has been actively engaged with clients across multiple lines of business as they embrace transformation.

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