The Smart Factory, the Industrial Internet of Things and Industry 4.0 are some of the names that have been given to the technological and industrial revolution that is currently taking place. In many key sectors, the physical and virtual worlds are merging, causing a disruption in the traditional manufacturing landscape.
Automation and robotics, the Internet of Things, machine-to-machine communication, Big Data, manufacturing process optimization, augmented reality and 3D printing are all innovations that are pushing us to rethink how insurers can help manufacturers manage their risks.
Understanding and anticipating new risks
The complexity of the Industry 4.0 model makes it difficult to assess global and often interdependent risks. This new paradigm is forcing insurance companies to update their business models to take major new risks into account, such as those associated with cybercrime, data protection and infrastructure breakdown. It is becoming increasingly difficult to determine liability for losses and to secure data flows.
Insurers must take a new look at how they can protect customers and support a fast-changing industry. To meet these challenges, they need to continue to listen closely to customers and develop innovative and tailored solutions to their needs in this new manufacturing landscape.