This article is part of Carrier Management’s series on the Future of Insurance.
Andy Breen, Senior Vice President, Digital, Argo Group, provided an optimistic vision of the insurance industry’s future to Carrier Management recently, imagining insurers using new data sources in innovative ways.

Q: What major changes do you see on the horizon for the property/casualty insurance industry in the next 10 years? What will insurance companies, insurance leaders, the industry and its workforce look like in the next decade? What risks will they insure?
Breen (Argo): The insurance industry model has remained the same for many generations—providing coverage to people and businesses based on risk factors. However, over the next decade we may see the industry dramatically shift away from a product focus to a value-added risk management service. For example, instead of using risk information solely to create a policy and pricing, insurers may use that data to help businesses reduce risk/cost and increase revenue.
Through data automation and AI, insurers will begin to further understand the unique risks for each company. And by using new collection methods, such as drones and sensors—information sources not previously available—businesses will be able to carry policies based on more accurate usage [of connected devices] rather than traditional annual or multiyear policies. Usage-based insurance (UBI) is booming and expected to grow to cover 142 million consumers over the next decade, according to Allied Market Research. It’s only a matter of time before we see similar applications for businesses.
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