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Smart Cities Have Huge Implications for Insurers

New SMA Research Report Details Examples, Insurer Implications, and Recommendations

Boston, Mass. (Aug. 29, 2017) – The concept of smart cities is gaining momentum, and many cities around the world are developing smart city strategies and implementing specific projects. As the world’s population continues to migrate to cities and those cities become more connected, new risks emerge, existing risks are amplified, and opportunities for new insurance products increase.

Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report, Smart Cities and Insurance: Exploring the Implications. The report takes a close look at the state of smart city development around the world — it defines a smart city, identifies specific benefits and projects underway, discusses how each insurance line of business will be affected, and identifies insurers that are already involved in smart city initiatives. The report includes examples of specific smart city projects and key cities that are in the vanguard of the smart city movement.

Findings of the research include the following:

  • Mobility, sustainability, and public safety are the top areas of focus today for the smart city movement.
  • Megacities are recognized smart city leaders, but many mid-sized and smaller cities have innovative initiatives underway as well.
  • Global insurers such as AXA, Allianz, Zurich, and Swiss Re are already engaged in smart city initiatives.
  • Every insurance line of business will be affected as new risks emerge, existing risks are amplified, and opportunities for new insurance products increase.

“Smart city initiatives are catalysts for the movement toward a more connected world,” said Mark Breading, SMA Founder and report author. “The evolution to a holistic smart city will take decades, but the implications for the insurance industry are emerging even now.”

Insurers, InsurTech companies, solution providers, and media that are interested in learning more should contact Mark Breading at [email protected]com or 614.562.8310.

Figure 1: Key areas of Smart City benefits

Figure 1: Key areas of Smart City benefits

Key areas of Smart City benefits

About SMA

Exclusively serving the insurance industry, Strategy Meets Action (SMA) is an advisory services firm offering retainers, research, consulting, events, and innovation offerings to both insurance companies and solution providers. Learn more about SMA at www.strategymeetsaction.com.

SOURCE: Strategy Meets Action (SMA)

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