Donald Trump was elected as the 45th President of the United States of America and officially took office on 20th January 2017. The election process was unpredictable from the start and the American voters had a tough decision on their hands. Throughout the lengthy election, no one could predict what was going to happen next or who would ultimately win, and many experts tried.
The impending result seemed to all come down to two unlikely candidates and for many it was a lose-lose situation – a man who was inexperienced in politics and a woman who was considered the ‘safe’ option. But whether we are speechless with the result of a Trump win, for good or bad, we must start thinking about how Donald Trump will ultimately affect the world. We must also begin to think much closer to home with the insurance industry, specifically the Insurtech area.
Just as the elective process itself, we cannot predict what affects Trump will bring to the world. It will take a few months for everything to settle down before our future becomes a bit clearer. The insurance industry operates solely on the prediction of risks so for such an industry this must be an unsettling feeling.
Insurtech offers a significant changes for the insurance market, which you can review here. For many years, the insurance industry has been running behind in regards to modern technology but with the rise of the internet, development of mobile and cloud technology, the insurance industry has been realising what it’s missing out on. These new innovative technologies in insurance software are revolutionary and offers huge benefits in how insurance can be sold and delivered. Gone are the days of legacy systems that simply don’t meet the demands of the modern market.
So, the main question of this article is how will President Trump affect this huge technological shift?
Trump vs Advanced Technology
Insurtech is adapting the insurance industry with its advanced technology. This ground-breaking technology will offer brand new software as well as improved delivery of their new services. As discussed previously, this technology will provide the modern markets with the technology that they need. Insurtech will bring a range of improved services and delivery such as car insurance that can be purchased from a smartphone and paid on an hourly rate. This is the type of system that our modern customers are demanding. But whether this will still be possible during the aftermath of a Trump win, is what we don’t know. We cannot predict what the environment will be like for offering these services.
It has been well broadcasted that Trump is a potential risk when it comes to innovation, says Silicon Valley. While we may be overreacting a bit with this, there is reasonable concern that the astonishing progress can be halted.
Donald Trump has said, vaguely, that he plans on completely shutting down specific areas of the internet. More information here. But when it comes to what Trump says, can be ever be taken completely seriously?
When it comes to Insurtech one thing is certain, cyber-security is a main area of concern, as it is with all technology focused industries out there. The issue we have in regards to cyber-security in relation to a Trump win is how he has approached the topic during his campaign.
Throughout Trumps campaign he never seemed to have good knowledge on the issue of cyber-security and threats or what affects it can have on whole companies. Trump was heard to say “The Cyber” many times and this alone is reason for concern as it suggests, quite worryingly, that Trump may not have a grasp on what the problem is and how
Everyone knows about privacy issues when being online, but it may seem that Trump doesn’t. Most people are aware that they must keep all of their personal details to themselves however Trump has decided that it would be reasonable to give the FBI information and access to certain encrypted devices, if there’s a security reason. But could this be dangerous and who is the person responsible for categorising issues as national security?
After hearing the news that Donald Trump was to be the next President of the USA, no-one could quite believe it. There was an immediate feeling of anxiety and hesitation across the globe. We have absolutely no way of knowing just how Trump will affect particular areas or issues and for the insurance industry, this is a troubling feeling. What affects Trump will have on Insurtech, we will have to wait to find out.