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How will the evolution of smart cities impact the insurance industry?

How will the evolution of smart cities impact the insur

The societal and work restriction brought about by Covid-19 has shown that incremental business models can be boosted by a single crisis.

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How will the evolution of smart cities impact the insurance industry?

The future is often nearer than you think. Sometimes it takes a single trigger to accelerate change on an unforeseen scale. The societal and work restriction brought about by Covid-19 has shown that incremental business models can be boosted by a single crisis: take, for example, online shopping. In the USA, market share of online shopping has been growing at 1% a year.

Due to the national lockdown, that number ballooned from 18% to 28% - that’s a decade’s growth in 2 months. Post the lockdown, this figure will almost certainly drop but it is expected that it will settle at a level that represents at least a few years’ worth of growth due to newer adoptions and understanding the value proposition of a new buying channel.

 

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