The impact of Iot, Wearables, Insurance PaaS, Self-Service Analytics, Big Data & Algorithms and other technologies on insurance company structures, work processes and culture is enormous. Yet sometimes commentary forgets the disruption the "Uber effect" has on products.

Uber- world's largest taxi company owns no cars

Airbnb- world's largest accommodation provider owns no property

FaceBook- word's most popular media owner ctreates no content

Bitcoin- world's biggest bank but no cash

As these new enterprises change the way consumers buy and use services the insurance companies need to plug product gaps in the market. So, with Uber, there was the gap between a driver being covered by their own motor insurance (Driving on private business) and when driving with passenger ( Uber Insurance). But that gap was a crucial one now covered by "rideshare coverage".

Too price these gaps and introduce innovative products insurance companies need internal and external data, Big Data and Predictive Analytics covering all the consumers, business and connected devices.

A challenge not for the faint hearted but to be faced by the brave.