Is this the future of Insurance?

According to one European think tank the future of all insurance products is the Internet.   David Smith, CEO of Global Futures and Foresight  had this to say about the future of insurance.

 “Insurance is one of those products that can be completely satisfied over the Internet—there aren’t many product or service areas where you can actually do that.  (Insurers) now need to move from clunky, annual, impersonalized relationships linked to that renewal and/or a catastrophic event, to something that’s much more personal and improving of life.”

 So how does an insurance company transform to become more personal and improving of life.  Mr Smith's solution  might come as a shock.

"The more interesting stuff is when (insurance) becomes preventative, reducing risk in the process. With the ‘Internet of things,’ you can have real-time information: you can get a ping saying don’t take this route down the street, this pizza parlor has had three robberies in the past two months, this one is safer, or you can have real-time cameras in the car” 

WOW!  I often contemplate ways to make the insurance experience better for consumers but not in my wildest dream (or nightmare) have I considered a world where insurance companies "ping" my clients if they engage in risky activity.   I think it is a really bad idea to have anyone watching you via personal live feed not to mention a gross violation of privacy.   That might explain why I have not been recruited by a Think Tank but I find the whole concept disturbing.   What happens in this brave new world if a person chooses to ignore the unsolicited advice their insurance company?   Perhaps they will also have the ability to simply stop your vehicle.  This new world is closer than you think.    Is this what consumers really want? 

These comments were published in Property Casualty 360 and I invite you to read it to confirm I am not taking them out of context .  My response to Mr. Smith is short and personal - see video.