Property and casualty (p&c) insurers have been quick to adapt technology to meet changing consumer needs. Direct marketing and online portals make it easier for consumers to understand and purchase insurance, while usage-based insurance (UBI) allows safe drivers, particularly those who drive less, to reduce their premiums.

Today, a different type of opportunity exists that may help insurers not only meet changing consumer needs, but also gain first-mover advantage in the process. Called the "sharing economy," this market involves renting privately or company-owned assets—generally cars or homes—primarily through an online peer-to-peer network. While the car-sharing market in North America alone grew by 25 percent, few insurers have embraced or have even begun to explore this market.

As people continue to seek new opportunities in the economy, and as Millennials begin to take control, it's likely this idea of "sharing" will not only thrive but also expand. So the question is: Can insurance companies make a reasonable profit from this market, and if so, how will they adapt their models to meet the new consumer demands?