The insurance industry is facing a number of existential challenges, yet most insurers have been reluctant to reinvent their products and operations, maintaining the status quo based on a series of long-held "orthodoxies" that may no longer shield them from long-term disruption.
Among the forces of change confronting insurers are rising customer expectations for personalized coverage and service in an increasingly connected world, macro-shifts in the economy and culture that threaten to dismantle their traditional business models, as well as new categories of exposures that offer both growth opportunities and inherent bottom-line risks.
The pace of change will likely accelerate over the next few years, fueled in large part by technological game-changers such as the Internet of Things, blockchain-based infrastructure options, and emerging consumer-driven risk-transfer vehicles. In this volatile environment, many insurers may be disrupted or even displaced by more innovative competitors if they don't take charge of their own destinies and disrupt themselves first.
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