In our January article The Risk of Doing Nothing Haunts Insurance Industry, futurist David Smith warned that “It's incredibly dangerous in periods of high change to not have a vision. … Doing nothing is no longer safe—it's probably the riskiest thing you can do. If you're not changing business models fundamentally, then you're not changing. That's insurance.”
Smith's comments struck a chord with many readers—including Joe Beneducci, CEO of ProSight Specialty Insurance. “I was particularly moved to have this discussion” with PropertyCasualty360, said Beneducci, who “grew up in insurance, started as an underwriter, and worked at Chubb and Fireman's Fund,” where he served in various leadership roles including president and CEO.
“People talk about distribution, standard products, rates, the investment environment—our industry is dominated by these traditional topics—yet all around us the world is changing at light speed,” he explained. “It's amazing that we have such little change in our business—that there are so few examples of companies that take advantage of the change and do something about it.”
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
