The insurance industry is changing at a pace that would have been unimaginable just a few years ago, and it is the customer driving much of this change. In personal lines and, increasingly, commercial lines, insurance customers are no longer satisfied with one-size-fits-all product offerings; they now expect products that are tailored, not just to their specific market segment, but to their individual needs. 

New competitors are working hard to meet these changing customer demands. A 2013 Accenture survey reports that 23% of consumers would be open to buying insurance products from Internet giants such as Google and Amazon.com. Today, Walmart and Overstock.com are offering property and casualty insurance, and an entity called Google Compare Auto Insurance Services has obtained licenses to sell insurance in more than half of the states in the country.

The pace of change means that insurers must be able to identify and respond quickly to rapidly emerging risks. In commercial lines, for example, some insurers have moved quickly to add cyber security and financial crime coverage to standard business-owner packages. They have established actuarial standards, set pricing and put rating and processing systems in place, in as little as 3 to 6 months instead of the 12 to 18 months that has been recognized as the "normal" speed for the development and launch of new products. Other insurers have moved quickly to create new products in areas ranging from travel insurance to appliance warranties. 

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