In our view, based on our Future Trends – A Seismic Shift Underway thought leadership report in January 2016, and picked up by many in the InsurTech movement, there are three main areas of impact:

People – Expectations, products and business models that were built around the silent and baby boomer generations, do not meet the Millennial and Gen Z expectations or needs. More importantly, Gen X is the "swing group" tipping with millennials and Gen Z. These changes in people's lives drive changes in their expectations and their risk profiles/needs, reflected in our upcoming primary research on customer expectations for individuals and small business owners.
Technology – How often do you use your smartphone in your daily life for researching, buying, servicing and convenience? Think Amazon, Uber, news and music. These new expectations drive businesses and institutions to use technologies and processes to develop new business models and channels, which give customers the capabilities they're seeking.
Market Boundaries – Market boundaries are being erased. New competitors and new channels are at the forefront of the InsurTech movement. Consider how the largest number of startups are build around new distribution options. Then think about how existing and new businesses from Tesla, Ford and Trov are looking to offer insurance as part of an auto purchase. These new business models and capabilities will drive additional changes in people's lives, leading to new needs.

Special Reports /

InsurTech: One more sign of the Insurance Renaissance

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