In March 2016, the first "Future Trends: A Seismic ShiftUnderway" report was published, highlighting that apowerful, disruptive seismic shift in the insurance industry wasunderway due to the converging "tectonic plates" of people,technology and market boundary changes.
The shift was realigning fundamental elements of business thatwould require major adjustments from insurers in order for them tosurvive and thrive.
Game-changing events, rapid advancement
By the end of 2016, we could make a case that it was not only apivotal and groundbreaking year, but it was historic. At no time inthe history of insurance can we find one year that includes thismany game-changing events and a rapidpace of ongoing advancement. A new trend at the forefront of theshift that gained considerable momentum in 2016 was InsurTech. Theemergence of InsurTech represented an industryhigh point for activity, excitement and concern on the promise andpotential of insurance disruption and reinvention.
Commonly, large shifts of this magnitude are punctuated withpauses. For example, with the rise of the internet for business usein the 1990s, or the flurry of IT activity leading up to Y2K,monumental changes were followed by periods where insurers couldbreathe, adjust and move forward. What became apparent in 2016 isthat InsurTech advancements and the forces of change may not seeany significant slowdown. The momentum that has been building isunstoppable. Industry advancements, cultural trends and ITreactions are gaining speed as they gain strength and a frameworkfor stability.
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