In today's business ecosystem, it's an understatement to say there are many drivers of change in the insurance industry.

Blame it on the 'next Industrial Revolution,' which is sometimes referred to as the fourth Industrial Revolution, or 4IR. It threatens to change the traditional power structure and hierarchy in the insurance industry through the democratization of data, the rise of automation, and the use of intelligent machines. Point the finger at the speed and ability of other industries to adopt emerging technologies that allow for increased personalization, better access to products and information, and improved self-service opportunities.

Or, point to the rise of InsurTech.

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