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Factors disrupting the insurance industry. Disruption in the insurance industry is coming from new business models, providers, processes and products. (Photo: Shutterstock)

Much is written these days about “disruption” in our industry; a welcome notion, indeed, in a market that has stayed largely the same over the last 200 years (at least according to Michael Costonis).

Despite pockets of change in disparate areas, insurance globally and overall remains ripe for evolution; it is still essentially about capital placed against risk, and much of the pricing of insurance is still done based on historic data, which makes it challenging to provide pricing models for completely new products (e.g., cybersecurity) or services.

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