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For insurers, it’s adapt or die in a changing environment

Insurers are coping with broad environmental shifts in the economy and society that threaten to undermine their entire value proposition.

By Sam J. Friedman | August 20, 2019 at 05:30 AM
Despite the rise of InsurTechs and other external disruptors, many insurers are still struggling to initiate, manage and implement innovation beyond making incremental improvements in current systems, products and business models. Despite the rise of InsurTechs and other external disruptors, many insurers are still struggling to initiate, manage and implement innovation beyond making incremental improvements in current systems, products and business models. (Shutterstock)

When people ask me about the outlook for insurance, I tell them it depends on whether they want to talk about the weather or climate change.

Weather reports are short-term; you have sunny or rainy days, as well as expected seasonal changes, depending on where you live. Except in extreme circumstances, the impact is relatively minor and entirely predictable from an actuarial and reserving standpoint. To survive as an insurer, you merely need to endure, as this, too, shall pass.

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