Disruption is the name of the game for every industry in the twenty-first century. From telephones to books, taxis, and entertainment, there isn’t a single industry that can say it hasn’t undergone a significant evolution and revolution with the advance of technology and research.
That includes the insurance industry, which I’ve long felt is ready for some fundamental change.
Insurance of any type is all about managing risk and expectation. Insurance brokers and actuaries have to adapt to new variables every day, in every policy, in every conversation they have with clients.
In a 2016 report, the Insurance Information Institute pointed out that insurance is often depicted as a ‘technology laggard’, when in fact the opposite is increasingly true. Where there is a problem, insurers must be poised to seize the opportunity and offer solutions. The only way the insurance industry can continue to do so is by adapting to new challenges as fast as possible.