Let’s face it: the trends impacting life and property/casualty and groups benefits insurance companies are real.
The industries will be disrupted by tech companies. Existing brokerage and distribution networks will be obliterated as more people buy insurance direct. Predictive analytics will shift the industry away from actuarial based historical assessment to real-time coverage. Policy niches, micro-insurance and just-in-time insurance will drive an increasing number of revenue models. The Internet of Things (IoT) and massive connectivity will provide for massive market and business model disruption. Fast paced trends involving self-driving cars, the sharing economy, blockchains, personal drones, swarmbots, smart dust, artificial intelligence and augmented reality will either mitigate, accelerate or challenge the very notion of risk assessment and underwriting! What happens when Amazon, Google or some kid in a garage decide to really change the insurance business model?
What seemed to be science fiction just a few short years ago has become a reality today, as time compresses and the future accelerates. Whichever way you look, all sectors of the insurance industry are set for an era of disruption, challenge and change! Is the industry ready for transformative change? Not really! A recent survey indicated that while 94% of Chief Strategy Officers at insurance companies agree that tech will “rapidly change their industry in 5 years,” fewer than 1 in 5 CSOs believe their companies are prepared.
Does the insurance industry have the innovation culture necessary to deal with the potential for what comes next? Maybe not.
Jim has been the keynote speaker for dozens of conferences, corporate events and association annual meetings in the insurance sector, including • Certified Professional Chartered Underwriter Association • LIMRA International • Assurant Insurance • Chubb Commercial • Lincoln Financial • GAMA International • Cigna • Blue Cross Blue Shield •Equitable Life Insurance Company •RBC Life Insurance •MetLife •SwissRe •American Institute of Actuaries • American Automobile Association • FM Global and SunLife. Jim led a discussion on the future of insurance at a private meeting that included CxO’s from most major insurers, including Allianz, XL Insurance, Travelers, AIG, Zurich Financial Services, Allstate, AXA, MetLife Auto & Home, Farmers, CNA, Nationwide, American Famity, Chubb, Ping An, Lloyd’s of London, Liberty Mutual, The Hartford, Generali, GEICO, State Farm, Progressive, and RSA.
Jim Carroll has been helping insurance organizations in the world understand the tsunami of change that is FinTech, the impact of mobile technology, social networks, rapid business emergence, accelerated risk, the emergence of new global competitors and heightened customer expectations.
In his keynotes he puts into perspective the real trends impacting the future of insurance, offering critical insight into the key innovation and leadership strategies in a time of disruptive change.