The Disruption and Reinvention of the Insurance Industry – It’s Not Business As Usual Anymore!

Over the years, I’ve become a widely recognized industry expert – in multiple different industries! Most of my keynotes for the last fifteen years have been for global Fortune 1000 companies – corporate offsites led by a CEO or other CxO.

How broad is my expertise? I just sent a list to a potential client in the insurance industry – and my corporate work has included companies like Manulife, SunLife, New York Life, Harvard Pilgrim Healthcare, RBC Insurance, Cigna, Hartford Life, Farmers, MetLife, Lincoln Financial, Towers Perrin, RGA Reinsurance, Magellan Health, Gore Mutual, Economical Insurance, Manulife Financial, Chubb, the American Fidelity Group, Providence Health Plans, Aegeon, Blue Cross/Blue Shield US (multiple events) and CGU Insurance! I’ve probably missed a few!

Upcoming? One of the world’s largest insurance companies has just booked me to headline their major global client conference in the fall of 2022. People want to know how the future is going to unfold!

Insurance in volatile times? Imagine this – it’s December ’08 – the great global economic meltdown is just a few months in. McKinsey, the global consulting firm, brought me in for a private engagement. I spent over 3 hours speaking to issues of disruption and innovation with the CIOs / CTOs / CFOs of the world’s top global insurance (P&C / Life) companies for a session. In the room? Senior executives from Allianz, XL Insurance, Travellers, Zurich, Allstate, AXA, MetLife Auto & Home, Farmers, CNA, ICICI Lombard, Nationwide, American Family, Chubb, Ping An, Lloyds of London, Liberty Mutual, The Hartford, General, USAA, Geico, ACE, State Farm, Progressive, RSA.

This is but one industry. Give me any other and I’ll give you a similar list!

What’s the future of insurance? Here’s a clip to give you a sense of what I’ve been covering:

Insurance post-Covid? Check this out – a brief clip from a virtual presentation. Learn more on the case study for this project and see more of the video.

A keynote topic? Try this – you can find this and more over at https://insurance.jimcarroll.com

Insurance in the Era of Disruption: The Challenge of Change with Fintech, Accelerated Risk and Hyper-Connectivity

Let’s face it: the trends impacting life and property/casualty and groups benefits insurance companies are real. The industry is being rapidly 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, swarm-bots, 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 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.

The Disruption and Reinvention of the Insurance Industry – It’s Not Business As Usual Anymore!

Insurance in the Era of Disruption: The Challenge of Change with Fintech, Accelerated Risk and Hyper-Connectivity

GET IN TOUCH

THE FUTURE BELONGS TO THOSE WHO ARE FAST features the best of the insight from Jim Carroll’s blog, in which he covers issues related to creativity, innovation and future trends.

THE FUTURE BELONGS TO THOSE WHO ARE FAST features the best of the insight from Jim Carroll’s blog, in which he
covers issues related to creativity, innovation and future trends.