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Trends: What’s Next for the Insurance Industry (interview)
I’m doing a lot of insurance keynotes lately, in all sectors — property and casualty, life, employee benefit plans.
It’s catching some attention. The folks at ACORD, (Association for Cooperative Operations Research and Development), a global, nonprofit organization serving the insurance and related industries, reached out to me during the summer for a quick interview on some of the ‘big trends and challenges impacting’ the industry.
What’s moving the industry forward?
Published: 9/4/2013, ACORD
In searching the internet, looking for current events in the insurance industry, I recently came across an article from 2009 discussing the next big thing in the insurance industry by 2015. At the time, futurist Jim Carroll had plenty to say about the unavailability of niche skills due to increased underwriting complexity; the likely emergence of “social financial widgets”; and the implications of pervasive connectivity upon the insurance marketplace.
I reached out to him for an interview and asked him just how much his views on the future of the insurance industry have changed. Below is his response.
What are the most important things the insurance industry should consider as we move into the future?
The pace of innovation for the insurance industry – and indeed, every industry – is shifting to Silicon Valley. Think about the impact of GPS based driver performance tracking technology. The innovation with this type of tech occurs with computer and hi-tech companies who know how to innovate faster.
That fact will yield more significant business model disruption. If Silicon Valley has more control over insurance industry innovation, then it will have more control over the development and implementation of new and different, disruptive business models. Don’t think that ‘disintermediation,’ which was a big perceived threat during the dot.com years, has gone away!
Add to that the fact that the next generation of insurance customers are unlike any we’ve known before. My sons are 18 and 20, and will soon be responsible for big insurance decisions. They’ll be influenced by social networks and peers, online collaboration and research, online video. Generation Next is going to be a completely different type of customer, and they’re choice as to carriers, policies and distributions will be influenced in fast and new and interesting ways!
How will those changes impact the industry and the way the insurance industry conducts business?
It means that if you are a carrier, distributor, broker agent or anyone else, you need to learn to change – and change faster! Look, folks who work in the tech space innovate at tech speed. 65% of Apple’s revenue comes from products that didn’t exist 4 years ago. With such things as GPS auto tracking, there’s the opportunity for emergence of all kinds of new and wonderful insurance products. Some folks are going to get those to market quicker than others. And consider the wired, intelligent home – it’s happening now at blinding speed, and there are all kinds of opportunities to challenge ourselves as to the types of policies we underwrite, because the very nature of risk can change. I’ve got 3 webcams in my ski chalet that instantly notify me of any unusual activity – I should have a carrier that jumps out at me with some kind of innovative new policy.
What advice would you give to those who are having a tough time bracing for the future of the insurance industry?
Some people look at a trend, and see a threat. Real innovators – and long term winners – see the same trend, and see an opportunity!
Article: “Medical Device Manufacturers, Be Prepared to Innovate”
Last week, I keynoted the Medical Design & Manufacturing Show in Chicago, with a focus on both the future of health care and manufacturing technology.
The folks over at DesignNews and other publications picked up my talk; here’s an article they ran which covered some of my remarks.
The trend toward “bio-connectivity” is gaining momentum, and medical device manufacturers need to be ready to bring that connectivity to next-generation products, a futurist at the Medical Design & Manufacturing Show said this week.
“The number of in-person visits to hospitals is decreasing and the number of bio-connective, virtual visits is increasing,” Jim Carroll, futurist and author, told a gathering of engineers at the show.
Carroll challenged engineers and device manufacturers there to examine those trends and to be ready use them to innovate their products. He cited statistics showing that there are now 17,000 healthcare software apps available for smartphones, and noted that 78 percent of consumers have expressed interest in such apps. Moreover, he predicted that 500 million smartphone users will be employing health and wellness apps in the next few years. ”The patient is changing; the consumer is changing,” he noted. “And we need to align ourselves to the changes that are occurring.”
Today’s doctors are more likely to do patient consultations over Skype, Carroll said, adding that 40 percent of physicians are now willing to track patients via text messaging, email, and Facebook. He cited examples of such companies as Withings Inc., which makes a blood pressure monitor for use with iPhones and iPads, and MedCottage, which sells one bedroom “granny pods” that can be placed in the backyards of families caring for elderly patients. The cottage incorporates cameras and sensors, enabling patients to be monitored and managed from afar.
Carroll also pointed to a growing number of diabetes management technologies that enable patients to monitor themselves at home and share their data with physicians.
Some high-level healthcare executives have gone as far as to say that the need for dedicated central facilities is changing, Carroll said. “One CEO said that the concept of a hospital as a physical place is disappearing,” he told the audience of engineers. “Eventually, it’s going to go virtual.”
Carroll warned engineers not to discount such trends. He described a technical conference a few years ago where manufacturing executives laughed aloud at the prospect of anyone using 3D printers. Now, he said, engineers routinely shop for such systems at technical conferences. ”World class innovators look out at the future and see a trend, not a threat,” he said. “They see an opportunity.”
How will golf deal with the arrival of drones?
I’m back to work. Pulling together the final slide deck for an upcoming keynote.
It’s pretty obvious to me that when someone is house hunting 5 years from now, they’ll be able to rent a drone to fly over a few homes in their chosen neighborhood and get some real insight, real time.
Why not? Drone technology is maturing at a ridiculously fast pace.
Which, while doing my research, led me to the Web site, rentadrone.com.
It looks like it is a bit of a joke, and probably is. Right now, perhaps, but give it a few years from now, and there will be some YouTube’s and Facebook’s of the drone world. Including business models that support part time rental of said drone devices.
Which makes one think — what happens to a sport like golf, which has had to manage the introduction of technology so as to not challenge a sport steeped in tradition. (I keynoted the PGA of America in 2010, and spoke of the challenges of social media and mobile devices on the golf course….)
Look at the image: one potential use for rentadrone.com?
“Distract your golfing opponent”.
Imagine that!
The future belongs to those who are fast!
Keynotes : What’s To Come in The Months to Come?
For the first time in 20 years, I’ve taken an entire summer off. In that, I chose not to undertake any keynotes or corporate off sites; nor did I choose to write a book; or do other things related to work (other than attempting to manage conference calls with various clients and of course, prep work for upcoming autumn events)…..
Instead, I golfed, spent time with my family, undertook epic bike rides — and, well, golfed!
But that’s quickly coming to an end. Today, I had a day away from golf in order to buy airline tickets for my upcoming autumn 2013 keynotes.
It’s a busy autumn, with trips to Orlando, Boston, Hartford, Athens (Greece), Phoenix (x2), Albuquerque, Denver, Montreal, Aspen, Philly (x2), Chicago (x2), Cabo San Lucas, Halifax, Atlantic City, New Orleans … did I mention I am completely and solidly booked until 2014? And we seem to be turning way 5 to 10 inquiries each DAY for events September 2013 to December 2013!
Who am I speaking to this fall? A wide range of groups, ranging from The 2013 Enterprise Network Conference, the 2013 LIMRA 2013 Group and Worksite Benefits Conference , a corporate event for Black & Veatch, Highland Capital Brokerage, The American Medical Group Association, the Building Owners and Managers (BOMEX) Association, Verizon, the Electronics Representatives Association annual conference, United Technologies, the Professional Compounding Centers Association of America, SunGard, the Chartered Property Casualty Underwriter Association, FMC Agriculuture, the Retail Value Chain Federation — and others! Oh, and a few other private events, including one for a group of global financial / investment managers.
Meaning, I’m covering just about everything from healthcare to manufacturing, hi-tech to insurance and financial services, retail to agriculture, construction to aerospace.
Of course, now that I’ve booked all the flights, it’s back to summer. Tomorrow, I’m in a member / guest golf tournament, my partner being one of the the longest serving NHL Referees of all time, Ron Wicks!
Think big, think bold, think fast — and ignore those who dare to laugh!
Today, of course, the Hyperloop is all over the news.
And of course, there is some derision, laughter, and hoots of silliness all over the Web.
The future doesn’t happen without science fiction. And science fiction has already conceived of the Hyperloop, as seen in these images of an article from the 1930’s on an ‘endless belt subway’ to expedite traffic.
Read my post, “A Rocket Will Never Reach the Moon,” about my recent keynote for NASA at the Goddard Space Center — which is how I sourced the images below. All kinds of people told Robert Goddard that his idea of a moon rocket was absolute lunacy. Just as some might tell Elon Musk today that his idea is just too far out there. Even the New York Times, who later apologized after Apollo 11 landed on the moon.
Then read my post, “Think Big.” That’s what folks like Elon Musk do. And that’s how the future gets invented. By people who think, dream and dare big.
Do you?
(Click either image for a full size of the scan I did in the home office this morning).
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