The world of insurance is being transformed at a pace that defines new opportunities, presents new challenges, and turns the established order upside down. It also challenges every assumption the industry has known.
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, 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 decides to really change the insurance business model? And then there it the element of risk itself - at a recent global insurance risk summit in Switzerland, Jim Carroll outlined the dramatic new forms of accelerated risk that the industry must now confront.
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 assisting insurance organizations around the world to understand the tsunami of change that is underway: the rapid business emergence of new business models, 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, as well as clear, action-oriented strategic insight that will compel you to action.