Insurtech: Unstoppable Momentum
In March 2016, the first Future Trends: A Seismic Shift Underway report was published, highlighting that a seismic shift in the insurance industry was underway due to the converging “tectonic plates” of people, technology and market boundary changes. The shift was realigning fundamental elements of business that would require major adjustments from insurers for them to survive and thrive.
By the end of 2016, we could make a case that it was a historic year. At no time in the history of insurance can we find one year that includes this many game-changing events and a rapid pace of continuing advancement. A trend at the forefront of the shift was insurtech. Its emergence represented an industry high point for activity, excitement and concern.
Commonly, major shifts are punctuated with pauses. For example, with the rise of the internet for business use in the 1990s, or the flurry of IT activity leading up to Y2K, monumental changes were followed by periods where insurers could breathe, adjust and move forward. What became apparent in 2016 is that insurtech advancements and the forces of change may not see any significant slowdown. The momentum that has been building is unstoppable. Industry advancements, cultural trends and IT reactions are gaining speed as they gain strength and a framework for stability. Read more
Tara Dilzer Alexander
Director, Marketing Communications and Creative Services