In March 2016, the first Future Trends report was published, highlighting that a powerful, disruptive seismic shift in the insurance industry was underway. The shift was due to the converging “tectonic plates” of people, technology and market boundary changes that are disrupting and redefining the world, industries and businesses — including insurance. In addition, we noted the shift was realigning fundamental elements of business that would take more than minor adjustments to survive, let alone succeed. For an industry like insurance that is steeped in centuries of tradition, this shift was poised to be the “big one,” creating both significant disruption and opportunity.
Fast forward to 2017 and we can safely suggest that disruption and opportunity are rampant in the industry!