Nearly a year after the emergence of COVID, companies – both insurers and their customers – realize things will never go back to “normal.” The crisis offers the insurance industry an opportunity to embrace the disruption and rethink, reprioritize, and transform insurance to accelerate profitable growth and operational performance for long-term relevance and survival.
History tells a great story of opportunity and innovation by embracing disruption:
- The Spanish Flu increased interest in epidemiology and established the national disease reporting system.
- World War II spurred the development of radar and computers.
- The 1970 oil crisis brought the internet and autonomous vehicle technology.
- 9/11 introduced social networking, wireless tech and biomonitoring.
- The 2008 financial crisis gave rise to the Sharing and Gig Economies and InsurTech.
Out of every one of those catastrophic or major events arose fascinating and world-shifting new businesses and technologies that helped us adapt to a rapidly changing world. In the face of impossible challenges, innovative and courageous leaders found a way to not only overcome the crisis, but to also create new, wide-ranging benefits to industry and society.
Now is the time for the insurance industry to be innovative and courageous, and to re-invent insurance for the future. The impossible is possible!