It’s the dawn of a new day.
If there was ever a business sector ripe for disruption in 2015, insurance and risk management is it. Vulnerabilities can become opportunities for those with vision and imagination. Insurance is a borderless enterprise that needs to transform to address a digital world. Customer loyalties are now drawn to the Amazons, Apples and Googles of the world – disrupter companies that not only modify or accelerate industries but redefine them.
The choice is clear: Become a disrupter or be disrupted.
From its beginnings in a London coffee house in 1688, Edward Lloyd pioneered an industry that has morphed into a multitrillion-dollar worldwide industry that is a complicated security hedge against the risk of contingent, uncertain losses. A simple signed slip of paper agreeing to loss and indemnity terms has turned into a highly complex mélange of legal definitions, terms and conditions, exclusions, endorsements, amendments, etc. Have we made progress?
The languid pace of change in insurance has not kept up with social media and other industries. Regulatory compliance and cultural habits are challenges that inhibit transformation, and disruptive effects of technology are affecting all areas of the insurance delivery chain, from distribution to underwriting to claims. And consumer frustrations coupled with inefficiencies and distrust kills consumer confidence. If current insurance leaders fail to embrace innovation, new entrants to the insurance market will redefine customer experience through on-line market accessibility and simplicity. In addition, burgeoning consumer data and predictive analytics will drive competitiveness.
In the future, we envision insurers collecting data from mobile devices and wearables that will feed into a dynamic ecosystem that will develop and refine value-added data metrics about consumer behavior, health needs and other risk factors. With large-scale cognitive computing, artificial intelligence can be used to convey insights into new ways to solve issues and accomplish objectives we’ve failed to achieve. There will be many potential avenues for monetization to those who know the most about consumer lifestyle.
Thought leadership is the visionary authority that delivers pertinent answers to the biggest questions and concerns on the minds of insurance practitioners and consumers. ITL’s 360-plus diverse thought leaders serve to build the framework for our profession’s future. ITL, in turn, serves our thought leaders and subscribers by providing an accessible, independent, intellectual digital publishing platform that serves as a launch pad for new ideas and concepts. In 2015, ITL will be achieving new milestones through expanded topics, unique online training opportunities, conversation, business conclaves and conferences.
I have the privilege of serving as ITL’s chief imagination officer. Think outside the box. Imagine what things could change or be revolutionized in 2015 and beyond. Be a part of the future and join our journey. Be part of the conversation. I want to hear your thoughts.
“Think left and think right and think low and think high. Oh, the thinks you can think up if only you try!” — Dr. Seuss