Last week I had a chance to moderate a round table on Entrepreneurship and Innovation at the 2017 SOA Annual Meeting. It was a great session with a lot of alternative view points on the future of insurance. Topics of discussion ranged from the displacement of production and distribution to Amazon and Walmart, to regulatory understanding across different jurisdictions and why this complexity is a necessary reality, and more philosophical arguments around insurance’s role in society and whether we are optimizing these duties for the “jobs that need to be done”.
What do you get when you combine changes in customer behavior, expectations, and demographics with the rise of insurance start-ups and new insurance models? Pressure on insurers to pivot, invest, and develop new competencies to stay connected with the next generation of consumers. Connected devices, robo-advisors, P2P Insurance, and IoT are just a handful of many buzzwords and evolving business models making headlines in every industry conference and publication in the recent years. While a lot of discussion around insurance innovation is focused on the future – there are changes happening now. Which begs the question, are we already experiencing the future of insurance? To help you discover the insurance innovation eco-system, we hosted an Innovation and InsurTech Panel Discussion at the 2017 TAI User Group. Below is a sneak peek of what our panelists shared at the meeting.