By now it is fairly well accepted across industries that business models of 'old' must give way to new designs. Nowhere else is this truer than in Insurance, where a recent survey revealed that more than 50% of executives expect significant changes in just the next 12 months.
The drivers for the fourth industrial revolution as some pundits will say, are also well understood. Mobile, big data, automation, artificial intelligence, and cloud technologies matched with the Internet of Things are beginning to alter established price and capability tradeoffs, and is spawning a renaissance of InsTech start-ups. Amazon and Facebook are making digital natives out of consumers across age groups, and they expect more from their insurance carriers.