Looking Back on a Pivotal Year for Insurance
Robert Regis Hyle | January 04, 2016
2015 was an eventful and significant year for the insurance industry. What we have all experienced the last 12 months in terms of decisions, investments, and developments are vastly different than we have ever seen, heard, or felt before in insurance.
Many will pinpoint 2015 as a pivotal year—the turning point in the transformation of the business of insurance. External influencers and rapid technology advancements are resulting in major shifts in strategy, areas of focus, and investment. Many insurers are thinking big; beyond the typical step change and toward bold moves that will establish them as leaders in the digital age.
As SMA reflects on this past year, it is worthwhile to take notice on the top 10 trends that laid the foundation for this pivotal year and positioned the insurance industry for an amazing 2016 and the years beyond. The trends are dominated and enabled by technology developments, which continue to be interwoven into the fabric of insurance. The trends are as follows:
- Digital transformation is taking hold, even in insurance
- Innovation and innovative thinking—no boundaries.
- Huge dollars being poured into startups and insurance
- New ecosystems emerging
- Distribution channels are under strain; new shifts in investments
- Core modernization is required; continues to consume insurers
- Positive shift in customer focus and priority
- Embracing new tools, data, and models, but still a struggle to adopt
- Many technologies maturing and being adopted
- Tech advancement still outpacing the ability to consume
Insurance executives can no longer ignore or downplay these trends. Although the terms disruption and transformation are popping up everywhere, they are no longer buzz words, but reality. It would be a mistake to dismiss the magnitude of these shifts.
As one senior industry executive put it, “Our industry will be substantially different five years from now. Companies that do not aggressively transform will be at risk of failing.”
This view is shared by many industry leaders who sense the tide is shifting in the new digital era. Unfortunately, many others are hoping to ride out the rest of their career without driving new change, an approach that is risky.
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
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