Insurance business is in a transition process. This transformation is no ordinary evolution because it already becomes apparent that the magnitude of change is bigger and the speed, at which the change will move through the industry, will be significantly higher than ever before. It will be a fundamental change – a revolution – through which insurance business will reach the next level at last. The basic idea of and need for insurance will last, but this may not hold true for every insurance company and the current best practice.
For a company it is time to reconsider the existing business model and the way in which it does business. The present situation requires a vigorous change in thinking and acting.
I deal in a series of upcoming blog posts with the tech movement and the incumbents activities as well as give a guidance on how an insurance company should act right now. First, I will start with a short description of the status quo.