There’s one word that sums up what’s going on in the business of insurance right now: disruption. Last week, I had the opportunity to talk with an innovation team at a Tier 1 carrier. When I asked the group if they were feeling that big changes were afoot in the industry, there was lots of head nodding. Consider just these few catalysts of change:
An improving economy driven by freshening winds in the US housing market.
Activist consumers willing to both join forces with their insurers and at the same time regulate them through the power of social media.
Converging physical and digital worlds that engage consumers through smart portable devices.
Two maturing regulatory reforms: one that reorders the molecules of the health insurance industry and the second that’s creating a new industry (and risks), namely access to medical marijuana.