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.