Current trends are strongly influencing the entire insurance industry.
As the first month of 2016 comes to an end, it is the perfect time to take a look at what changes the past year brought about in the insurance world. 2015 was a very pivotal year for the insurance industry, especially when it came to business insurance coverage.
New technology and various external influencers have lead to significant shifts in the focus, strategy, and investments of the industry. Some of the most obvious trends technology developments that are influencing the trends in the insurance world include:
- Digital transformation is becoming more prevalent, including in the insurance world.
- Innovating thinking and innovation are breaking down boundaries.
- Big money is being poured into insurance and startups.
- New ecosystems are emerging.
- Distribution chains are experiencing stress, which is leading to new shifts in investments.
- Customer priorities and focus is shifting positively.
- Core modernization is still required and is continuing to consumer insurers.
- New data, tools, and models have been embraced yet are still struggling to adapt.
- The majority of technologies are maturing and being adopted, such as analytics and cloud-based systems.
- Technology advancement is continuing to outpace the ability to consume.
It is impossible to downplay or ignore these trends. Even though the terms €˜transformation' and €˜disruption' are very prevalent, they are no longer considered buzz words. Instead, they are accepted as reality.
The current trends have become the reality in the insurance world. Insurers who are able to embrace and recognize the trends will be better positioned for success, as long as they are willing to put in the work.
At Little & Sons Insurance Services, we understand how important it is to stay up to date with the current trends. For all of your
insurance needs in Banning, Beaumont, Calimesa, and surrounding California areas,
contact us today!
