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Future Changes in the Insurance Marketplace: Implications for the Insurance Business

This article explores the observations, innovations, and disruptions in the insurance industry, analyzing what is driving changes and why the industry is vulnerable to disruption. It also discusses how insurance companies and the industry may look in the future, including management, employees, technology, and new business models.

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Future Changes in the Insurance Marketplace: Implications for the Insurance Business

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  1. Future Changes in the Insurance Marketplace: Implications for the Insurance Business • Observations by Experts • Innovation & Disruption • What is driving changes in the Insurance Industry • Why is the insurance industry vulnerable to disruption?

  2. What Will Insurance Companies & the Industry Look Like in the Future • Management • Employees • Technology • New/Different Business Models • Different Distribution Systems

  3. Traditional Insurers

  4. InsureTech Funding

  5. InsurTech Spending • $8.5B in spending & 599 deals from 2014-2018 • Investment doubled from 2017 ($1.6B) to 2018 ($3.2B)

  6. Willis Re Q1 2018 InsurTech Investor Universe

  7. Willis Re Q1 2018 InsurTech Investor Universe (con’t)

  8. How Big Tech Flirted with Insurance in 2018 (Insurance Journal, 1/2/19)

  9. 80 InsurTech Firms Shaking up the Trillion-Dollar Insurance Industry --Medici Team (March 9, 2016)

  10. Controls for conflicts of Interest Various Business Models Digital Insurance Platform (the future of the industry) Sensors to Determine exposure/loss Charities Parametric Triggers Qualifying Risk Groups Ownership Insurers Insurers Insurers Customers Customers Customers Insurers Insurers Insurers Customers Customers Insurers Customers Insurers Customers Insurers Customers Insurers Customers Insurers Insurers Customers Blockchain AI Computer Learning Big Data Technology

  11. Controls for conflicts of Interest Various Business Models Digital Insurance Platform (the future of the industry) THIS IS THE PROBLEM Sensors to Determine exposure/loss Charities Parametric Triggers Qualifying Risk Groups Ownership Insurers Insurers Insurers Customers Customers Customers Insurers Insurers Insurers Customers Customers Insurers Customers Insurers Customers Insurers Customers Insurers Customers Insurers Insurers Customers Blockchain AI Computer Learning Big Data Technology

  12. The Elephant in the Room

  13. The Public has a strong negative perception of the insurance industry. The Urban Dictionary defines insurance as: A business that involves selling people promises to pay later that are never fulfilled.

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