No longer are insurers able to ignore the transformations that are re-shaping the business world. Thanks to new regulations, increased industry competition, rapid technological advances and change to distribution channels, insurance organizations are coming face-to-face with the new disruptive reality. As my brother and co-CEO at The Jacobson Group, Greg, discussed in our latest edition of Compass, the insurance industry stands at a vital crossroads. Only those organizations that adapt to the new business reality and embrace the untapped potential provided by disrupters will succeed.
Disruption is not a new phenomenon. In the last few decades, we have seen the personal computer replace the typewriter and the cellphone revolutionize the telecom industry. Within insurance, the emergence of organizations such as Esurance and Progressive, with their simplified online-based models, have changed the way policyholders purchase and manage insurance policies.
Disruptive innovation is poised to redefine the future landscape of the insurance industry. Only those insurers who are prepared to challenge themselves and to overturn their current business models will be able to successfully compete in today’s constantly evolving and competitive insurance marketplace.
For insights on the growing importance of industry disrupters along with an update on the insurance industry's talent market, download Compass.