At Insurance Thought Leadership, Denise Garth offers 5 Charts on Insurance Disruption. Denise is a senior vice president at Majesco, a leading insurance technology firm that has been monitoring trends and disruption in the property-casualty and life-health industries. The charts offer a snapshot of high-level forces disrupting the industry, and how they connect and combine.
The first chart (pictured) is Majesco’s model reflecting forces that are disrupting the industry. It maps out major forces and trends from the Industrial Age to the Information Age to the Digital Age.
The subsequent charts map against these three ages:
People trends – covering generational, population, economic, home, vehicles, social & mobile, needs & risks, and customer experience
Market boundaries – covering industry, distribution channels, economy, business models, and competitors
New entrants – highlights many new global entrants in the insurance sector
Shifts in industry – covering business models, distribution channels, customer interaction, product, risk management focus, and partnerships
Garth’s post offers some perspective on each of these charts, but for more information, you can access a full copy of Majesco’s report: Future Trends- A Seismic Shift Underway. Of the report, Majesco says:
“There may be millions of articles out there, but there are three key forces – People, Technology and Market Boundaries – that are driving changes in the form of new expectations, new innovations and new competition. This report will describe the components that make up these forces, the implications they have for the insurance industry, and what your company can do to seize the opportunities they present.”