Society Needs Insurance to Function
Without insurance, commerce could not happen effectively or efficiently.
Without insurance, consumers and enterprises would not be easily able to protect their property, products, behavior, or income streams.
Society needs insurance to stay true to its essential value-add of providing risk mitigation and management for life, property, and casualty loss events.
However, society does not necessarily need the insurance industry as it is currently structured.
Three Emergent Forces Will Reshape the Insurance Industry
Three emergent and interdependent forces will reshape how insurers go-to-market; select and manage distribution channels; get, service, and keep customers; develop products; create, deploy, and consume information; and otherwise gain a competitive advantage:
- The experience economy: providing best-of-class customer experience is the new basis of competition
- The mobile, digital marketplace: commerce anytime, anywhere, on any smart device
- The connected society: communication and collaboration among and between people, mobile devices, and/or sensor-enabled physical artifacts
Driving Market Insight Group’s Research Agenda
The annual Market Insight Group research agenda will be driven by the three emergent forces and their concomitant themes which impact the insurance industry.