Competing in an Era of Immediacy (A 2020 Trends Report)
Humans and technology are inseparable. The statement that “first we shape our tools and then our tools shape us” has been attributed to several people, including Winston Churchill, Marshall McLuhan, and Father John Culkin, SJ, a Professor of Communication at Fordham University in New York who was a friend of McLuhan. Regardless of source, the co-evolution of humans and technology is now moving exponentially and bringing an era of customer immediacy into greater focus. There are three mega-trends that are accelerated by our tools shaping us and creating the era of customer immediacy: the quickening metabolism of the marketplace, the rising of robots, and decision-making getting simultaneously simpler and more complex. Insurance firms will need to weave the mega-trends into their strategies and tactical initiatives to compete in the era of customer immediacy.