Rapid consolidation in the 1990s led to airline tickets, hotel stays, car rentals, cruises and vacation packages becoming bundled into a single shopping experience. (Photo: Shutterstock)
Technology has brought fundamental shifts to virtually every industry. Some, such as property and casualty, have been fast to build technology and adapt how they do business to avoid losing a direct connection with the consumer. Others, like brick-and-mortar retail, have not, and have essentially lost the consumer altogether.
The insurance industry is at a crossroads: The combined effect of regulatory uncertainty, changes in consumer expectations, and the rapid pace of innovation has resulted in a “perfect storm” where it can become too late for companies to adapt before losing out.
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