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Disruption is Here: The Key to Survival for the Insurance Industry

Posted on September 24, 2015 by Guy Weismantel

 Digital Insurer Blog

Welcome to the Disruption…

Today we’re digging into a topic we’ll spend a lot of time on here: disruption in the insurance industry. And while it may seem like a no-brainer topic, many are still unaware of the magnitude of the moment. While recently speaking with a group of customers from larger insurance agencies, the topic of Google entering the industry came up. Very few of them were aware that this potentially existential threat to their industry had already arrived.  It’s like that scene in Independence Day, when the alien space ship parks itself right over the White House and people are still wondering “huh, I wonder what their intentions are?” (Except Will Smith, who was always a step ahead of everyone…)
 
They are not coming in peace…

Whether it’s Google getting into auto insurance, hot new HR and benefits start-ups like Zenefits (whose CEO has made no secret of what he thinks of the traditional insurance industry sales model), or new objects being printed with 3-D printers, disruption is here, and it’s happening today.

The question is, how far will it go? After all, insurance has always been a very personal business, built on generations of relationships and intimate knowledge of our lives, families, and businesses.  It’s risk averse, and not exactly known for being on the bleeding edge of technology. Except that, what I just described actually sounds like the perfect recipe for disruption, doesn’t it?  

The key will be how fast the industry can adapt – moving from a reactive stance to transitioning onto their front foot and creating their own disruption. That transition can come a variety of forms. Whether it’s through new technology, new offerings and policy instruments that address the sharing economy, or replenishing its ranks with new talent that arrive with new ideas and outlooks.

It’s going to be a fascinating ride, and we’ll be here chronicling it for all of you—buckle up!

Make sure you are making the changes to set your agency up for success in the years ahead in our new free ebook on the future of insurance:


Download the eBook


Mr. Weismantel is the Vice President of Marketing at Vertafore. With 20 years of marketing and financial leadership in companies such as Microsoft, Business Objects, Baxter HealthCare, Caremark International, and Expedia, Guy’s career has focused on bringing differentiated products to market and providing the “compelling reason to purchase” for customers and prospects alike.


Guy has a Bachelors Degree in Accounting from the University of Notre Dame, and a Masters Degree in Business Administration from the Kellogg School of Management at Northwestern University.

 

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  • 10/24/2015 3:06 PM


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