The Strongest Transformative Forces in the Insurance Industry

No other industry has a bigger impact on the improvement of national welfare than insurance. In 2015, insurance premium volume worldwide reached $5.265 trillion, attracting ever-expanding attention to insurance business from across the field. In the years ahead, insurance landscape will no longer be an oligopoly as transformative forces will reach the level of impact enough to reimagine traditional business models. But what are those forces and how will they change insurance? An interesting opinion on the matter has been shared a week ago in the publication called Driving FinTech Innovation in Financial Services by Deloitte in collaboration with All Street, which emphasizes important external and internal forces that will impact general insurance landscape transformation, some of which we have noted before.

When discussing transformative forces in the insurance industry, it's impossible to leave aside InsurTech, which completely reimagined traditional business models, insurance products and delivery channels. As new type ...

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