When it comes to the insurance industry, it’s time to acknowledge that personalization is the meteor that may cause the mass extinction event of some insurance dinosaurs.
Few of us would be willing to build a relationship with someone whose first interaction with us involved walking into our home, sifting through our personal property, and taking notes on our most private thoughts without our full knowledge and permission. And yet, we all permit this activity to occur every day – albeit with companies rather than with individuals.
Disruptive – a term that inspires startups, attracts investors, and haunts conventional business. Over the past decade, we’ve seen a number of industries turned upside down by an injection of ingenuity and private capital. As a result, the giants of every major industry are becoming increasingly more cognizant of the potential for disruption and the need to adopt new, innovative solutions to remain not only ahead of competition, but relevant, as their industries evolve.