The traditional business model for insurance is in trouble, even though it remains a significant source of revenue. Core products are now seen as undifferentiated commodities. New digital companies and service providers are coming into the picture from across industry lines. Technology innovation will make some aspects of insurance obsolete.
To succeed in the long term insurers need to move “beyond insurance” into new growth areas in both commercial and personal lines. Insurers can help to make disruptive innovations a safe reality. They can also become trusted life advisors to clients.