In March 2016, the first "Future Trends: A Seismic Shift Underway" report was published, highlighting that a powerful, disruptive seismic shift in the insurance industry was underway due to the converging "tectonic plates" of people, technology and market boundary changes.

The shift was realigning fundamental elements of business that would require major adjustments from insurers in order for them to survive and thrive.

Game-changing events, rapid advancement

By the end of 2016, we could make a case that it was not only a pivotal and groundbreaking year, but it was historic. At no time in the history of insurance can we find one year that includes this many game-changing events and a rapid pace of ongoing advancement. A new trend at the forefront of the shift that gained considerable momentum in 2016 was InsurTech. The emergence of InsurTech represented an industry high point for activity, excitement and concern on the promise and potential of insurance disruption and reinvention.

Commonly, large shifts of this magnitude are punctuated with pauses. For example, with the rise of the internet for business use in the 1990s, or the flurry of IT activity leading up to Y2K, monumental changes were followed by periods where insurers could breathe, adjust and move forward. What became apparent in 2016 is that InsurTech advancements and the forces of change may not see any significant slowdown. The momentum that has been building is unstoppable. Industry advancements, cultural trends and IT reactions are gaining speed as they gain strength and a framework for stability.