The Agents Council for Technology, a part of the Independent Insurance Agents & Brokers of America (IIABA), has issued a report identifying significant technology and consumer trends and how they will change the insurance industry's distribution system over the next five to 10 years. Entitled Important Technology & Consumer Trends Driving Change in the Independent Agency System, the report focuses primarily on “hard” trends, those that the authors believe are permanent and likely to change the reality in which we must operate.
The work group divided into two subgroups: the first focusing on technology trends, the second on consumer trends. The first subgroup identified four pure technology hard trends, relating to computing power and storage, information availability and access, multiple devices, and biometrics and product/property tracking. The subgroup then identified several business hard trends that derive from these technology trends.
The second subgroup focused on consumer-related hard trends, and divided these trends into those relating to demographics, buyer behavior, and the insurance environment.
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