Will these trends end the era of the traditional insurance carrier? It isn't likely, but existing players must evolve or they will lose significant market share. So let's take a look at a few of the strategies available for organizations that are ready to take action:

1. Mobile interactions.

Consumer mobility may no longer seem like news, but continued innovation in mobile technology is hard to ignore. Policyholder expectations for a mobile experience have been raised by their interactions with other industries from entertainment to retail.

While many insurance companies have begun to offer basic mobile service, like real-time payment or claims transactions using smartphones or tablets, not many have been truly creative. Some organizations have experimented with tips, news, communities and driver analysis, but few apps go beyond gimmick to creating real incremental value. This isn't surprising given the industry's barriers and its traditional conservatism, but neither should fundamentally block innovation.

How to adapt: At a minimum, carriers must take a fast follower approach by closely watching other industries like financial services, as opposed to only companies like Amazon and Apple that everyone claims to be following. To get ahead, the insurance industry will need to make room for what might look unconventional today. Tactics like crowdsourcing (to name just one) are untapped in our industry and have the power to unlock new insight, especially with advances in the ability to deploy the trove of data that insurers already own.

2. Internet of Things (IoT) influenced services.

A related trend to mobile customers is the rapidly expanding Internet of Things. There are many examples of this trend today including:

• Internet-connected biometrics and wearable technology that monitors lifestyle and personal health.

• Geospatial applications and telematics for vehicles.

• Environmental sensors for property.

• Diagnostic sensors for products to detect issues and determine whether an extended warranty or preventative services should be offered.

These innovations not only allow insurers to better assess risk and offer willing consumers the opportunity for discounts, but also create space for differentiation. The differentiation allows marketers to create messaging that addresses particular needs and appeals to specific customer segments.

How to adapt: Addressable marketing platforms are making it cost-effective to target smaller audiences. The ability to stake out and cultivate customers in this way provides both the ability to gain an edge in acquisition and to monetize innovations for consumers who best fit the buyer profile.

Related: Millennial consumers, mobile use and insurance sales

Insurance companies have an opportunity to educate their policyholders on what they have to offer — something comparison tools cannot do. (Photo: Shutterstock)

3. Price and value comparison.

Time and again, consumers express demand for these services. However, over the years these services have failed to reach their full potential. Google Compare is just one of a few recent examples. Despite setbacks, it's more than likely that consumer shopping will become more sophisticated and compared new business will continue to increase in market share.

How to adapt: Because of their focus on specific segments, insurance marketers have the opportunity to tell a story over time that comparison tools cannot replicate. Insurers can do this with addressable experiences; offering a cohesive and value-added journey for their particular target market. Secondly, insurers should develop unique elements of their value proposition that defy the forced categorization that is a necessity for comparison tools. In short, insurers must stand out in the marketplace and communicate in a manner befitting a considered purchase.

4. Emerging insurance models.

Financial technology companies have entered the lending and investment space. Just one example is how they are connecting people in need of financial support directly with investors. Several U.S.-based insurance technology companies (Lemonade, Trove, Sure) are expected to release similar, peer-to-peer (P2P) insurance products later this year. These products collect premiums from groups of friends, family, or other affiliated/interest group members. In short, these are self-organizing segments.

How to adapt: Whether the change is in P2P or self-driving cars and "intelligent property," there are existing core strategies that can manage transformative change. Change management in other industries may also provide a guide.

For example, over the last two years the investment industry has been wrestling with the adoption of roboadvisor business models. These firms have adapted their core competitive advantage with build and partner models to evolve their offerings. Through this process they have further refined the market niches they serve.

Carriers should focus on understanding the long-term value of individual consumers and segments based on their own proprietary data. (Photo: iStock)

Target individuals across multiple channels

In the age of connected customers and addressable marketing, carriers that want to be originators and not just underwriters need to focus on marketing and communication platforms. Today's incumbents still have the opportunity to lead by owning the technology and execution know-how needed to enable segment-driven marketing and experiences. With this base, they will be in a position to adapt their offerings to target smaller and smaller segments, potentially grabbing the scaled opportunity from P2P or whatever other models emerge.

Related: Insurers face several challenges when it comes to innovation

In this space, carriers should focus intensely on understanding the long-term value of individual consumers and segments based on their own proprietary data. They can then target these individuals across multiple channels in ways that will be hard to replicate using other data sources.

Pace of change is clearly increasing

While there is plenty of debate about which insurance market trends will dominate and which strategies will ultimately win, there is really no debate that the pace of change is increasing. The key for insurers, then, is to just get going. Early movers will need real-time market intelligence and execution capabilities.

Fast followers that are benefitting from innovators' weaknesses will need robust sales and marketing capabilities that allow them to enter the market at scale, "owning" their target market. Either way, the key is to be purposeful. As insurers know well, thriving in an uncertain future is not about avoiding risk, but about adapting to change from a solid foundation.

Related: Timing is everything: 8 tips for improving customer communications

Aaron Tellier is the general manager of insurance and wealth management for Columbia, South Carolina-based Merkle.