The traditional insurance business model, which has been resilient for over 350 years, is now being challenged by technological and behavioral change.
In the not-so-distant future, driverless vehicles may diminish or eliminate road accidents and injuries. Connected homes could significantly reduce residential hazards. The sharing economy will likely offer peer to peer coverage.
It follows that the type of consumer served by traditional insurance companies is rapidly ceasing to exist. Today's modern customers are connected and social. They are fast to switch between providers, and expect instant reward and feedback.
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