According to Darren Stevens from Australian website Risk Adviser “While life insurance companies are busy dealing with business as usual imperatives, game-changing social and digital trends are unfolding that stand to turn the industry on its head.”
Stevens warns life insurers must prepare their businesses to cater for these trends – not next year or in five years’ time – but right now.
The article lists in detail these trends that are happening right now:
- The Millennials
- Social capital
- Predictive analytics
- Crowdsourcing
- Insurance bought not sold
And these trends which are close at hand:
- Wearable technology
- The internet of things
- The cloud
- Genetics
Followed by these trends on the horizon:
- Medical advances
- Safer lifestyles
- Cyber security