Insurance has been fairly insulated from change up to this point.  But, the times….they are a changin.   In fact, Rob Galbraith wrote a book on it called The End Of Insurance As We Know It.         

Welcome to Episode 17

In this episode, Rob and I discuss the FUTURE of the insurance industry. 

As an agency owner, it’s kind of a scary thing.   Recently there has been a lot of talk surrounding “InsureTechs” disrupting our industry.  Is that actually something we need to be concerned about and if so, what can we do?

Rob points out that we probably don’t need to be concerned, but rather we need to be aware and adapt to the changing marketplace as new technologies become available.  It’s not like someone is going to flip a switch and everything is going to be different one day.  It will be a process that happens over time for all these technologies and changes to actually take effect.  And the truth is, no one REALLY knows what exactly the future holds.    

Some of the contributing factors to there being a disruption in the insurance industry are:    

-The younger generations interact with technology in a different way than many of us are used to.  It’s not foreign to them.  This will allow for them to have a quicker comfort level with any of the new technology that rolls out.   

– Insurance is a LARGE business.  It’s measured in the Billions.  This puts a lot of eyeballs on it.   – Technology is improving at a crazy, fast pace.  There’s not way to know what sort of tech will even be available in the next 10 years.   

What can we do to prepare our selves and insulate our businesses from some of these changes?  Truthfully, it doesn’t sound like much.  But, what you can do is make sure you are informed and taking advantage of the technology and processes as they become available.  But, also keeping in mind that not everything is going to that are going to enhance your client relationship and create more streamlined processes.    

My 2 biggest takeaways from this interview are:        

• Change is inevitable in business.  You can either fear it or embrace it.  Either way it’s coming.
• There is a ton of opportunity in the insurance industry and it’s unspoiled by innovation making it ripe for the picking.

   “Our world will change and we need to be prepared for that.” (Rob Galbraith – Author)