The risk management & insurance industry is constantly impacted by the world around us. As my colleague, retired Vice President, Account Executive, Bob Kennedy, expressed in our previous blog article, the industry has experienced meaningful changes over the last 40 years. It is safe to assume that the next 40 years will come with significant changes as well – but in what direction are we headed?
Economic Complexity Drives Insurance Changes
Industries will continue to ride the waves of economic evolution, fueled by new technology, changing social trends and increasingly complex business relationships. Businesses, including retailers, will continue to develop considerable online platforms and the tech industry will dive deeper into the possibilities of artificial intelligence and automation. In addition, the gig economy continues to expand and change the dynamics between employers and their workforce. These types of changes present new levels of opportunities and will cause some risks to contract while others expand. In 40 years, the overall size of risk will be larger than it is today, but the landscape will have changed.