Is This the End, or a New Beginning?

Updated: Nov 30, 2021

According to author, technologist and insurance veteran Rob Galbraith, we are facing "The end of insurance as we know it." And if you don't feel fine about that, you'll at least feel better and more prepared after reading his new book.

Galbraith writes with both the authority of an insider and the objectivity of an outsider. He starts with the seven fatal flaws of P&C insurance and the opportunities they present for innovators (sorry, no spoilers!), moves on to why insurance hasn’t been disrupted yet like other industries (hint: it’s not for lack of desire), offers a panoramic view of today’s insurance technology and innovation landscape and the major drivers of change, and concludes with some intriguing yet grounded thoughts on where it's all headed.

It’s all in here: Big Data, AI, machine learning, telematics, blockchain, automation, smart homes, smart buildings, the gig economy, the sharing economy and more. Your head might be spinning already, but Galbraith achieves the rare feat of breadth, depth and clarity across all of these complex subjects. And he manages to be equally relevant for both industry newcomers and veterans.

If you’re looking for a single, comprehensive resource to ground you in today’s fast-moving insurance technology and innovation landscape, this is the one.

Here are some of our favorite bits:

“Lifestyles are changing, and insurance needs to change at the same pace.”

"Organizations seeking to compete today need to get comfortable with the accelerating pace of change and speed up their ability to operate in a world that is moving ever faster."

"True disruption - the kind that threatens the existing world order of insurance - is highly unlikely to come from the inside."

“Even the best digital channels today are not perfect for all customers and scenarios. Instead of going strictly digital when your customers are used to the current ways of doing business with you, focus on an omni-channel distribution strategy that incorporates the use of multiple channels to help customers.” Be where they are when they are.

“For organizations looking to go beyond incremental innovation, you will need to look beyond your existing customer base.”

“A long work history in the insurance industry may become, counterintuitively, a disadvantage because it is much harder to unlearn and re-learn something new than it is to learn it I the first place.”

“Insurance is an ideal digital product.”

  1. It requires practically no physical capital to make it.

  2. It requires no complicated supply chain to move it.

  3. It doesn’t even require people to sell it.

“Anecdotally, millennials are more trusting of newer companies than old, stodgy ones.”

"For insurers looking to increase engagement with consumers and add high-touch services such as apps that provide scoring of our driving trips, how will consumers respond? Will they appreciate it, or have insurers not earned the same level of daily intimacy that Apple, Google and Amazon have? Will consumers value this information past its initial novelty?"

"Can insurers recast their products and relationships so their value is seen differently and more frequent contact with consumers makes sense?"

“The main challenge for the insurance industry is that its legacy distinction between product lines…is oriented to serve yesterday’s economy.”

“The core technologies that can disrupt the P&C insurance industry exist now.”

“The answer to knowing if you are pursuing the “right” technology is less about having a crystal ball and more about having the right mindset.” “Prioritize flexibility over strength, agility over brute force, maneuverability over pure speed to market.”

To learn more and get your own copy of the book visit:

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