Insurance 2020: innovating beyond old models

As we approach the end of the first decade of a new century, says James Bisker^* , it is very important to increase the scope of vision and consider what the insurance industry could become. The industry requires something more than existing mechanisms and business models if it is to have a dynamic and successful future. The next few years will mark a fundamental change in the insurance industry. The question is how can insurance carriers profit from these changes?

Predicting the future of insurance can be somewhat straightforward. Both the history and temperament of the industry constrain the realms of potential changes for this industry. This business is steeped in the paramount nature of its guiding principles and is equally tied to the information provided by the record of its transactions.