The Perfect Storm Facing Insurance Challenges and Opportunities

Remarks by Greg Purdy, Managing Partner, Pathway Partners Ltd. at the Technology Conference, 5 March 2012, in the session �Challenges and Opportunities for Broker Distribution�

There are many challenges and opportunities facing the industry but from my perspective there is one strategic challenge that rises above all others. The threat posed by social media, the relationships being established and the redistribution of consumer information. It will change the landscape and will influence every aspect of the industry.

In fact I believe there is a perfect storm forming that will impact both companies and brokers ability to respond.

In conclusion, a perfect storm is forming as a result of the shifts in technology, the emergence of a data arms race by third parties, disconnected participants, and a new consumer. The opportunities for the industry are to create new relationships, exchange relationships where both parties provide and receive value, on the devices consumers are choosing.

In fact I think you could argue that insurance has always been the perfect social product, the insurance industry has over 3 hundred years of expertise in analysing large quantities of consumer and risk information, I don�t think there is any reason that the industry can�t regain its leading position in technology and play a significant role in shaping the Social Age.

Read the remarks here.

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