ACT Strategic Future Issues Work Group releases Hard Trends report

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Alexandria, VA (Oct. 17, 2016) – HARD TRENDS are trends the Strategic Future Issues Work Group believes are permanent and that are ushering in cultural and societal change. Proactively adapting to these changes is the challenge that lies before us.

In 2013, we identified seven trends: social culture, connected society, mobile and mobility, demographic/diversity transformation, growing availability of big data and actionable business intelligence, changing nature of insurance risk, and information security regulation.

In early 2015, we began the process of reviewing and evaluating the 2013 trends to update them and highlight the major trends that will impact our industry over the next few years. These hard trends are the foundation for developing the industry’s “Must-Do” recommendations, action, and responses to the challenges and opportunities presented by the hard trends.

We evaluated the trends within the context of the customer journey. Regardless of the trend, we assessed the impact the trend has on the customer’s experience interacting with our industry—a journey that for many begins in the palm of their hand.

We recognize that many of the examples used to help define the hard trends are themselves constantly changing. While they may not be hard trends, they are “indicators” or “influencers” of the larger hard trends. Also, this is intended to be a living document that will grow and change over time. It’s designed to encourage dialogue, debate and discussion.

The Hard Trends:

  • Mobile First
  • Social Culture/Digital Transformation/Internet of Me
  • Connected Society
  • Demographic/Segmentation & Personalization
  • Growing Availability of Big Data and Actionable Business Intelligence
  • Changing Nature of Insurance Risk
  • Information Security & Privacy Regulation – Cyber Liability

Download the complete Hard Trends report for more details.

Note: The Trends Report is the first phase of a two-part initiative. In phase one, the Agents Council for Technology (ACT) Strategic Future Issues Work Group identified the key trends that will affect the future of the independent agency system. In phase two, the report develops the industry “Must-Do” undertakings, which are the key action items the industry should pursue in response to the challenges and opportunities brought about by the hard trends.

About Independent Insurance Agents & Brokers of America, Inc.

The Independent Insurance Agents & Brokers of America (Big “I”) is a national alliance of more than a quarter million business owners and their employees who offer all types of insurance and financial services products.

Unlike company-employed agents, Big “I” independent insurance agents and insurance brokers represent more than one insurance company, so they can offer clients a wider choice of auto, home, business, life, health coverages as well as retirement and employee-benefit products. Big “I” agents and brokers not only advise clients about insurance, they recommend loss-prevention ideas that can cut costs. If a loss occurs, the independent insurance agent or broker stands with the client until the claim is settled.

Big “I” is a voluntary federation of state associations and local boards, with affiliates in every state and the District of Columbia. Its independent insurance agents and brokers are politically astute and are involved both locally and nationally. They monitor and affect consumer, insurance agent and broker, and small business issues in Washington through IIABA’s active, professional staff on Capitol Hill.

SOURCE: Independent Insurance Agents & Brokers of America, Inc.