This article is part of Carrier Management’s series on the Future of Insurance.
Ilya Bodner, CEO, Bold Penguin, notes the fast pace of change in technology—and customer demands—driving insurers online to achieve more efficiencies and ultimately be a reflection of the policyholders they insure.
Q: What major changes do you see on the horizon for the property/casualty insurance industry in the next 10 years?
Bodner (Bold Penguin): Automation, technology and consumer demands are changing the industry at breakneck speed—the way we do business, the products, the risks themselves, collaboration between process stakeholders and even the way policyholders pay their premiums. Everyone wants to purchase things online the way they do from Amazon. The insurance industry may never reach that high bar, but we can always get better.
Everything will continue to move toward the virtual or online interaction as technology empowers more efficient insurance organizations, which will naturally not need as much of a physical presence as they once did. The insurance industry of the future will begin to better reflect the policyholders they insure, remote workers empowered by cloud, mobile and IoT technologies protecting modern, on-demand risks.
Q: How will insurance products and services be distributed?
Bodner (Bold Penguin): D2C will certainly gain more market share as well, but predominately, I think insurance will remain too regulated and too geographically fragmented to completely drop a broker or agent.
Read more Future Insights by person
- Mike Albert, Co-Founder, Ask Kodiak
- Tim Attia, CEO and Co-Founder, Slice Labs, Inc.
- Arun Balakrishnan, CEO, Xceedance
- Ilya Bodner, CEO, Bold Penguin
- Bobby Bowden, Executive Vice President, Chief Distribution and Marketing Officer, Allied World
- Andy Breen, Senior Vice President, Digital, Argo Group
- Adam Cassady, CEO, Tyche Risk
- Chris Cheatham, CEO, RiskGenius
- Trent Cooksley, Head of Open Innovation, Markel Corporation
- Mike Foley, CEO, Zurich North America
- Guy Goldstein, Co-Founder and CEO, Next Insurance
- Mike Greene, CEO & Co-Founder, Hi Marley
- Brian Hemesath, Managing Director, Global Insurance Accelerator
- Russell Johnston, CEO, QBE North America
- Dr. Henna Karna, Managing Director and Chief Data Officer, XL Catlin
- Tony Kuczinski, President and CEO of Munich Re, US
- Rashmi Melgiri, Co-Founder, CoverWallet
- David W. Miles, Co-Founder and Managing Partner, ManchesterStory Group
- Pranav Pasricha, CEO, Intellect SEEC
- Mike Pritula, President, RMS
- Kathleen Reardon, CEO, Hamilton Re
- Jeff Richardson, Senior Vice President, OneBeacon Insurance Group
- Vikram Sidhu, Partner, Clyde & Co
- Christopher Swift, CEO, The Hartford
- Rebecca Wheeling Purcell, Schedule It
- Keith Wolfe, President US P/C—Regional and National, Swiss Re
D2C will certainly gain more market share as well, but predominately, I think insurance will remain too regulated and too geographically fragmented to completely drop a broker or agent.”