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Disrupting Distribution Not Easy, Swiss Re Exec Says
This article is part of Carrier Management’s series on the Future of Insurance.
Keith Wolfe, President US P/C—Regional and National, Swiss Re
Q: What major changes do you see on the horizon for the property/casualty insurance industry in the next 10 years? What will insurance companies, insurance leaders, the industry and its workforce look like in the next decade? What risks will they insure?
Wolfe (Swiss Re): Technology is changing every part of our economy—and insurance is no exception. InsurTech ideas are taking hold with partnerships in the existing insurance and reinsurance community, and we are supporting these efforts. Data science is rapidly becoming a core skillset that we need more of in the industry. That means folks without skills in data mining or analysis will likely be at a disadvantage in five years.
Cyber insurance will also continue to grow at a steep pace. Getting a handle on emerging risks is key, along with access to a response infrastructure after an incident (forensics, crisis PR, legal support for incoming suits, etc.).
Q: How will insurance products and services be distributed?
The diverse and embedded infrastructure for selling insurance is tougher to disrupt than most people think.Wolfe (Swiss Re): Distribution changes in the U.S. market have evolved slowly. The diverse and embedded infrastructure for selling insurance is tougher to disrupt than most people think. That said, there are success stories around direct technology-based options to better engage today’s connected customer. Ease of use and transparency are key to winning direct market share for these innovators.
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- Keith Wolfe, President US P/C—Regional and National, Swiss Re
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