This article is part of Carrier Management’s series on the Future of Insurance.

Asked to imagine changes in the insurance industry in the next decade, Mike Pritula, President, RMS, highlighted a greater focus on cloud technology among his predictions. Cloud integration will benefit insurers and reinsurers seeking to access a broader range of risk models and data analytics, he writes.

Mike PritulaMike Pritula, President, RMS

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?

Pritula (RMS): The property/casualty insurance sector is changing rapidly before our eyes, but what’s driving this change? With the introduction of advanced technologies and new processes overhauling business practices, insurers and reinsurers and the broad market have the potential to look entirely different—and possibly more consolidated—facing a different set of participants in the next five to 10 years.

Cloud technologies will be of greater focus as companies look to enable greater efficiency and business agility.”
Cost reduction and the reallocation of resources to areas of the business that promote sustainable competitive advantage will be a key focus for primary carriers and reinsurers. This could mean firms will incorporate more artificial intelligence, advanced automation and machine learning while consolidating the number of individuals employed.

This also means the integration of cloud technologies will be of greater focus as companies look to enable greater efficiency and business agility.

Through these new innovations, insurers and reinsurers will have access to a broader range of risk models and data analytics that traditionally have been challenging to create.

Q: How will insurance products and services be distributed?

Pritula (RMS): Over the next several years, the distribution of services and insurance product delivery will continue to evolve. The insurance market will increasingly need to focus on the customer and seek tools and services that are flexible, customizable and scalable. This will require many actions, including a thorough exploration of cloud strategy for the company.

Read more Future Insights by person

  1. Mike Albert, Co-Founder, Ask Kodiak
  2. Tim Attia, CEO and Co-Founder, Slice Labs, Inc.
  3. Arun Balakrishnan, CEO, Xceedance
  4. Ilya Bodner, CEO, Bold Penguin
  5. Bobby Bowden, Executive Vice President, Chief Distribution and Marketing Officer, Allied World
  6. Andy Breen, Senior Vice President, Digital, Argo Group
  7. Adam Cassady, CEO, Tyche Risk
  8. Chris Cheatham, CEO, RiskGenius
  9. Trent Cooksley, Head of Open Innovation, Markel Corporation
  10. Mike Foley, CEO, Zurich North America
  11. Guy Goldstein, Co-Founder and CEO, Next Insurance
  12. Mike Greene, CEO & Co-Founder, Hi Marley
  13. Brian Hemesath, Managing Director, Global Insurance Accelerator
  14. Russell Johnston, CEO, QBE North America
  15. Dr. Henna Karna, Managing Director and Chief Data Officer, XL Catlin
  16. Tony Kuczinski, President and CEO of Munich Re, US
  17. Rashmi Melgiri, Co-Founder, CoverWallet
  18. David W. Miles, Co-Founder and Managing Partner, ManchesterStory Group
  19. Pranav Pasricha, CEO, Intellect SEEC
  20. Mike Pritula, President, RMS
  21. Kathleen Reardon, CEO, Hamilton Re
  22. Jeff Richardson, Senior Vice President, OneBeacon Insurance Group
  23. Vikram Sidhu, Partner, Clyde & Co
  24. Christopher Swift, CEO, The Hartford
  25. Rebecca Wheeling Purcell, Schedule It
  26. Keith Wolfe, President US P/C—Regional and National, Swiss Re

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