Relying on the premise of the global protection gap as the basis for modeling future scenarios for the insurance industry is short-sighted and naïve. The global protection gap exists for a multitude of reasons, including politics, economics, insurable risk, capacity, culture, and the need and/or ability and willingness of consumers and business-owners to purchase insurance and protection.
Non-business issues are the leading reasons why the gap exists and will likely worsen/increase over time. No amount of data can solve this problem.
As a guy who has spent the last quarter century being “replaced” by the next big thing I have to believe it will be somewhere between scenario two and three. The big names are definitely prepped to adapt to change. Consumers want their agents now more than ever too. We will find a way to deliver what consumers want anytime anywhere with a friendly face and voice that goes along with it.
Those of us in Florida heard that one particular company was going to change everything. They’re under review at a ratings agency and nothing has changed more than a decade later.
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Relying on the premise of the global protection gap as the basis for modeling future scenarios for the insurance industry is short-sighted and naïve. The global protection gap exists for a multitude of reasons, including politics, economics, insurable risk, capacity, culture, and the need and/or ability and willingness of consumers and business-owners to purchase insurance and protection.
Non-business issues are the leading reasons why the gap exists and will likely worsen/increase over time. No amount of data can solve this problem.
As a guy who has spent the last quarter century being “replaced” by the next big thing I have to believe it will be somewhere between scenario two and three. The big names are definitely prepped to adapt to change. Consumers want their agents now more than ever too. We will find a way to deliver what consumers want anytime anywhere with a friendly face and voice that goes along with it.
Those of us in Florida heard that one particular company was going to change everything. They’re under review at a ratings agency and nothing has changed more than a decade later.