Realistic, measured article on how carriers and brokers collaborating to anticipate change, disruption and the need to adapt are the real potential winners rather than trendy full-stack insurtechs or outside disrupters.

These will be the evolving, i.e. constantly changing, top quintile who will share the majority of premiums, profits and customers. 

Peter Hearn, President and CEO of Guy Carpenter, does not dismiss the threat of disruption whilst also believing that innovative insurers with the right vision, leadership, strategies and partners will stay insurance leaders.

Insurance industry has shown an ability to reinvent itself

He describes platforms that enable this collaborative strategy and the parallel evolution of ecosystems to be the key to success.

Hearn goes on to say- 

"In the second and third decades of the 21st century, the (re)insurance industry will be embracing a more collaborative business model. Insurers and brokers will create their own ecosystems that will include universities, data scientists, scientists, engineers, defense contractors, insurtech companies, risktech companies, platform operators and entrepreneurs. The incentive to build these ecosystems is compelling."

Platforms that enable this evolution are critical

"The impetus to collaborate will not only be driven by the quest for expertise, but also by the need for data and access to highly connected and networked platforms. In the late 20th century, the dominant strategy and operating business model was the vertically integrated “pipeline” business model, where the flow of value is linear from the producer to the consumer. In the digital world of the 21st century, the operating model that is becoming dominant is the networked and highly scalable platform business model, as exemplified by Alibaba, Amazon, Apple and Google."

Luckily for insurers platforms have already been developed, deployed and proven as scalable and viable. 360Siteview is one such option.

A really interesting question is "Which insurers will be in this new upper quintile?" Another- "Which ones have the vision, culture, resources and strategies to execute and replace current top quintile insurers?

And who will they partner with? I have firm views and would be interesting to know yours.