The Friday Five: Week of December 2, 2019

If you care about what’s happening in the world of property and casualty (P&C), then this is the place to be. Each week, we serve up a bite-size roundup of the latest news, hot topics, and (admittedly subjective) tidbits to keep curious insurance professionals, like you, in-the-know.

A maritime metaphor for P&C industry change

"The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails." – William Arthur Ward, Writer

New digital technologies, increased competition, and changing customer demands are forcing 61 percent of insurance carriers and financial services firms to move away from traditional business models, according to a recent global study of C-suite insurance and financial services executives. While we don’t need a study to tell us that digital disruption is real, what’s boggling is what the other 39 percent of organizations are (or aren’t) doing about it.  

You may say I'm a dreamer, but I'm not the only one

Can you imagine a world where the open ecosystem dream is a reality? A world where our collective insurance platforms talk to each other. A world where the industry moves faster and better by working together. Oasis and Simplitium along with a host of others, including SpatialKey, are on this path. While it feels idealistic, it is possible. Making data more portable between platforms—interoperability—is not something novel. It’s just fundamental and increasingly vital for long-term survival whether you’re a re/insurer, broker, MGA, or solutions provider. We all have a stake in this conversation, and a responsibility to move our industry forward.

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