How Insurers Can Respond To Disruptive Technology

By Huhnsik Chung and Christina Cerutti (August 25, 2017, 4:00 PM EDT) -- "Disruption" is based on the idea that new companies with cutting-edge business models cause older, well-established companies to reevaluate their existing business models and adjust their purpose. Perhaps the best known examples are new technologies such as Uber and Airbnb, which dramatically reshaped the taxi and hospitality markets. Certain changes in the marketplace are inevitable as technology progresses, but truly disruptive technology causes seismic shifts in the fabric of an industry. Disruption completely revolutionizes the way business is done, and is markedly different from sustaining technology, which is more akin to incremental improvements that are merely "better mousetraps."[1]...

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