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The Future of Insurance

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The Future of Insurance

From Disruption to Evolution

Bryan Falchuk,

15 min read
7 take-aways
Audio & text

What's inside?

Conservative by nature, the insurance industry is showing signs of a slow yet steady evolution. 

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  • Overview
  • Background
  • Concrete Examples


Insurance is in the business of helping people and companies survive risks and rebuild lives and commerce. The industry is now facing its own challenges of how best to embrace change as “insurtech” comes onto the scene. But start-ups and incumbents need not be at odds with one another, says insurance executive Bryan Falchuk. He advises established firms to collaborate with newcomers, elicit feedback from all quarters and always keep the consumer top of mind. Insurance professionals will find his book a solid reference guide for an industry in transition.


Changing client needs are transforming the insurance industry.

New opportunities to serve insurance clients are arising through advanced technologies appearing across the economy. Many innovations have insurance industry applications, such as using drones to assess property losses. “Insurtech,” the moniker for the industry’s use of technology to achieve certain outcomes, will not necessarily replace existing providers, but it will enable greater efficiencies for serving clients. Some of these developments will disrupt central insurance functions, like actuarial risk modeling or the claims process. And long-entrenched business structures, such as agent and broker distribution, also could give way to digital tools.

Emerging insurtech companies are exerting significant pressure on the industry to adapt. Some new entrants are developing products for incumbents to gain efficiencies in an effort “to be faster, nimbler and more flexible in serving the insured.” Some insurtech firms, like Lemonade, are competing directly with established carriers to offer products to consumers. The insurance sector, though, is undergoing...

About the Author

Bryan Falchuk is an insurance industry veteran with experience in corporate strategy and insurtech.

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