This is a really good article on how the industry must fundamentally reinvent itself if it is going to survive in the digital world.
I think some insurers are starting to get this and are creating things like innovation hubs. But I wonder whether these environments really work in driving the kind of 'mindset' change that is required?
one insurance executive noted that it would never enter the minds of the best talents in IT to go to work in insurance. Insurance IT would be seen as dull, routine, and unfulfilling. This rapidly becomes a self-perpetuating cycle, because without a constant inflow of talent and ideas, a business will not even know it has to take risks to adapt to change.