The Way Forward - The Future of Insurance: “The future of insurance will be written by those who move from predicting the past to architecting the future, transforming risk from a liability to be avoided into an asset to be managed." - Futurist Jim Carroll
The insurance industry stands at a historic inflection point - moving from always looking back, to increasingly looking right now and looking forward.
Think about it - for centuries, the foundation of the industry has been the actuarial analysis of the past—a model that involves looking at what happened, and indemnifying customers based on that reality. That era is over. A powerful convergence of hyper-connectivity, artificial intelligence (AI), and accelerating, complex risk is forcing a new model, in which insurance is underwritten not just by looking at the past to predict future risk, but by underwriting that risk based on real-time information and concise information on what might happen next.
This is a huge change - and one that is massive both in terms of the challenge and the opportunity.
I've been covering trends in the industry for 30 years. Looking back at my keynotes and what I've written about the industry, 10 key trends stand out that are reshaping the global risk landscape identified above.
The shift to predictive analytics
Hyper-connectivity & the Internet of Things (IoT)
The acceleration of risk
AI-driven underwriting and claims
Just-in-time" & usage-based insurance (UBI)
The blurring of industries
The rise of the empowered, digital customer
The reinvention of distribution channels
The transformation of actuarial science
The emergence of "risk architecture" as a service
Despite the immense promise of these trends, the insurance industry has been notoriously slow to change. Like, really slow! It's said that more than half of the coding in the industry still runs on COBOL! This means there is a huge speed divide between the new InsurTech startups and legacy companies.
Like I said.
That's a big challenge.
And it's a huge opportunity!
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Futurist Jim Carroll has covered the insurance industry extensively in his blog, which can be found at https://jimcarroll.com/category/insurance/
**#Insurance** **#Risk** **#Technology** **#AI** **#Predictive** **#Innovation** **#Digital** **#Analytics** **#Transformation** **#Future**
Original post: https://jimcarroll.com/2025/09/decoding-tomorrow-the-way-forward-6-insurance-the-future-of-insurance-will-be-written-by-those-who-move-from-predicting-the-past-to-architecting-the-future-transforming-risk-from-a-liab/
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