For an age it seemed like the insurance industry was unaffected by change. Go to Lloyds today and you find an industry steeped in history and you could tell yourself that it will never change. Indeed, some things around insurance should never change, upmost good faith as a core principle for example. However, much like how video rental companies and black cabs in London have seen over the last decade, disrupters have had a massive impact in a very short time. The way Netflix and Uber, to name just two examples, have penetrated their respective markets and importantly the consciousness of potential customers, is staggering.
What does this mean for the insurance industry then? Read full article to find out.