Reinventing Insurance Business Through Disruptive Technologies
BUSINESS ECONOMICS|November 1-15, 2019
Business models based on data and analytics have facilitated companies like Google, Uber, Airbnb, and Facebook to enter the S&P 500 index in less than 10 years compared to business houses like Microsoft and HP, which made it to the index in two and three decades, respectively.
Rajiv Khosla

Between 1955 (the S&P 500 list was released for the first time) and 1994 (only manufacturing firms considered), there were 347 new firms introduced in the index at the rate of 8.5 firms per year. However, the introduction rate of new firms increased to 14.1 per year between the years 1995 and 2016 (when both manufacturing and service firms were included) and 312 new firms were introduced. It is estimated that at this rate, half of Fortune 500 firms of the year 2016 would be replaced by 2034 and all Fortune 500 companies of the same year would be replaced by new firms in 2051. Market disruptions are not allowing any company to garner profits or increase sales without innovation aimed at lowering prices or offering enormous customer services.

The insurance industry cannot be seen in isolation from this disruption. A look at the following case will enable to understand the future requirements of this industry.

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