Distribution channels of the 21st century

Document description

The aim of this report is to stimulate discussion and thought. It is seen not so much as a learned paper, but a series of thoughts to help actuaries (and others) improve their awareness of the fundamental changes taking place in what we currently call the insurance market. Perhaps the biggest conclusion is that no one knows what our industry will look like in 5 years (let alone 20). The speed at which customers adopt the new technologies, the speed with which current insurance providers adapt and experiment, the imagination that they and other (new) players employ in designing products that truly meet customers' needs and creatively use customer information are imponderable. Likely scenarios include greater automation, lower expense bases, greater competition brought about by price transparency, further changes to the role of 'middlemen', globalisation, virtualisation and mobilisation. All of this will impact on the way that actuaries work in general insurance. Let us open-mindedly seize the opportunities that are being created by this electronic revolution.