This article is part of Carrier Management’s series on the Future of Insurance.

Q: What major changes do you see on the horizon for the property/casualty insurance industry in the next 10 years? What will insurance companies, insurance leaders, the industry and its workforce look like in the next decade? What risks will they insure?
Reardon (Hamilton Re): It’s now a truism that the future of insurance will be shaped by the digital revolution. According to the World Economic Forum, the fourth industrial age will see a transformation unlike anything humankind has experienced before.
In 2013, experts reported that 90 percent of the world’s data had been created in the prior two years. By extension, more information has been created in the last two years than in all recorded history. According to some projections [most likely based on Futurist Ray Kurzweil’s Law of Accelerating Returns], by 2020, technological advancement will occur every 30 seconds…
Consider those remarkable statistics in the context of their impact on the assessment of emerging risks like cyber for which there are no historical data. Also consider the world’s shifting demographics. Over 50 percent of the global population is under the age of 30. This diverse, digital generation will increasingly expect quick, easy, technology-enabled access to products and service.
The implications for the industry’s workforce are profound. In the face of a world dominated by the digital experience, what role does the broker or agent play? What kind of trusted adviser must you be when product development is being reinvented in real time?
Similarly, what role does the underwriter play when algorithms can analyze data and select and price risk at the speed of light?
However, far from representing a doomsday scenario, the fourth industrial age will spur true innovation, increased efficiency, relevant products and streamlined distribution—the hallmarks of a truly client-centric industry. In that regard, the future of insurance is full of promise.
Read more Future Insights by person
Mike Albert, Co-Founder, Ask Kodiak
Tim Attia, CEO and Co-Founder, Slice Labs, Inc.
Arun Balakrishnan, CEO, Xceedance
Ilya Bodner, CEO, Bold Penguin
Bobby Bowden, Executive Vice President, Chief Distribution and Marketing Officer, Allied World
Andy Breen, Senior Vice President, Digital, Argo Group
Adam Cassady, CEO, Tyche Risk
Chris Cheatham, CEO, RiskGenius
Trent Cooksley, Head of Open Innovation, Markel Corporation
Mike Foley, CEO, Zurich North America
Guy Goldstein, Co-Founder and CEO, Next Insurance
Mike Greene, CEO & Co-Founder, Hi Marley
Brian Hemesath, Managing Director, Global Insurance Accelerator
Russell Johnston, CEO, QBE North America
Dr. Henna Karna, Managing Director and Chief Data Officer, XL Catlin
Tony Kuczinski, President and CEO of Munich Re, US
Rashmi Melgiri, Co-Founder, CoverWallet
David W. Miles, Co-Founder and Managing Partner, ManchesterStory Group
Pranav Pasricha, CEO, Intellect SEEC
Mike Pritula, President, RMS
Kathleen Reardon, CEO, Hamilton Re
Jeff Richardson, Senior Vice President, OneBeacon Insurance Group
Vikram Sidhu, Partner, Clyde & Co
Christopher Swift, CEO, The Hartford
Rebecca Wheeling Purcell, Schedule It
Keith Wolfe, President US P/C—Regional and National, Swiss Re
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