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?
Kuczinski (Munich Re, US): The insurance industry is in a period of change driven by the same disruptive forces that have already transformed many other industries. Concurrently, the very nature of risk is changing, along with the tools we use to assess, manage and mitigate it.
How big is this change? A 2017 survey of industry insiders, regulators and observers conducted by PwC and the Centre for the Study of Financial Innovation (CSFI) found that change management is the biggest risk facing the global insurance industry over the next two to three years. Four years ago, it ranked No. 15. Success in this environment demands perpetual innovation and the ability to reimagine the world of risk. Yet, this must come at a time when many in our industry are saddled with business models that haven’t changed much in the last 200 years.
Going forward, innovation will help our industry shed historical encumbrances, such as legacy IT systems and relatively low customer focus, to ultimately expand the boundaries of insurability. It will lead us to embrace new business models that are more data-reliant, customer-focused and service-driven.
As insurance startups not only continue to emerge but to mature and scale over the coming years, we will need to fully engage in order to build on today’s ongoing advances in customer experience, engagement and acquisition and help to drive the changes to how insurance products are designed, priced and operated. We must provide our clients new insight, access to new technologies and tools for distribution, and service and product opportunities that will help them adapt to a changing market and enhance their business opportunities.
Clearly, the future of our industry, and of commerce, belongs to those who innovate.
Read more Future Insights by person
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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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