The insurance industry is facing a sustained period of transformative disruption that’s largely based on new competitors and technological advancement. Consider that 86 percent of insurance CEOs believe technology will completely reshape competition in the industry or have a significant impact over the next five years, according to a PwC survey. Change this rapid will leave casualties, but insurers that innovate and embrace the new have a real opportunity to shine.

Insurance may have a reputation for conservatism, but it actually has a proud tradition of innovation. The insurance industry has driven important developments in health care, crime prevention, firefighting, road safety and many other areas over the years. Now, it stands poised to deliver fresh innovations that will improve safety for all through new technologies like the Internet of Things, big data and artificial intelligence. But realizing this potential requires an innovative culture, and carriers need to be proactive in order to create one.