Skip Ribbon Commands
Skip to main content

ACT releases hard-trends report

Seven industry trends impacting independent agency system's future

​IIABA's Agents Council for Technology has released the first phase of an initiative to identify key trends affecting the future of the independent insurance agency system.​ 

The following seven trends were identified and evaluated in phase one:

Mobile First: Mobile, along with social and cloud computing, is what has enabled the cultural transformation and the emergence of the connected consumer. Mobile cuts across everything and will change the insurance products offered, how they are presented, and interaction on services. 

Social Culture/Digital Transformation/Internet of Me: This trend reflects the broad influence and impact that social and digital are having on all aspects of our society, including our business lives. This ongoing transformational change is an expansive, strategic trend that has grown from social web tools and digital technology.

Connected Society: Connectivity is expanding from consumers to business and even things— all aspects of our physical world are being connected. 

Demographic/Segmentation & Personalization: This trend encompasses diversity in every sense of the word: age, ethnicity, culture, gender and connected vs. non-connected.

Growing Availability of Big Data and Actionable Business Intelligence ("BI"): New technologies and techniques are enabling the capture and analysis of more and more data (big data). Agencies and carriers are able to integrate BI into their decision-making in real time, enabling them to understand their consumers and operations better.

Changing Nature of Insurance Risk: Changing social norms, applications of technology, climate change and all of the trends noted above and more are changing the types of risks that consumers and businesses are facing.

Information Security & Privacy Regulation, Cyber Liability: In addition to federal and state regulations for security plans and procedures, the costs of data breaches will become more expensive to businesses. Growing risks also create opportunities for carriers and agents to provide coverage and risk management guidance to clients. 

The report has also resulted in a list of industry "Must Do" undertakings, which will drive key actions needed by ACT work groups, as well as other industry programs (like the Big “I” Diversity Task Force). As an example, one of the key objectives is to proactively respond to the trends to create an enhanced customer experience.