The digital world has transformed the way people shops, consumes and buys.
Not only it has changed our habits of purchase, but also it has opened doors to give access to more and better purchase experiences (Ismail N. 2016).
Today, retail consumer demands to reach anything, everywhere at any time, and evaluate or get everything anywhere every time. Such transformation came fast and change industries drastically.
In less than 10 years, most of them have been disrupted. In such context, the insurance industry is facing difficult time.
It is one of the rare industry that have not been affected or effectively disrupted unlike the transportation, telecommunication or hospitality industry. Some explain that the financial crisis and new regulation in place play a major parts of the lack of innovation (Klein, 2012).
Others explain that it is the industry itself that is not open to transformation (Reddy, 2014).
Innovation will come eventually in any case for the last one, the insurance needs more time (Nicoletti, 2016).
The article is a literature review that revisit the context of the insurance industry explaining such situation.
Matthias de Ferrieres has more than 15 years experience in the insurance industry in Asia.