The insurance industry will be profoundly disrupted by technological change, Vincent J. Dowling Jr., Managing Partner of Dowling & Partners Securities LLC, told attendees at MMC's Young Professionals' Global Forum in London. "In your careers, personal and commercial auto (insurance) business will be gone" as we currently know it, Mr. Dowling told delegates. The U.S. personal auto market, he noted, was worth USD 207 billion in net premiums last year. He also stated that lines of business such as small commercial lines will be profoundly changed by disruptive technologies. "I have been following the property/casualty (P&C) industry for 35 years. And I would argue that there has been more change in the past five years than the previous 30 - and we are just at an inflection point of that change," Mr. Dowling said. Previously, he said, insurance industry participants would not have competed against a client or supplier. But the influx of new
Vincent J. Dowling Jr., Managing Partner of Dowling & Partners Securities LLC, addressing attendees at MMC's Young Professionals' Global Forum. Click here to register to receive e-mail updates >>