Blockchain. Robotic process automation. Chatbots. Comparison shopping sites. Insurance brokers might just be becoming familiar with these technologies, but the way they do business could soon get a total makeover as consumers continue to demand that products and services – insurance included – be made available through these platforms.
In a recent article circulated by the International Insurance Society, Andrea Potter, insights director at EYQ, poses the question: “[In the future], will companies as an organizing force even be necessary?”
Potter argues that technologies – particularly artificial intelligence and blockchain – “will have profound implications for the way markets work. Machines will transact autonomously with other machines, as well as directly with people – automatically requesting service, triggering inventory replenishment or bidding for power.”
Potter also argues that value creation will move from traditional corporate structures to the open environment of a world connected by the internet.
“The future unit of funding might become specific projects and ideas – or even virtual networks of connected entrepreneurs – and not companies,” she said. “The future could see decentralized autonomous organizations that run on blockchains enter into contractual relationships with other people or machines, build networks of autonomous agents that interact with one another, and perform specific objectives.”
As technology pushes the corporate organization to adapt, leaders must think about prioritizing innovation and creativity, Potter said, adding that “building unique services into products and bespoke experiences into services will be the differentiator.”
Potter also predicted that efficiency will become the de-facto standard in the delivery
of products and services, and creativity and the ability to generate value will be highly prized among individuals and organizations.
Another imperative for surviving the next wave of technological advances is focusing on leadership strategy.
“Managers must be liberated from operations to become strategic programmers of the business machine,” Potter said.
Survival will also require a strategy to retain the best talent, she added. “Every company should also reposition itself as a dynamic learning community, made up of people who are committed to it despite having the option to contribute anywhere and everywhere,” she said. “At the end of the day, the best and brightest people will build their affiliations with enterprises that can make them smarter and more capable by a prolonged association.”
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