Belonging to the insurance industry means this company will be affected directly and indirectly by a number of disruptive opportunities and challenges over the coming decades. While described in detail within Quantumrun’s special reports, these disruptive trends can be summarized along the following broad points:
*First off, the shrinking cost and increasing computational capacity of artificial intelligence systems will lead to its greater use across a number of applications within the financial and insurance worlds—from AI trading, wealth management, accounting, financial forensics, and more. All regimented or codified tasks and professions will see greater automation, leading to dramatically reduced operating costs and sizeable layoffs of white-collar employees.
*Blockchain technology will be co-opted and integrated into the established banking and insurance system, significantly reducing transaction costs and automating complex contract agreements.
*Financial technology (FinTech) companies that operate entirely online and offer specialized and cost-effective services to consumer and business clients will continue to erode the client base of larger institutional banks and insurance companies.