Disruptive Innovation in Insurance Sector: A Path Towards Progress

Abstract

A disruption innovation is a concept which generally originates from less demanding customers at the low end or non-existed (or new) markets. It is a process and not a product or service. This new business model significantly differs from the current existed. The future market will be owned by the customer demand and low-cost services with transparency in the process with high-quality digital services must be offered by the insurers to sustain in the competitive world. The future customers in front of the insurers are the millennials and the post-millennials era people; these are digitally and technologically advanced customers. Thus there must a service offers accordingly to attract and retain them. This paper highlights the use of disruptive innovation in the insurance sector.