The great economist Joseph Schumpeter coined the term and the concept creative destruction, which is the idea that business is in a constant state of innovation and change, and companies that can’t adapt and change will lose customers, market share and ultimately go out of business. With the ever-increasing dominance of companies like Google and Amazon, could the traditional sale of insurance fall prey to this phenomenon too?
With the advent of the new generation of Web solution, business is not the same as it used to be. Major industries have closely aligned their processes to technology. Insurance carriers are left with few choices but to embrace these innovations in order to stay relevant, and there is no denying that technology has become an integral aspect of customer satisfaction.