Hartford Partner Alan Levin and Chicago Partner Rowe Snider addressed the complex challenges that the U.S. re/insurance market is currently facing. Levin noted, “We’re in a rapid period of consolidation right now. That’s a real issue and I think it’s going to affect pricing. The other challenge the market has is the effect of technology and insurtech.”
According to Snider, the trends that Levin refers to are so powerful that, especially for smaller to mid-market insurers, the real question becomes whether they see themselves as insurance companies or reinvent themselves as technology companies. Snider says, “In order to compete, they must become agile, and it’s a very traditional marketplace in terms of management styles. Suddenly they are faced with disruptive forces.”
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