Disruption has been a talking point in business since the turn of the century. Dire warnings about how failure to transform will consign a business to the waste bin of history came thick and fast.
And it happened. Challengers emerged in many sectors and made whole business models redundant across entertainment, retail, travel and more. However, the financial sector, and especially insurance, has remained insulated from the need to change.
The complexity of regional rules and regulations, the sheer size of long-established banks and insurance companies, the trust that financial brands have built up over years and the wish for a point of human contact combined to keep disruptors at bay.