Here’s a good article on the decline of the insurance industry’s fast-follower technology theory.
Short version: the pace of technology change is increasing, to the point that insurers are starting to move faster on new technologies and new approaches. The old theory of watching what works well for peers, then trying to replicate it is in jeopardy.
Why? -- differentiation, competitive advantage - the keys to successful business strategies. Insurers are learning from other industries that making it work first gives you an advantage. Playing catch-up isn’t as easy as it used to be.
Timely lesson.
Okay, agents - fast-followers, or early adapters?