Back to the (Insurance) Future

back_to_the_future

The pop culture was all abuzz with Back to the Future references this past week because October 21, 2015 was the fateful day in the “future” to which characters Marty McFly and Doc Brown (no relation, though my daughters tell me there is some resemblance when I am stressed) in the second Back to the Future film.  It certainly had Chicago Cubs fans all geeked since the film teased a Cubs World Series win in 2015 which seemed plausible until just a few days ago.  So much for that.

Even the insurance press got into the spirit of the week.  Insurance Journal published this fascinating comparison of today’s insurance industry with that of the mid-1980s from whence Marty McFly traveled.  I found this especially entertaining since the mid-1980s was when I began my career as a Michigan State graduate (more on that in a moment) who had just accepted my first full-time employment gig as a commercial underwriting trainee with CIGNA Property & Casualty Insurance Company.  I remember the ISO changes and the “new” Commercial General Liability policy forms, thankful that I didn’t have the “baggage” of knowing a whit about the forms they were replacing.

On the other side, there is this Insurance Journal glimpse 25 years into the future of auto insurance.  As difficult as it is for an “old-timer” to imagine an auto insurance market 60% smaller than today’s market, the logic is sound and plausible.  But have no fear young insurance professionals, and students preparing to join the industry.  There are and will continue to be growth opportunities for the insurance market as long as innovation and economic growth persists.  Two words:  Cyber Risk.

Oh yeah, about the young underwriter and graduate of Michigan State University… please indulge me as I share this religious experience from last weekend.  Go Spartans!

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