The Ultimate Disruption: Trump Wins
Robert Regis Hyle | November 09, 2016
It’s a new day, America. I just wish I knew what that meant. I’m sure I’m not alone in wondering where things are headed over the next four years. People who believe they know where Donald Trump will lead this country are only kidding themselves. He has been an outsider like no other person ever elected president.
He also believes, for the most part, that he did this on his own. He has battled with members of his own party as well as with the opposition and even though the Republicans now control both houses of Congress and the executive branch, we can hardly expect business as usual.
The newly elected president will not betray the people who put him in office, at least not yet. His winning margin over Hillary Clinton doesn’t scream mandate, but this was as much a victory for Donald Trump then it was a victory for the Republican Party.
As I listened to a gracious and humble victor early Wednesday morning, I was heartened by his words and believe his agenda will revolve around bringing some unity to this country rather than settling scores.
Still, as I listened to the pundits discuss what the election of Donald Trump will mean for America, one voice stood out: This is how Trump won the election. Can we expect a 70-year-old man to change the way he does things?
At the ACORD conference last week, I spent time speaking with people about insurance issues, but for fun I asked them what they felt would happen after the election. Most believed Hillary Clinton would be victorious and there would not be any great changes in the business climate of this country.
And if Trump was elected? The general agreement was that no one could predict the future with such an unpredictable person in charge. Novarica’s Matt Josefowicz agrees: “Most insurers' corporate strategy departments were reading the same polls as everyone else, and were planning for a Democratic administration with a possible Democratic senate,” he says.
Josefowicz believes insurers should start worrying about healthcare again. “However flawed the Affordable Care Act may have been in the industry's eyes, at least it was a known quantity,” he says. “With the incoming administration's plans to repeal-and-replace facing no opposition, everything may be up for grabs again.”
He also believes insurers need to worry about interest rates. “While the Trump campaign has indicated they favor higher interest rates, market uncertainty, a global low-interest environment, a rhetorical focus on jobs creation, and a Fed chair whose term lasts until 2018 may indicate that the current ultra-low interest rates will continue for the next few years at least,” says Josefowicz. “Insurers will remain in the double-bind of being resource strapped while badly needing to invest in new capabilities.”
We have spent a great deal of time over the last two years talking about disruption in the world of insurance and technology. Most have looked at it as a good thing for the industry and discussed the need to get on board or be left behind.
Well, the ultimate disruption took place on Nov. 8, when Donald Trump shocked the world and was elected 45th President of the United States. No one predicted such an event would take place, so it seems silly to try and predict what the benefits or consequences of such an electoral decision will mean. We’ll find out soon enough how much disruption we can handle.
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Tower Selects EIS Group’s Insurance Platform to Drive Transformation
- NTUC Income Selects Majesco Distribution Management and Majesco Digital Solutions to Advance its Distribution Management Operation
- Emerson Reid Modernizes Its Business Processes With VUE Software
- Octo Telematics Powers CAA MyPace™ Pay-As-You-Go Program
- Announcing the Solartis Insure Microservice Hackathon
- DataCubes Completes Plug and Play Tech Accelerator Program
- Medical Mutual of Ohio Implements One Inc Digital Payments
- SUNZ Insurance in Production with Sapiens’ Workers’ Compensation CompSuite® Policy System
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA is pleased to present the 2014 Webinar Series. We have many topics for you to choose from and attendance is open to all ITA members. The webinar topics are current and exciting — ranging from predictive analytics to telematics and will focus on the direction insurance carriers need to follow for the future. All webinars are presented by insurance IT professionals along with some of the leading analysts and consultants in the field. There is no cost to attend an ITA webinar. For more information and to register for the webinar, click the “title” of the webinar below.
BLOGS AND COLUMNS
It has become a common refrain over the past few years to view the practice of enterprise architecture (EA) as something that time has passed by, much... READ MORE
One important trend in society over the past decade is our increasing ability to create and consume a seemingly unlimited amount of digital content... READ MORE
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE
Fraud detection has always been and will continue to be a critical component of claims management. Learning the lessons from current claims Straight... READ MORE
- Vendor Views