• March 14, 2017

3 Industries Primed for Digital Disruption

In a world evolving with digital transformation, these industries are a little bit behind. 

More and more, success requires transformation to the world of digital, and most industries have already started going there. Digital is revolutionizing everything from healthcare and entertainment to financial services and manufacturing.

Yet despite being primed to make the leap, some industries seem stuck in the gate. Here are three examples:

  1. The legal industry. Lawyers haven’t historically been known for embracing innovation or adopting new technologies. But as changing workforce dynamics give rise to virtual law firms, as millennials climb the ranks and look for ways to leverage technology to achieve better work-life balance, and as clients demand greater transparency and innovation, all of this is about to change. In fact, technology is already starting to transform the way that lawyers approach research and collaboration—and that’s just the tip of the iceberg.
  2. The real estate industry. If you want to buy or sell a house, that typically means going visiting with a real estate agent in person. Over the past few years, however, a number of digital real estate agencies have emerged, giving consumers the ability to buy and sell homes online. While online real estate agencies currently only have 4 to 5 percent of the market share, given the money that consumers can save by buying and selling their homes online, expect to see a lot more disruption in this industry in the years to come.
  3. The life insurance industry. Life insurance has typically worked in a pretty standard fashion: People buy insurance in exchange for a payout to their beneficiaries upon their death. But with all of the data life insurance companies can access, they’re in a unique position to help customers better manage their health while also being able to make better decisions about pricing. Going forward, we’re likely to see a major shift as life insurers try to harness the data at their disposal to create more contextual experiences for their customers.

While the legal, real estate, and life insurance industries may be a bit late to the party, they’re more than poised for digital transformation. Make no mistake, the companies in those industries that do it first and best will be the last ones standing.

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