The insurance industry must embrace change like never before

In her book, Imagine It Forward, former GE vice chair Beth Comstock wrote, “the pace of change will never be slower than it is right now.” What makes this statement especially sobering is that Comstock’s book was published in 2018. And the pace of change is indeed accelerating every day.

As of this writing, it appears that 3%-plus inflation is not going away any time soon, and no one can predict the impact of artificial intelligence and its effect on business, the energy grid, or society in general.

At the same time, our industry must adapt to the changing lifestyles and needs of millennials and their younger siblings in Generation Z (and very soon, Generation Alpha), as these younger consumers reach important milestones in their lives with much different attitudes about work and finances.

The insurance industry must embrace change like never before.

We challenge leaders in our organization to view change as not only inevitable, but also as an opportunity to do things better and to find new solutions to old problems. We begin by asking, “What is the worst thing that will happen if we change this?” Often we see that we have nothing to lose and everything to gain.

With 2026 now in full swing, I wanted to share some observations and recommendations for how all of us in the industry can better serve our communities while at the same time growing our businesses.

AI can be your secret weapon – if you embrace it

If you ask 10 people what they mean when they talk about AI, you will likely get 10 very different answers.

AI has become the great equalizer. For those who feel bypassed by the rise of social media and other methods of digital communication, bear in mind that AI is new for everyone, and there is no excuse for not taking time to learn and discover strategies that help you work more efficiently and effectively.

Spend some time learning to build prompts for ChatGPT, Perplexity or ClaudeAI. Read up on building agentic systems to streamline processes and connect with customers. You don’t necessarily need to know anything about computer coding to create something useful for your business.

Plus, there’s nothing better than sharing an AI success story with someone much younger than yourself, and it will make relating to younger customers even more rewarding.

Gen Z: The new pioneer spirit

The oldest members of the baby boom generation will turn 80 this year. The stories they tell their grandchildren and great-grandchildren about working 30 years for the same company and retiring with a gold watch and a pension sound like fairy tales from another time.

Members of Gen Z came of age during the depths of the Great Recession, and many saw their parents lose homes, lose jobs and suffer the hardships of economic forces beyond their control. Although many regard corporate America with suspicion, and some even question capitalism, this generation is incredibly resilient and entrepreneurial. Gen Zers take responsibility for their own careers and have embraced new ways of working, from the gig economy to solopreneurism.

These rugged individualists present a different kind of challenge for insurance professionals. While their older siblings, millennials, delayed life-changing events such as marriage and childbearing, Gen Zers are designing their lives using their own conventions.

The Gen Z belief in self-reliance and taking responsibility for one’s own destiny align with our industry’s promise of protecting hard work and preserving one’s legacy. While many see Gen Zers as free-spirited and challenging, we see an opportunity to connect based on common values.

The high cost of living isn’t what it used to be

In addition to the skyrocketing cost of groceries and even simple luxuries such as dining out, modern living is more expensive than ever. Cell phone service and home internet, which didn’t exist a generation ago, are now standard household expenses, and fewer consumers have access to employer-paid health care than ever before. It simply costs more just to live in modern society.

Even those who understand the value of having a life insurance policy may think they can’t afford it. Even when you tell someone they can protect their family’s financial future for less than they spend each month on streaming entertainment services, it can be a hard sell. To many, it can feel like paying for socks and underwear when you really want a new cashmere sweater.

The good news is we may be seeing a return to “adulting,” as many seek to escape the chaos of recent years with a return to more traditional lifestyles and family structures.

Younger people are moving to rural communities in record numbers, telecommuting to jobs in major cities while enjoying the lower cost of living available in smaller towns. Many young people are establishing families before embarking on careers, reversing the “career first” mentality of the past few decades.

2026 promises great things

We have no way of predicting the future. Our nation will celebrate its 250th birthday in July and elect new leaders to state and federal offices in November. We’ll have an Olympiad and a World Cup. Beyond that, who can say what 2026 will bring?

What I can say with certainty is there is reason for optimism. As insurance professionals, we have many challenges ahead. By embracing change, we will succeed as never before.

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Denise M. McCauley is chair, president and CEO of WoodmenLife. Contact her at [email protected].