The USD 5 Trillion global insurance market is in the midst of a game-changing course correction that will re-define 'business as usual.' A 'digital first' urgency is sweeping across the landscape, driven by a new generation of consumers, data, automation and Artificial Intelligence. Today, more than 80 percent of the premiums collected by insurers is lost to distribution costs. Digital models will make intermediaries in the insurance value chain - marked by their excessive dependence on human effort - obsolete. AI will occupy center stage in insurance, driven by newer data channels, better data processing capabilities and advancements in AI algorithms. For example, InsurTech company Lemonade's business model deploys AI and behavioral economics as its core elements. While AI eliminates brokers and paperwork, its behavioral economics capabilities minimize fraud - leading to reduced time, effort and costs. Another InsurTech firm Tyche has deployed an AI-infused claim likelihood model in underwriting to accurately determine the risks and achieve higher profitability. Bots will become mainstream in both the front and back-office to automate policy servicing and claims management for faster and more personalized customer service. Premiums will become highly personalized, enabled by new sources of tech-enabled data such as Internet of Things, mobile-enabled InsurTech apps and wearables. With the connected devices market poised to grow strongly in the next five years, Property and Casualty (P&C) insurers will be able to extract real-time and accurate data on the loss exposure of individual consumers. This will help them proactively respond with timely and highly personalized interventions.