In the future there will have to be a restructuring of insurance companies. They will have to be either non-profit or government run. That way they will be looking out for their constituents’ interests and not their own interests. This is supposed to be the point of insurance in the first place. To be helping people. Right now insurance is a huge money making industry which is focused on profits. The companies are bloated with excess departments, employees, and policies. Insurance companies should be and will have to be more like a moral triage group enabling those in need to receive the type of attention required for their situation.
With the restructuring of the economy away from competition and profit and toward sharing and cooperation and true teamwork, everyone will gain from a more friendly and healthy economic atmosphere. The insurance industry will transform into a sort of community bank account from which we may withdraw funds in time of need. Of course there will have to be transparency and guidelines so that some do not take from the account excessively and other industries will have to help out as well to prevent this occurance by providing services at resonable and affordable rates. That way together we can all rise as opposed to a few rising on the backs of others.
Education will be provided for free to anyone who wishes to receive it. That will help remove the road blocks to getting ahead. The general prosperity of the community will help the insurance fund to have the money available that it needs to be a successfully run entity. Basic housing and food will be provided at no cost so this will eliminate the need for costly home insurance as these things will be provided regardless. The sharing ethic of the community will ensure that the builders are properly taken care of in reward for their service to the community. With education, housing, and sharing will be job networks to match people with suitable trades so that all people are kept actively engaged in the community.
In the future there will be little need for insurance companies because the community will take care of its own. The new culture of sharing and cooperation will eliminate the need for costly insurance and its high overhead profit margin. Insurance companies will help the community take care of itself and nothing more. They will not have wealthy CEOs and executives flying around the country and taking extravagant vacations. These are the types of costly overheads which will be eliminated in the economy of the future. The future society will have an emphasis on community and not gross individual achievement. Likewise insurance companies will be one feature of the community and not a large one. They will be a mere speck in the great macrocosm of the new human cultural identity which is to come.