Insurers have been urged by the rising stars of the profession to innovate now or risk becoming irrelevant to the public.
A report by the Chartered Insurance Institute’s New Generation London Market group concluded if the insurance profession does not learn lessons from the pandemic and innovate it could soon no longer meet the public’s needs.
The report urges senior insurance leaders to improve the profession’s innovation culture by:
- Identifying their own organisation’s barriers to innovation and take relevant steps to address these issues.
- Communicating an understanding of innovation that shifts the focus from improving current operations to addressing changing needs.
- Promote how innovation is achieved more effectively.
Matthew Connell, director of policy and public affairs at the Chartered Insurance Institute, said: “A combination of weak innovative culture, fear of failure and a predominant focus of improving current ways of working, will limit the profession’s ability to address needs.
“This report from the CII’s New Generation Group shows the value of engaging with fresh entrants to the profession and encouraging them to challenge our processes.
“Professions that fail to innovate at best plateau. In this digital age, we all must understand what engages and empowers consumers to take action to mitigate the risks they face through insurance products if we are to remain a modern, relevant and able to meet the diverse needs of the public.”
The Chartered Insurance Institute’s belief that encouraging fresh and innovative thinking will enable us to meet our Royal Charter requirement of securing and justifying the confidence of the public is why the CII launched the flagship talent programme, the New Generation Group, back in 2011.
Each year the CII gathers 40 promising professionals from claims, underwriting, broking and the London Market and sets them the challenge of identifying and completing a project or initiative they believe could make a difference to the insurance profession.
After 12 months together, the New Generation Groups present their work to the CII’s board.