Innovation is needed to keep insurers relevant, says industry youth
A new report from the group, made up of 40 of ICN’s most promising young members, has warned that insurance professionals must learn from the pandemic and innovate to ensure the industry can continue to meet customer needs. .
The report also calls on senior insurance leaders to improve the industry’s culture of innovation by identifying barriers in their own organization and taking “relevant” action to address these issues.
He also urged insurance leaders to communicate an understanding of innovation that shifts the focus from improving current operations to necessary changes, as well as promoting the means by which innovation can be achieved. more efficiently.
Matthew Connell, Director of Policy and Public Affairs at CII, explained that a combination of a weak culture of innovation, “fear of failure and the overriding focus on improving current ways of working” will limit the ability of the profession to respond to needs.
“Professions that fail to innovate plateau at best. In the digital age, we all need to understand what engages and empowers consumers to take action to mitigate the risks they face through insurance products if we want to remain a modern company, relevant and able to meet the diverse needs of the public,” he concluded.