Summer is here, and before everyone puts on their Out of Office message in hope of soaking up some sunshine, we once again brought together some of the most prominent insurance executives and key industry influencers, consultants, journalists, etc. at one of Londons most intriguing venues, the Victorian Bath House.
Before tucking into a three-course meal and a selection of wine, we heard from industry experts Chris Carney and Madeline Bailey, who delved into some of the biggest issues facing the market today.
Chris Carney, Managing Director, Consultant and experienced insurance executive who has racked up 30+ years in the industry most recently at Marsh and Willis, kicked off proceedings with his thoughts and questions on The Future of Broking?
He was followed by Madeline Bailey, a strategic change professional with over 17 years experience most recently as Head of Strategic Initiatives MS Amlin where she explored the latest mega trends globally in digital, business models and (re)insurance. Madeline spoke about her work with Professor Dan Cable from London Business School on the emotions and neuroscience of innovation, offering her reflections on the insurance industry and what needs to change.
Here are our key takeaways from what our experts had to share:
- Change is not what it used to be
With so much uncertainty around, change is no longer as straightforward as it used to be. The insurance market is as crowded as ever, and with new agile start-ups shaking up the status quo and large multinationals like Amazon looking to break into the market, brokers are facing change on all sides. As a result, brokers need to think about how they can ensure they remain valuable in an ever changing value chain.
- Broking in an age of unreason; its all about keeping it simple
To stay relevant and ensure they make the most out of these uncertain times, brokers need to keep it simple. By carefully considering their clients needs, providing solutions they want to buy, and delivering these seamlessly, brokers will cement their place in the value chain. Data plays a key role in doing this effectively; by using data, we can better understand what customers want, create products accordingly and deliver an all-round better customer experience.
3. Every business has to innovate
Customer expectations are higher than ever before. As a result, all businesses, regardless of their sector, need to innovate. The insurance sector, however, has further to go than most to meet growing expectations. In an industry that is reticent to change, this is particularly challenging. To overcome this, brokers need to think about how they can inspire their people to change this mindset. More often than not, the secret to this is empowering them to make it happen. People like to feel empowered, and doing so will make them more likely to get on board with change.
4. The organisations that deliver better, do better
It may seem simplistic, but its true: the organisations that deliver better, faster and cheaper services than their competition, and offer true customer value, are the ones that will come out on top. At the heart of achieving this is making sure that brokers have the right technology in place to make this dream a reality.
Novidea would like to thank everyone who came along to summer briefing. We hope you had an enjoyable evening and we look forward to seeing you at our next briefing. To find out more about Novideas technology, or if you would like to find out more about our upcoming events and webinars, please get in touch [email protected]