Weekly News Roundup – 19th February
The changes technology is making to the industry are even going to affect the iconic underwriting room of Lloyd’s (see more below) but it is crucial those changes create fundamental differences to the way underwriters, brokers and the rest of the ecosystem work. Transformative innovation may be risky and will, inevitably, take a long time but the investment will pay off. Scarily, a recent annual survey revealed that only 35% of insurance executives had an active and comprehensive plan for innovation. Fingers crossed that will be rectified soon!
Let’s do more than create faster horses (Source: Insurance Thought Leadership)
An interesting discussion on the adoption of digitalisation in the insurance world and how crucial it is to involve the whole ecosystem. (The author quite rightly says you wouldn’t design a restaurant without input from the chef so why would you not discuss with brokers and underwriters the technology that will change the way they work?!)
Surprising lack of innovation plans (Source: Insurance Thought Leadership)
Two thirds of global insurance executives have not got an active and comprehensive innovation plan in place.
Lloyd’s of London searching for ideas for ‘re-imagined’ underwriting room (Source: Insurance Business Magazine)
Following a recent interview where the Chair of Lloyd’s indicated the physical footprint of the underwriting room would be changing, plans are now underway on the future design.
How technology is giving UK property risk placement the upgrade it desperately needs (Source: OneAdvent)
Forgive me for tooting our own horn but one of our brilliant MGAs, Modus, has just released an online broker platform that will transform how UK property risk placement is done.
The fight against COVID-19; the risk impacts on healthcare (Source: AXA XL)
A lot of the world has been brought to its knees by the virus and the life sciences industry has had to adapt to big changes. Find out more about the risks life sciences companies are facing and how risk engineering and transfer is playing a part in helping to manage them.
Have a good one.