With the ever-greater realisation that not only risks, but customers are changing to such a great degree that there is a need for innovation, investment in new thinking is critical.
I have posted regularly on #InsurTech over the last few months, and will continue to do so moving forward. The important thing for the (re)insurers to do is provide a platform and environment where innovators and entrepreneurs feel welcomed and supported.
This report from the Intelligent Insurer profiles young executives from the sector, and highlights that perception of the industry is shifting in the right direction.
The re/insurance industry has long played second fiddle to other more glamorous financial sectors such as banking when it comes to attracting and retaining the best talent. The lure of big bonus cultures combined with the perception of a fast-paced and cutting-edge innovation has made banking the first choice of many of the best and most ambitious graduates. In contrast, the reinsurance industry in particular has been associated with a more traditional culture and a slower pace—of both change and innovation. In the eyes of young ambitious career-minded individuals these attributes have limited its appeal. This perception is starting to change, however...