As the re/insurance industry struggles to turn good ideas into tangible innovation, one solution could be investing in ideas and ventures in the same way as a venture capital fund, James Berkeley, managing director of Ellice Consulting, tells Intelligent Insurer.
Why do demands for diversification in the re/insurance business today reveal so little about the customer and so much about the fears of re/insurers and brokers? This is the question posed by James Berkeley, managing director of Ellice Consulting, a specialist in helping companies improve their performance.
Berkeley has worked with insurers and brokers that include Travelers, Aon and Jiangtai Insurance Brokers. He argues that if a company’s objective is to grow profitably in both the short and the long term, then they should start by using a telescope, not a microscope.
“They should think of the future and work backwards rather than trying to gradually inch the organisation forward in today’s hyper-competitive property cat and other lines of business,” he says.
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James Berkeley, Ellice Consulting, London, Europe