Resistance to change is the biggest weakness of insurers and brokers, according to a survey at the 9th annual Global Communications, Technology & Media (CTM) Forum in Salzburg.
The survey, carried out by broker JLT, found that 59 percent of attendees believed that the insurance market needed to be more innovative.
“Whilst many other industries are working hard to push forward with innovation and new ways of working sadly insurance is lagging behind,” said Peter Hacker, global head of the CTM practice at JLT.
“The survey also found that a majority of those at the Forum ‘strongly agreed’ with the statements: 'Insurers don’t understand patent infringement and cannot rate the risk properly,' and 'CBI claims are a recipe for disaster and disputes'.”
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CTM Forum, JLT, CBI claims