Panel discussion at Future of General Insurance conference
While the digital world allows insurers to create more appealing products for customers, keeping the data may become expensive as new data regulation becomes effective, according to a November Marketforce panel discussion with several insurance CEOs in London.
At the same time, insurers need to keep pace with new developments, and they are more likely to find appropriate technological solutions outside of the company rather than in-house, the executives noted.
Richard Rowney, CEO of LV= said that his biggest worry is that the industry may be still too complacent with respect to the change that the insurance business is undergoing. Traditional players may be busy with renewal pricing and rewarding loyalty, and may be giving new entrants opportunities to disrupt the market.
“It’s always difficult for the bigger players in the industry to say we won’t keep complacent, we’ll develop a culture of change,” Rowney said.
Insurance, Insurtech, Technology, Global, Richard Rowney, Ken Norgrove, François-Xavier Boisseau, Jens Henriksson