Technological change to force re/insurance to innovate at a macro level

22-03-2017

Technological change to force re/insurance to innovate at a macro level

Richard Clark, Xuber

Innovation and change never occur in isolation—they happen because of external forces, argues Richard Clark, business development director at Xuber, a part of CSC, as he tells Intelligent Insurer about the drivers of change for re/insurers at a macro level.

All industries and companies must evolve and adapt to changing forces around them. Yet this process is rarely triggered by internal motivations—companies and individuals do not change for the sake of it, and many actively resist a change.

Instead, external forces will ultimately drive the process. Richard Clark, business development director at Xuber, says the nature of these external forces may drive change and innovation at a macro or a micro level. Here, he focuses on the way the former may provide the driving forces and motivations for the risk transfer industry to adapt to and accept change.

Clark stresses that a key consideration when looking at the macro drivers of change is the truth of the old adage: necessity is the mother of invention. He notes the great technological advances and other forms of innovation that have occurred during wartime and says that the acceptance of change that often leads to innovation can be applied to many industries and different scenarios in business.


Xuber, CSC, Richard Clark, Technology, London, UK

Intelligent Insurer