Andrew Brem claimed that insurers are no longer being measured against their peers but against digital innovators in other sectors – including retailers like Amazon and taxi firm Uber.
"It is well acknowledged that this is the age of the digital disrupter – and that's as true in insurance as it is in any other industry," said Brem.
"So if we are to survive and succeed in the digital age we all need to up our game - whether we are a broker or an insurer. As an industry we're still waiting to be digitally disrupted.
Brem said that he had witnessed an explosion of innovation in other financial services markets such as payments, banking, lending and investing, but insurance had not experienced change to this extent. He added, however, that it was only a matter of time until it did.
"We are in the middle of a revolution – in how we serve our customers and what they expect from us," he said.
"Not seizing the opportunity this presents us with will leave us lagging far behind – a monument to irrelevance. Equally we can do great things – and great things for our customers. These are exciting times for insurance."