Insurance sector needs to be more agile and creative

The insurance sector needs to find ways to create agility and product creativity to continue to prosper, the global head of reinsurer Swiss Re has warned.

Paul Hately said more customers are likely to take out cover if insurers made it easier for them to feel comfortable with their products. He claims that the rise of Big Data will enable insurers to integrate cover into people’s lives, enabling awareness and choices.

Hately also said that insurance as an industry has traditionally lacked creativity, and there is ‘much more to be done in tapping expertise outside our own companies and industry’. He advocated working with partners to add agility as well as creativity.

Writing in a blog post for the Financial Times’ Adviser column, “Being a first-mover in the insurance industry bears inherent risks.

“However, the value of getting it right, of being the first provider who can provide the right product as easy as chicken soup, will be enormous.”

“It might be a bit far-fetched to expect people to trust their fridge for financial planning – but making sure we are on the wave as the technology moves forward will make it a lot more likely that future customers are still in the equation,” he added.