The insurance industry is falling behind other sectors in using technology to meet customer needs, the CEO of insurance consultancy Ingenin has claimed.
According to Manjit Rana, the financial crisis of 2007 was a missed opportunity to promote the ‘positive value (insurers) add to people’s lives’ and piggyback on the ‘fintech’ movement.
Rana says that while most insurers accept that innovation is a necessity in their businesses, the industry is suffering from a skills deficit.
“Report after report shows that over 80% of insurance executives believe we have to get serious about innovation and create propositions that are more relevant to today’s, and of course tomorrow’s constantly connected consumer,” he told Insurance Age.
“But how many insurers actually understand and more importantly have the skills, experience, resources and mind-sets to create the next iTunes, digital camera, Netflix or Uber of the insurance industry?”
He added that, previously, competitive threats had come from forward-thinking insurers, but warned that external threats are now changing the future of the sector.
“If the insurance industry wants to take advantage of emerging opportunities and secure its place in the ‘new world’ we need to overcome numerous issues,” he said.
“One of the key ones is to encourage innovative, fresh thinkers to want to come and work in our industry at all levels.”