UK insurance industry in the ‘Stone Age’, says Aviva chief

The UK insurance sector is industry in the ‘Stone Age’, according to Mark Wilson, chief executive at Aviva.

The UK insurance sector is industry in the ‘Stone Age’, according to Mark Wilson, chief executive at Aviva.

Wilson has said that UK insurers have been slow to adopt technology but his business was activity addressing this by hiring staff from top tech brands such as Google and Amazon.

He added that the business was creating are more customer facing brand that would make it easier to buy Aviva products online.

“I think the insurance industry is in the Stone Age while other people are circling Mars,” he told the Wall Street Journal.
UK insurance industry in the ‘Stone Age’, says Aviva chief

Aviva, who currently spends £100m every year on technology, has invested heavily in tech startups like OnePulse, an application connecting customers to brands.

Wilson said that the industry was currently trailing behind banks, which are allowing customers to manage their policies and products online. Aviva launched a mobile app last year to tackle this problem within the insurance sector. Wilson also noted that Aviva and the wider insurance industry are increasingly marketing their products online, with investment in technology also reforming the way insurers manage claims and evaluate risk.

Wilson’s comments follow last month’s announcement by US insurer AIG that they were introducing a new drone insurance product to protect those businesses flying unmanned aircraft.