Rising stars challenge insurance leaders to innovate

innovate

Authored by CII

Insurers have been urged by the rising stars of the profession to innovate now or risk becoming irrelevant to the public.

A report by the Chartered Insurance Institute’s New Generation London Market group concluded if the insurance profession does not learn lessons from the pandemic and innovate it could soon no longer meet the public’s needs.

The report urges senior insurance leaders to improve the profession’s innovation culture by:

  1. Identifying their own organisation’s barriers to innovation and take relevant steps to address these issues.
  2. Communicating an understanding of innovation that shifts the focus from improving current operations to addressing changing needs.
  3. Promote how innovation is achieved more effectively.

Matthew Connell, director of policy and public affairs at the Chartered Insurance Institute, said: “A combination of weak innovative culture, fear of failure and a predominant focus of improving current ways of working, will limit the profession’s ability to address needs.

“This report from the CII’s New Generation Group shows the value of engaging with fresh entrants to the profession and encouraging them to challenge our processes.

“Professions that fail to innovate at best plateau. In this digital age, we all must understand what engages and empowers consumers to take action to mitigate the risks they face through insurance products if we are to remain a modern, relevant and able to meet the diverse needs of the public.”

Background

The Chartered Insurance Institute’s belief that encouraging fresh and innovative thinking will enable us to meet our Royal Charter requirement of securing and justifying the confidence of the public is why the CII launched the flagship talent programme, the New Generation Group, back in 2011.

Each year the CII gathers 40 promising professionals from claims, underwriting, broking and the London Market and sets them the challenge of identifying and completing a project or initiative they believe could make a difference to the insurance profession.

After 12 months together, the New Generation Groups present their work to the CII’s board.

CLICK HERE TO SIGN UP FOR OUR
FREE BI-WEEKLY NEWSLETTER

About CII

The Chartered Insurance Institute (CII), the leading professional body for the global financial services profession, exists to promote higher standards of integrity, technical competence and business capability.

With over 115,000 members in more than 150 countries, the CII is the world's largest professional body dedicated to insurance and financial services.

Our membership covers all disciplines within the insurance industry (claims, broking, underwriting), those working in the life and pensions sector, the mortgage advice market and financial advisers (under the Personal Finance Society brand).

Our Royal Charter requires us "to secure and justify the confidence of the public" in our members and in the insurance and financial services sector.

Latest video

The Chartered Insurance Institute - The value of membership

Membership of The Chartered Insurance Institute offers so much more than you might think.Watch their video to understand the wide range of benefits you get from being a... click here for more