As the dust settles on another successful Baden Baden Reinsurance conference for Russell Group Limited, now is the perfect opportunity to reflect on the lessons from the event. Over the duration of the conference, a key theme that emerged is the need for the market to innovate to grow.
Currently, the market is under substantial pressure as increasing volumes of capital enters the market depressing price levels and in turn squeezing firms’ margins. The re/insurance business model is under threat from this capital risk and needs to innovate to be more efficient. It may be that re/insurers are looking at the problem from the wrong end of the telescope and that a change of perception is required, as technology should be viewed not as a disruptor but as an agent of innovation.
Technology can help to innovate business models to become more efficient, bring deeper business intelligence and analytics to the aid of underwriters and help generate new growth opportunities.
As the landscape moves towards connected risk, technological innovation will enable underwriters to maximise further opportunities and develop their business more profitably.
Harness technology to innovate and exploit opportunities throughout the (re)insurance value chain.