Necessity is the mother of invention. Despite human nature resisting the need to change from centuries old practices Covid-19 makes it a necessity.
Instead of challenges being seen as insurmountable barriers to innovation the focus is on how solve the issues.
"Alex Craggs, chief underwriting officer at insurer Antares, said the firm was “adapting as best we can” to home working, but that it was hard to replicate face-to-face trading exactly.
“There’s a greater danger now we’ll overlook the nuance of a risk because we are looking at it on a piece of paper.”
Reuters Business News March 27th
The energy and focus of Lloyds CEO Bob Neal on the innovation to maintain its leading global position can only be strengthened by the urgency and necessity of the Covid-19 "work-from-home" change.
A goal shared by insurers, re-insurers, brokers, TPAs, MGAs- the whole spectrum of the insurance industry.
Necessity is the mother of invention.
Lloyd’s, which took in 36 billion pounds ($44 billion) in premium revenue last year, and turned a profit after two years of losses, may benefit from the market’s need to adapt in a hurry, CEO John Neal told Reuters. “People want to accelerate the modernisation agenda,” he said. Underwriters and brokers are already able to process part or all of a trade electronically through platforms such as PPL. But many have preferred not to do so.
https://uk.reuters.com/article/uk-health-coronavirus-underwriters-focus-idUKKBN21E2GN
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