Matt Cullen of the ABI has delivered a speech on the future of the insurance industry. The speech starts by outlining the current climate of political, economic, environmental, social and environmental change as a backdrop against the major challenges and opportunities that the insurance industry may be confronting in the coming years. The speech focuses on three ‘Ds’: Disruption, Diversity, Development and highlights include the following:
- Disruption – Matt Cullen explains that firms don’t need to be accurately predicting what will come next, but they must be able to cope with whatever this uncertainty throws at them.
- Diversity- diversity of the functions of the insurer, diversity of the customer base and diversity of the workforce.
- Development – opportunities for the insurance industry to develop into emerging new areas.