The insurance industry is doing more to innovate but there is still a long way to go before it meets the growing demand of its clients for new products and solutions, according to Airmic.
In a report published at its annual conference in Harrogate, Airmic said insurers and risk managers need to work together and review how they go about their business in order to boost the rising, but still low levels, of cover purchased for non-traditional risk such as cyber.
The report revealed that 49 percent of Airmic members believe their insurers are ‘hardly innovative’ or ‘not innovative’ at all in developing relevant covers. Only 1 percent of respondents view their insurer as ‘highly innovative’.
Airmic CEO John Hurrell commented: “All the big gains the market has made in recent years have come about as a result of collaboration between the interested parties and a willingness to change the way they do things. Innovation is no exception.”
