Innovation happening outside the insurance industry can have an important impact within the industry, according to Brona Magee, deputy CEO, head of global markets, SCOR Global Life.
Speaking on the making innovation real in insurance panel at the 2018 European Insurance Forum, Magee suggested that innovation opportunities outside of the insurance industries could be useful to the industry.
She said: “Lots of innovations from other industries are relevant to insurance.”
“Many startups outside of the industry don’t know their relevance to insurance, you have to go out there and find them. You have to look for these startups and bring them in to develop solutions for insurance.”
“Innovation happening outside the industry can have an impact within the industry and on our customers.”
Magee explained to delegates that dealing with these types of companies may pose different challenges to the partner companies they are used to working with.
She commented: “They’re very different from traditional partners. They have a very different mindset.”
According to Magee, when dealing with startups it was important to be “agile” and to be prepared for the ideas you are developing to fail.
