On 2nd October Per Ardua hosted a high level, Chatham House rule breakfast on the subject of ‘Innovation in Insurance’. Around the table we invited leading CEOs and very senior executives from leading high-growth Insurtech, Lloyd’s of London businesses, and other leading composite and specialty insurers. The morning kicked off with awo complementary, excellent perspectives of the current state of innovation and the prospects for insurtech from Nigel Walsh, Insurtech Partner at Deloitte, and Carl Bauer, Founder EOS Ventures, the leading insurtech investors.
The debate was very wide-ranging and encompassed topics such as upgrading legacy systems; prospects for partnerships between insurtechs; technology companies and insurers; the use of APIs in consumer businesses; the modernisation of Lloyds and emerging business models. We were left reflecting that the insurance industry’s historic attitudes to technology were unlikely to survive – partnerships and collaboration between the insurtechs and the insurance industry are key in the emerging new paradigm.