I hope that like me, you enjoyed our spectacular weather in September.
Last week, I was in a series of product development ‘check point’ meetings. Our teams are doing a lot of work right now on developing some really exciting product offers in two new niches. As you might expect, this has involved quite a bit of market research to ensure that we develop something that genuinely meets the needs of these emerging segments.
As I was reviewing our progress, it struck me that as an industry (brokers, MGAs and insurers) we can actually be quite good at developing products and insurance solutions that evolve with the needs of consumers – be they personal or commercial.
There are some great critical thinkers out there who have a deep knowledge of client needs and work collaboratively across the value chain to bring something new to market. Looking at APRIL in particular, we’ve really strengthened our product range over the last couple of years by filling in gaps, but at the same time we have pioneered development in areas such as insurance for Airbnb landlords, personal watercraft, product recall, and data and cyber insurance.
I’m sure that many of my competitors can say similar things about their chosen niches.
Given the relatively long list of product innovations and enhancements that have taken place in recent years, I wonder why, as an industry, we have such a poor reputation for innovation? Maybe this is just my own perception, but our industry is not typically seen by others a dynamic or innovative.
Like most of you, I’m always up for a challenge, and believe that we can always do better. However, we should also take some pride in the way that we, as an industry, have responded to so many changes in customer behaviour and risk exposure over the years.
Let’s maintain our collective focus on making insurance better for the paying customer, and hopefully continue to work across the value chain to achieve this objective.
Conference season kicks off again this month, with Saskatchewan and Ontario on our list. Sadly, I can’t personally be in Saskatchewan as I’m in the UK , but my team are looking forward to some great conversations. I’m looking forward to Ottawa and personally seeing many of our partners there.
On a final note, I want to quickly introduce our next “view of market” from Atrium, one of our key Lloyds syndicate partners. Our partnership with Atrium has been extremely strong over the years, and we’re proud to be one of their key representatives in Canada.