Brexit could be the insurance industry's catalyst for change

I wish there was another term for our exit from Europe because the mere mention of 'Brexit' causes half of you have your blood pressure rising and the other half yawning! This isn't about Brexit as such, but about awakening a dozing giant, or maybe poking the sleeping dragon. It's about change in an industry that for so long hasn’t needed to change. It’s about a wakeup call for an industry that could get left behind as the rapid pace of change and digitisation is like nothing we have ever seen before. It’s about learning to be exponential for survival.

Embracing technology to improve customer experience and the customer journey is critical for every industry, but especially for the insurance industry. We have seen giants in other industries lose massive market share or disappear entirely on the back of disruptive newcomers who are embracing change and technology as an enabler of that change. Are insurers also at risk from digital disruptors?

This blog post considers whether Brexit can be the catalyst for positive change in the insurance industry. The blog also highlights the practical challenges that need to be overcome for insurers to embrace new innovations and improve the customer experience.