Competition has always been rife in the insurance industry and, with soft market conditions still gripping the industry, it has never been a more competitive time in the sector.
However, one insurance figure has said that the industry would benefit from more collaboration over the next twelve months.
When asked what she would like to see emerge in the insurance industry over the coming year, Prue Willsford
, CEO of ANZIIF
, said that she hoped the industry would be able to work together on a number of issues.
“The thing I’d really like to see more of is collaboration – understanding where we collaborate and where we compete, and then really building those collaborations as long-term partnerships,” Willsford told Insurance Business.
“It’s important for us to collaborate because it’s cost-effective for the industry. So, understanding how to develop partnerships that add value, and that’s across the whole service chain of which we are a part, I think will enable companies to continue to focus on reducing cost and increasing impact.”
Willsford noted that the rapid evolution of the insurance industry, both at home and abroad, has seen a multitude of changes over the last year.
Changes in the education space have been headline news over the last year. As the dust settled on NIBA and ANZIIF
s landmark deal on broker education in late 2015, education has remained a hot button topic throughout the industry.
unveiled their updated Skills Units earlier this year and Willsford said that the biggest challenge on the education front in 2016 has been providing a flexible program that offers effective training for industry professionals.
With jobs constantly evolving throughout the industry, education providers will need to stay ahead of the curve on these changes to be able to offer relevant material.
The industry has invested heavily in innovative technology and practices as it looks to maintain its relevance in the future. Willsford noted that 2017 may be the year that these investments in innovation and adaption start to payoff.
“There are a number of companies doing some quite interesting things in terms of their customer model, in terms of their product set, and how they’ll go to market,” Willsford continued.
“So, next year, without singling out one because I think there’s a few to watch, I think we’ll really start to see some bold steps coming from that introspective time.”
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