Industry at the ‘greatest paradigm shift’ in its history

Industry at the ‘greatest paradigm shift’ in its history | Insurance Business Australia

Industry at the ‘greatest paradigm shift’ in its history
The insurance industry is at the beginning of the “greatest paradigm shift” in its history, according to one expert.

With disruption and technology changes currently making their presence felt across the industry, Nicole Yates, head of accident and health for XL Catlin, said the industry faces monumental change and needs to innovate to stay relevant.

“For over 100 years, the insurance industry essentially sold coverage, to the same clients, in the same way, with little disruption,” Yates told Insurance Business.
“However, in recent times we have seen the beginning of the greatest paradigm shift ever witnessed in this industry. 

“Customers want solutions delivered faster than ever before, and are able to obtain them through any number of carriers with new players hitting the market every month it seems. As with any evolution, survival requires adaption and reinvention.”

The key to this survival, she added, was the ability to constantly innovate how and what insurers sell.

With close to a decade in the industry under her belt, Yates joined the industry when she graduated from university. At that time, she had applied for two roles and took a position in A&H first, which she said changed her life.

As head of A&H for XL Catlin, Yates is currently developing a new offering which is set to launch early next year. She points to these new developments as a highlight of her time in the industry.

“At no other time do you get such a fantastic opportunity to shape a new solution – we sit down with our clients and ask how we can help them protect their greatest asset: their people,” Yates continued.

Throughout a career filled with opportunities, Yates said that six months into her first job in the industry she knew it was right for her. She was offered a promotion and, since then, her work has continued to challenge her as she has moved up through the ranks.

While the industry may be at one of its great inflection points, Yates noted that change will be the one constant for the future of the industry.

“Without my crystal ball, all I can say is I think the future holds change, and a lot of it.”

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