Keys to transforming the insurance industry

With the industry's image still a stumbling block the thoughts of many are turning to how to transform the insurance industry. On this week’s Insurance Business TV we speak to Mark Searles of Austbrokers, Kate Fairley of Get Informed and Peter Marshall of ProRisk for their insights.

Video transcript below:

Anna Temple, Insurance Business Online
Anna Temple:
 With the industry’s image still a stumbling block, the thoughts of many turning on how to transform the Insurance industry.  Mark Searles of Austbrokers argues that education around Insurance as a career choice is the key. 

Marks Searles, Austbrokers
Mark Searles:  I think the future of this industry is incredibly bright, but I have said, I mean to other commentators as well, I think one thing that we as an industry and this is not just Austbrokers, as an industry, have to be far better at creating a value proposition around education, around a career because we are particularly poor and this is true when I was in the UK as well, as an industry of promoting ourselves [I am clear upon].  I basically put a call out to all stakeholders, “let’s really get together, really improve the opportunities for young people out there to make this a career of choice. I mean why anyone would want to be an accountant before they enter insurance God only knows because this is just a fantastic industry.  I mean I fell into it 10 years or so ago and it’s something I have never regretted.  I love working in insurance and it’s something that we should be loud and proud about.
Anna Temple:  Kate Fairley of Get Informed thinks changing the way people feel about insurance is more important.  
Kate Fairley, Get Informed
Kate Fairley:  It really comes back to the way people feel about insurance.  If we can change the way they feel towards insurance, this will help them understand it better and not focus on so much on upfront cost and they will understand that they are getting more at claim times, so changing it from the grudge purchase, thinking I should have insurance, so I am just going to buy the cheapest policy because I should have insurance to helping them understand I need insurance and I should insure all of these things because these are going to give me a benefit, if the worst case scenario should happen.
Anna Temple:  However Peter Marshall of Prorisk points to emerging markets and new technologies as the game changers for the industry. 
Peter Marshall, Prorisk
Peter Marshall:  The game changer is in the innovation and knowledge of new and emerging markets.  It goes also with talking to people and having the people relationships.  People like doing business with people they like, so you have got talk to people to get them to like you.  Access to decision makers will be important and Social Media will emerge even more strongly in representing a brand for brokers and insurers alike and also the perceptions that their clients have of them.
Anna Temple:  This is Anna Temple reporting for Insurance Business Online.