Page 39 - Insurance Times October 2020

THE BIG PIVOT:

HOW COVID-19

HAS CHANGED

COLLABORATION

AND INNOVATION

I n these unprecedented times for us all, innovation in than ever. As we approach AIRMIC Fest, I am looking

the insurance industry has not slowed - indeed,
forward to catching up - virtually - with many clients and
responses to the COVID-19 pandemic have in many
brokers, to bouncing ideas around, to hearing innovative
cases accelerated innovation and change. The
pandemic has changed the way many businesses operate thoughts and to having discussions about the changing face
of risk.
and the risks they face now and in the future.
Things have changed for the insurance industry too. With
The COVID-19 pandemic has altered the way that we all traditional face-to-face meetings in many cases impossible,
work - in many cases forever. Businesses have changed the we have all adapted our routines and become used to video
way they operate, with many seeing colleagues now calls. We have needed to change the way we do things -
working outside of an office environment. Many companies innovation has, to some extent, been forced upon us all.
adapted to make different products or use their facilities in
different ways. This has changed the risks that companies At Lloyd's of London, for example, the more-than-three-
face - and the way in which they need to manage, mitigate hundred-year-old tradition of face-to-face meetings and
and transfer them. physical signing of slips was rendered impossible when the
underwriting room was forced to close. In response, one of
At times like these, collaborative thinking is more important our underwriters devised a way to sign scratches and slips
virtually - a great example of someone thinking on their feet
About the author and innovating to solve a very immediate problem.

Tim Smith But innovation isn't and shouldn't be just a reaction to
Head of Client Management, events. In some cases, though, the restrictions on movement
UK, AXA XL of people necessitated by COVID-19 lockdowns, certainly
accelerated innovation - and set in motion changes that are
The Insurance Times, October 2020