As insurers try to innovate and address the rapidly changing needs of their clients, Lloyd’s of London CEO Inga Beale has a message for regulators who oversee them: “Try and keep up.”
Beale, speaking May 14 during a panel discussion at the National Association of Insurance Commissioners’ International Insurance Forum in Washington D.C, urged her audience of national, state and global regulators to consider how insurers are adapting to technology, and how it is a core element behind their customers’ changing needs and demands. Beale wants insurance regulators to pursue a similar strategy.
Beale reflected that in her capacity running Lloyd’s, she is meeting with autonomous ship experts, and that Lloyd’s now has a robot specialist. Beale added that she is also “grappling with the fact” that Lloyd’s now has to hire data scientists.
“There are all these new types of roles that we have to think about,” Beale said, arguing that regulators must pursue the same strategy.
“You have to think about getting different types of skills into your organizations,” she said.
At the same time, Beale acknowledged it is difficult for both insurers and regulators to bring these people to their teams.
“We are all trying to keep up with innovation, and a lot of the most creative and innovative people are not drawn to our sector, and they probably aren’t drawn to regulation,” Beale said. “It is a real challenge.”
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