There is a simple answer for the industry in its efforts to keep up with the pace of change it is currently experiencing: listen and observe.
That is according to Emily Fox, head of claims transformation, general insurance, at Zurich.
Fox told Insurance Business that while the industry may face “an unprecedented scale of transformation across the globe in technology and automation,” as the workforce changes alongside customer expectations and regulation, a simple focus can help guide the industry.
“The simple answer is to listen and observe your customers and what they need and focus on your strengths,” Fox said. “Enable your people by promoting innovation, purpose, new ways of working and leveraging technology/data to deliver agility & build knowledge. Don’t lose sight of the basics to deliver quality.”
Having worked in Europe, Australia and New Zealand in a career spanning insurance, reinsurance, underwriting and strategy, Fox’s current role has seen her roll out transformation initiatives “where it matters most, at the time of a claim.”
Fox came into the industry in 2003 with a Bachelor of Science in Computing and originally focused on the construction and engineering space. Since then, Fox has been able to progress her career and last year worked alongside Raj Nanra, Zurich’s CEO of general insurance, to develop the firm’s 2017-2021 strategy for Australia and New Zealand.
With this experience, Fox knows all about the scale of the transformation that the industry could face.
“From a people perspective I think we will see outcome driven, smaller, more highly skilled (more aptitude than knowledge-based skill set) and pro-active teams that leverage technology to work ‘differently’,” she explained.
“In the market we will see even more customer control, with the expectation of exceptional and personalised service that will rapidly change. The need to work collaboratively across the organisation to deliver bespoke solutions extremely quickly will be paramount.”
While Fox may have fallen into the industry some 15 years ago, she said that it was the principle of insurance that has seen her thrive throughout her career.
“Insurance is crucial to all industries and to individuals. For me, like most people, I want to feel I add value,” Fox said. “Insurance at its core is about protecting people and the things most dear to them and is a foundation on which the world operates, which resonates with me.”
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