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Can you be innovative in the insurance industry?

All modern businesses like to present as dynamic, cutting edge and innovative in their branding and marketing but this can be a difficult balance to strike with the UK insurance industry.

An old industry, it is steeped in tradition and does things the “way they have always been done,” as well as being controlled by compliance and legislation, but this does not mean that it is impossible to be innovative. In fact, this very conservative image is the very reason innovation is important. It’s time to make insurance appealing.

Not only would having innovative ideas give your business a competitive edge, and give you market expansion, but it would also improve the customer experience, making them want to engage with you rather than it being a tedious necessity. More importantly, a company willing to be innovative is more likely to be adaptable to changing markets and changing trends which will give you long-term viability.

“Innovation enables your business to continue to be relevant to your customers; it must future-proof your organisation, creating a successful and sustainable future.”

So what does it mean to be innovative? In such a heavily regulated industry this doesn’t necessarily mean throwing out the rule book and starting from scratch. It means embracing new ideas which will streamline the business and make it more appealing to potential clients.

  • Data Analytics – One clear path to providing innovations which appeal to your potential clients is through careful data analytics to gain insight not only into market trends but also into customer behaviour. This can then be used to guide future products, policies and innovations.

  • Embrace Technology – By investing in cutting-edge technology, AI, machine learning and data analytics you can streamline underwriting, speed up claims processing and have more robust risk assessment processes.

  • Digital Experience – By improving online platforms and apps you can enhance the customer experience, and make it easier for clients to purchase policies, submit claims as well as access up-to-date information on their policies. All potentially outside the traditional 9-5 constraints.

  • Eco-Friendly Initiatives – In today’s changing climate clients are more discerning about who they do business with, so make your business more appealing by developing products which cater to environmentally friendly solutions such as green insurance policies which reward certain behaviours.

  • Employee Engagement – New ideas will never be successful without having the full team on board and this means ensuring staff are fully trained in the new innovations and initiatives, understand the value and are encouraged to share their concerns.

  • Never Stand Still – The key element in being a leader in your industry is to never stand still. Continuously assess performance, market changes, and feedback from clients, and make adjustments to the business to keep ahead of the curve.

Breaking the traditions of an age-old industry is not an overnight project, and in order to remain innovative it is also not a one-and-done activity. However, consistency and encouraging discussion of fresh ideas can ensure your business can continue to grow in leaps and bounds. However, making such changes is not something that can be done in isolation and that is why Camelot Marketplace is here to help you get started.

In our next much anticipated Innovation Hour hosted by Harvey Wade, on September 29, we bring you Dr Ralph Kerle who will motivate you as well as provide some great starting points. Dr Kerle is a Creative Leadership Coach, a Creativity and Innovation Behavioural Strategist and an Artist and will be discussing the role of creativity in insurance today, as well as the U Theory which is a way for people to think about a blueprint for creative thinking.

We also have a network of experts, partners, insurers, brokers and insurtechs who are specialists in innovative ideas and who would be able to offer you the advice you need to get started. To find out more head over to the

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