The importance and necessity of product innovation for the broker market
With Covid-19 forcing everyone to work from home, product innovation was more limited in 2020 as most brokers and insurers focused on running their businesses remotely. Sam Barrett looks at how brokers are already assessing future opportunities with the expectation of some sort of normality to return later this year.
As well as dealing with changes to their operations, the insurance market was under considerable pressure in 2020. “There was a real internal focus last year,” says Paul Anscombe, CEO of James Hallam. “Concerns over broker wordings meant that, rather than be adventurous, insurers retreated and reviewed everything. As a result, we even saw some scaling their personal lines business right back.”
Although product innovation was off the table for many, this wasn’t the case across the market, with
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