The Impact of Technology on the Protection Industry

The head of sales at Gen Re, Alastair Gerrard, has urged insurers to embrace technology within the protection industry, citing its significant transformative potential. During his address at the Protection Review 2023 Conference, Gerrard emphasised the impending challenges that the industry will encounter as a result of advancements in technology.

Gerrard underscored the potential impact of artificial intelligence (AI) on the protection industry, highlighting its ability to reach a broader audience and promote fairness and inclusivity. He stressed that AI would not replace advisers but rather enhance accessibility due to reduced costs.

In light of these developments, Gerrard urged insurers to adopt a forward-thinking approach, drawing parallels with technology start-ups. He highlighted the importance of making accurate pricing decisions, as errors could have far-reaching implications for both individuals and companies in the long term.

Furthermore, Gerrard expressed optimism about the emergence of new and innovative technologies set to revolutionise the industry. He advised insurers to stay abreast of these developments and integrate them into their operations.

Gerrard’s insights shed light on the evolving landscape of the protection industry, emphasising the need for proactive adaptation to technological advancements. His call to action serves as a reminder for insurers to embrace change and leverage technology to better serve their clients and mitigate risks.

As the protection industry continues to evolve, it is imperative for insurers to recognise the potential of technology in enhancing their service offerings and improving overall efficiency. Embracing technological innovation will not only drive positive change within the industry but also enable insurers to meet the evolving needs of their clientele.

In conclusion, Alastair Gerrard’s address underscores the pivotal role of technology in shaping the future of the protection industry. By recognising the transformative potential of technology and embracing innovative solutions, insurers can navigate the challenges of the evolving landscape and better serve their clients. As the industry continues to evolve, a proactive and forward-thinking approach will be crucial in leveraging technology to drive positive change and foster sustainable growth.