Vivek Banga appointed Chair of BIBA’s Innovation Working Group
10th May 2017
The British Insurance Brokers’ Association (BIBA) has announced Arthur J Gallagher’s Chief Digital Officer, Vivek Banga, as the Chair of the newly-formed cross-industry innovation working group.
The group’s Deputy Chair will be James York, founder of Worry+Peace.
BIBA announced the plans to form the working group during the launch of its Manifesto in the House of Commons in January. The group’s overall aim will be to help foster innovation in the insurance industry. Since the Manifesto launch, the trade body has been in dialogue with a number of key stakeholders – both start-ups and incumbents, to understand in more detail how best to use its expertise to increase both awareness and uptake of InsurTech in the industry.
The feedback received so far suggests that BIBA’s ability to bring together key people around the industry around the table, as well as representation to the regulator, Government and media will
BIBA will now begin the process of recruiting individuals on to the group, aiming to have a broad group including start-ups, incumbents and other key people involved in InsurTech.
Vivek Banga said: “InsurTech is often associated with external disruptor threats and yet Accenture found it to be more collaborative than banking, with 70% of global investment in this field looking to enhance existing propositions rather than directly compete with the insurance industry. But we can’t afford to stand still and have much to learn from working closely with the latest, innovative technology-fuelled start-ups.
“As brokers and the custodians of customer experience, it’s vital that we fully embrace InsurTech’s potential, channel our creativity and stay at the forefront of developments. Establishing a cross-industry innovation working group is a great way to ensure we continue to communicate and collaborate to the benefit of our collective customers and I’m delighted to be asked to chair such an important initiative.”
James York said “As the world becomes ever more advanced and connected, insurance is going to be there for the vast unknowns.
“For the open, innovative broker there awaits a new dawn of opportunity. I’m honoured to help.”
Andy Thornley, Head of Corporate Affairs at BIBA, said: “Insurance has always used innovation; in fact, insurance is one of the most innovative products ever created. As technology presents the industry with new challenges, it also presents new opportunities. We at BIBA felt we have a role to help the industry make the most of these opportunities whether they’re an existing firm, or a new entrant to the market.”