Re/insurance industry can achieve positive change: RenRe

The re/insurance industry can achieve positive change if it looks at supply chains in a holistic manner and as an integrated system, and harnesses technology effectively, according to Ian Branigan, group chief risk officer at RenaissanceRe.

Speaking at the Guy Carpenter Re/insurance Symposium that kicked off the reinsurance conference in Baden Baden, Branigan said technology can be used to support simplification, reduce duplication, increase automation and cost-efficiency, and achieve streamlined distribution networks.

“The supply chain in our industry continues to be impeded by legacy inefficiencies, costs, duplication and poor integration,” Branigan said. But the re/insurance industry has an opportunity “to enhance its collective value proposition to society by working together and leveraging digitalisation, data and underwriting expertise to meet the constantly evolving risk landscape and nature of consumer demand."

He said the industry has made great strides in adapting to meet the changing needs of its clients, particularly the growth of intangible assets and understanding what society wants from it. “Two years ago these conversations were not happening, but now they are,” he said.