Outcomes

Unlocking Innovation: Insights from the Innovation in Specialty Insurance Roundtable

On November 28, 2024, Market Practitioners, academics, and innovators convened at 50 Liverpool Street, London, for an engaging exploration of innovation in specialty insurance. Hosted by the London Market Forums (LMF), this roundtable was not just another corporate gathering—it was a meeting of minds who are genuinely interested in transforming their firms and the way EC3 operates and also helped to support essential research underway at the University of Exeter and Oxford Brookes, which will inform national and Government thinking.

The event began with a warm welcome from Roger Oldham, CEO of LMF, who highlighted the central themes of the hub, learning, networking, and collaboration.

Our keynote was led by Professor Carsten Maple from the Alan Turing Institute and Warwick University, who explained how Ai was driving innovation in the financial services arena. It’s clear that there’s quite a lot of exciting developments underway, although it’s not without its challenges.

We then heard from Professor Roger Maull from the University of Exeter, who addressed the essentials of driving innovation in an industry with some resistance to change. His insights on balancing desirability, viability, and feasibility offered a compelling framework for assessing innovation’s impact on product and service development. This was supported by Dr Tzameret Rubin from Oxford Brookes.

From talent acquisition to resource allocation, Professor Maull’s talk resonated with attendees, with him emphasising the need for a structured yet flexible approach to navigating modern challenges. The interactive session allowed for attendees to talk directly with Professors Maull and Maple.

The discussions revealed that while technology is an enabler, its full potential remains untapped. Participants identified barriers such as limited stakeholder appetite, data gaps, and difficulties in aligning innovative practices with business goals. However, solutions were also shared, with some advocating for better use of data analytics, AI integration, and fostering a culture of experimentation.

Another recurring theme was the changing nature of talent in the market. Attendees explored how the industry can better attract and retain professionals with diverse skill sets, blending technical prowess with interpersonal aptitude.

The event also underscored the need for cultural shifts within organisations. Innovation isn’t just about technology or processes—it’s about people. From encouraging collaboration to embracing risk, businesses must create environments where creativity and adaptability thrive.

The Group worked through some questions in two separate teams before giving feedback.

After the event, the attendees enjoyed drinks and further networking at the Andaz Hotel.

This roundtable wasn’t just about identifying challenges—it was about opening discussing opportunities and solutions. The gathering reinforced the importance of events like this, helping to support practitioners involved in driving innovation.

For more updates on future events and insights, visit LMF Events.