Ashwin Mistry speaks to Insurance Times about the challenges and opportunities he foresees for the industry in 2021
At the end of what has been a challenging year for the insurance industry – with the FCA test case, the switch to remote working and the ongoing problems in classes such as professional indemnity, all against the backdrop of the ongoing COVID-19 pandemic – the Insurance Times asked several industry leaders what obstacles and opportunities they foresee for 2021.
Brokerbility Executive Chairman Ashwin Mistry was the part of the panel and gave his thoughts – which included focusing on the opportunities such as cyber, directors & officers (D&O), employment practices liability and so on, stating: “The right level of Risk Management advice delivered in a fashion suitable to potential clients will win the day.”
You can read Ashwin’s thoughts in full below, or read the full article here: The Big Question December 2020: What challenges and opportunities do you expect for 2021?
“The list of challenges is multiple, and my position is very clear. Nobody owes you a living
“Against that backdrop, I would rather focus on the opportunities starting with the plain fact that we are all in the same position and it’s your ability to work out a road map which will lead to not only survival but actually thrive.
“Insurance brokers by their very nature are entrepreneurial, fast thinking and if they are tuned into customer behaviour, they will quickly work out practical solutions.
“The customer of today (irrespective of size) has access to information, has multiple choices and has become adept at navigating the Internet never seen before.
“They are quick learners and equally are going to be cautious with their cash.
“Their thirst for knowledge is obvious and with time on their hands (not travelling as much or at all) they will trawl for best options.
“The insurance sector is suffering from reputational damage but is in fact a necessary evil. Most people and especially Businesses want the ability to transfer risk, for a price. The price has to be right.
“There are so many opportunities like, cyber, directors & officers (D&O), employment practices liability etc whereby simple understandable examples will attract attention. The right level of Risk Management advice delivered in a fashion suitable to potential clients will win the day.
“The client of today is now used to self-serve and so do using technology as an enabler will also appeal to the masses.
“We have focused a lot on investing in the right areas of our business composition, invested heavily on staff capabilities, all of which are paying dividends. We will continue to innovate, remain relevant and prove business resilience is not luck.”