The insurance industry faces more opportunity than at any other point in its entire history, and the industry will need a diverse workforce to capitalise on it.
Matthew GriffinFounder, President and Futurist, 311 Institute
G7 · G20governments advised
850+keynotes
102countries
17codexes
Finance and banking sessions forShawbrook BankStandard Chartered BankThe Institute of Internal AuditorsWolters KluwerCrown Prince CourtUAE Financial Markets Association
Featured inBloombergThe Wall Street JournalThe Telegraph
Firstly, thank you to Maxine Benson MBE and the team at EveryWoman, who represent the interests of over 30,000 women around the world working within the insurance industry, for inviting me to join her and Nicola Millard in a panel discussion about the future of insurance and the importance of diversity and inclusion as the industry heads into an era which will be characterised by more opportunity, and more systemic risk than ever before.
Whether that’s as a result of an increasingly connected society and world, where, as we’ve seen with Covid-19 “risk” in all its many forms can spread faster than ever before, or whether it’s because of the emergence increasingly powerful and capable technologies, from the rise of AI robo-hackers that can hack computer systems hundreds of millions of times faster than their human counterparts, autonomous vehicles - from aircraft to hackable cars and cargo ships - through to the emergence of sci-fi like in vivo gene editing technologies that can be spread through the air, or simply the weaponization of the tech we hold dear, everything is changing, and every new thing is an opportunity to be assessed, measured, and insured.
Watch the panel session in full
As a consequence the sheer breadth of opportunity facing the industry is unprecedented. But it’s also as deceptive as it is exceptional which requires the industry to think in new ways, along new lines, and with new perspectives, and that’s best achieved with a diverse workforce full of people who are able to look at the world through a range of different lenses, comprehend it all, and then help build the companies who can prosper from it all, and that’s what we discuss during the session.
311 Intelligence
What this means for your leadership team
Systemic risk is the new baseline.
Covid-19 showed that risk in all its forms can spread faster than ever in a connected world. Leadership teams should assume the next shock will travel quickly and widely. Plan for that speed, not for slow, local losses.
New technology creates new exposure.
The panel pointed to robo-hackers that can attack computer systems hundreds of millions of times faster than people, hackable vehicles and cargo ships, and gene editing that can spread through the air. Robo-hackers are programs that hunt for weaknesses in other software with little or no human help. Each one is something to assess, measure and insure.
Diverse teams see more of the risk.
The opportunity is large but deceptive, so the industry has to think along new lines. A workforce with many perspectives is better placed to comprehend it. Diversity and inclusion is a mature agenda in Europe but faces political and legal retreat in the US, so firms need a position that holds across both.
Three questions for your next leadership meeting
Which new technology risks are we not yet assessing or pricing?
How quickly could a systemic shock reach our customers and suppliers?
Does our leadership team look at risk through enough different lenses?
The trends and technologies behind this session
From the 311 Starburst, the 311 Strategic Intelligence Unit’s map of the technologies and trends shaping the next 50 years.
It means more opportunity and more systemic risk at once. Organisations should treat each new technology as something to assess, measure and insure, and build diverse teams able to see risks others miss.
How do robo-hackers relate to insurance?
Robo-hackers are programs that find weaknesses in other software and break in with little or no help from people. The panel noted they can hack systems hundreds of millions of times faster than humans, which makes cyber exposure a core insurance question.
How does diversity and inclusion relate to the future of insurance?
The session argues that a diverse workforce helps an industry think in new ways and comprehend a deceptive risk picture. The trend is maturing in Europe while facing political and legal retreat in the US, so leaders must plan for both.
How can 311 brief our leadership team on this?
Through a private executive briefing or leadership workshop, tailored to your sector, in person first.
Bring this to your leadership teamA private executive briefing or leadership workshop, tailored to your sector. In person first, anywhere in the world.
Analysis by the 311 Strategic Intelligence Unit, from Matthew Griffin’s session and 311 data.
If Matthew gave this session today
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