The insurance sector needs to evolve and reform what it currently offers to better reflect client needs, Ralph Liebke, chairman and CEO of Aon Germany,Â told delegates at a conference in Paris.
Speaking at the Ernst and Young global insurance conference, Mr Liebke cited clients improved risk management, strong balance sheets and rapid growth of new risks for a â€œdeclining proportion of insurable risksâ€ for clients that â€œneed insurance that is not yet offered.â€
He continued saying that while today insurance companies do more of the administration and sales consulting as well as risk taking mathematics, he believes that in the future insurers should concentrate on risk mathematics and outsource other areas to brokers or other third parties, enabling them to spend more time on innovation.
Mr Liebke also highlighted that to offer new products for new risks the industry needs to develop new skills through training and education.
He said brokers could play a more important role in innovative product development by using knowledge of their clients from around the globe to develop new solutions – moving from a pure broker to a service and solution provider.