London, 12 May 2017Vivek Banga to lead new cross-industry innovation working group
Arthur J. Gallagher's Chief Digital Officer Vivek Banga has been announced by the British Insurance Brokers' Association as the Chair of its newly formed cross-industry innovation working group.
BIBA had revealed its plans to form the working group during the launch of its Manifesto in the House of Commons in January, and named Vivek as the Chair during its annual conference in Manchester on 10 May. James York, founder of Worry+Peace, will serve as Deputy Chair.
The group's overall aim is to foster innovation in the insurance industry, with the group's members representing a good cross-section of start-ups, incumbents and other individuals involved in InsurTech.
On being announced as Chair, Vivek said: “InsurTech is often associated with external disruptor threats and yet Accenture found it to be more collaborative than banking, with 70% of global investment in this field looking to enhance existing propositions rather than directly compete with the insurance industry. But we can’t afford to stand still and have much to learn from working closely with the latest, innovative technology-fuelled start-ups.
“As brokers and the custodians of customer experience, it’s vital that we fully embrace InsurTech’s potential, channel our creativity and stay at the forefront of developments. Establishing a cross-industry innovation working group is a great way to ensure we continue to communicate and collaborate to the benefit of our collective customers and I’m delighted to be asked to chair such an important initiative.”
For the full story, visit BIBA's website here