Insurance Business Canada 7.06 by Key Media

UPFRONT

EDITORIAL

The future is already here

he “most advanced marketplace in the world.” That’s what Lloyd’s of London set out to become when it launched Blueprint One at the end of September. In the document, Lloyd’s outlined six initiatives that it believes will give it a heightened focus on digital, data and technology. This isn’t the company’s first step toward modernization this year. Back in March, on the back of a sexual harassment scandal, Lloyd’s offered another ‘breakthrough’ by introducing women to its governance committee. While the company should be applauded for taking steps in the right direction, it seems a couple decades too late to get up to speed on technology, and giving women more of a presence at the top is closer to a century behind the times. And Lloyd’s isn’t alone – these are industry-wide problems. Over in the UK, April 2019 marked the second annual deadline for companies with at least 250 employees to disclose gender pay gaps. The results were disappointing, particularly in insurance, where women earn, on average, 22.9% less than men. This is in a country where the Dive In Festival was born and where initiatives like Insuring Women’s Futures exist – what would similar mandatory reporting tell us here in Canada?

Insurance is so resistant to change that, by the time it jumps on the bandwagon, it seems like there’s a faster locomotive already waiting in the station Similarly, insurance is awash with initiatives to attract more millennials to the industry. Yet millennials are people born between 1980 and 2000 – so while some may be the innovative, straight-out-of-university thinkers the industry is desperate for, they’re just as likely to be pushing 40. Gen Z – those born from the mid-1990s to the mid-2000s – should be the real target demographic. This is the stumbling block the industry constantly faces – it’s so resistant to change that, by the time it jumps on the bandwagon, it seems like there’s a faster locomotive already waiting in the station. This is where customers’ negative perceptions emerge and why attracting a new generation of employees has been so difficult. It’s no longer about producing a blueprint for the future while everybody else moves on – it’s about making changes now.

The team at Insurance Business Canada

www.insurancebusiness.ca EDITORIAL Managing Editor Paul Lucas Editor Bethan Moorcraft Writers Lyle Adriano, Ellen Burkhardt, Tom Goodwin, Alicja Grzadkowska, Libby MacDonald, Ryan Smith, Lucy Saddleton, Ksenia Stepanova Copy Editor Clare Alexander

CONTRIBUTORS Kevin Deveau

ART & PRODUCTION Designer Joenel Salvador Production Manager Alicia Chin Production Coordinator Kim Kandravy Traffic Manager Ella Dayandante

SALES & MARKETING National Account Manager Eric Langille Business Development Manager Desiree McCue Vice President, US Market Cathy Masek Vice President, Sales John Mackenzie Global Head of Communications Lisa Narroway Project Coordinator Jessica Duce

CORPORATE President & CEO Tim Duce Office/Traffic Manager Marni Parker Events and Conference Manager Chris Davis Chief Information Officer Colin Chan Human Resources Manager Julia Bookallil Global CEO Mike Shipley Global COO George Walmsley

Editorial Inquiries paul.lucas@keymedia.com Subscription Inquiries subscriptions@keymedia.com Advertising Inquiries eric.langille@kmimedia.ca desiree.mccue@keymedia.com

KMI Media 20 Duncan Street, Suite 300 Toronto, ON M5H 3G8 tel: +1 416 644 8740 www.keymedia.com Offices in Toronto, Denver, London, Sydney, Auckland, Manila, Singapore, Seoul

Insurance Business Canada is part of an international family of B2B publications, websites and events for the insurance industry Insurance Business America cathy.masek@keymedia.com T +1 720 316 0151 Insurance Business UK gemma.powell@keymedia.com T +44 20 7193 0935 Insurance Business Australia peter.smith@keymedia.com.au T +61 2 8437 47OO Insurance Business NZ peter.smith@keymedia.com.au T +61 2 8437 47OO Insurance Business Asia peter.smith@keymedia.com.au T +61 2 8437 47OO

www.insurancebusiness.ca

04-05_Editorial-SUBBED.indd 4

Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as the magazine can accept no responsibility for loss.

13/11/2019 4:27:59 AM