In an era of insurance transformation, where process simplification and flawless customer service is expected, innovation in policy and product is a must—especially when it comes to the non-traditional coverage aspects of specialty insurance. Whether it’s reputational, cyber, gig economy or supply chain risks, insurers are meeting the growing demand for products addressing new perils.
Executive SummaryProduct innovation is key in specialty lines, and brokers can be key to meeting customer demand for something new or different. An important question is whether to create entirely new policies or simply update language within existing contracts. Here's a look at some areas where innovation is happening and likely to continue.
Many times, innovation in specialty lines product and coverage comes from brokers—those on the receiving end of customer demand. “As brokers, we are constantly helping clients assess their risk and pushing coverage to address those risks,” said David Lewison, senior vice president and national professional lines practice leader for AmWINS Group. “The insurers likely wouldn’t offer new coverage in a vacuum; it’s the brokers that push for change.”