As part of the Innovation Executive Video series, Willis Re’s Global CEO John Cavanagh talks about how brokers are reinventing their role and delivering value through innovation.

Mr. Cavanagh says the insurance industry is going through significant change, and technology is driving much of that change. While insurance plays an important role in society, he believes the industry is “open for disruption” given its high distribution costs. Mr. Cavanagh notes that the captive insurance industry has been borne out of necessity, rather than desire, in order to lower costs.  There are three main buckets of change, according to Mr. Cavanagh : distribution and delivery costs, the insurance product itself, and system enhancements, such as blockchain.

Mr. Cavanagh says he has tried to introduce a “culture of innovation at Willis Re.” He comments on the innovation coming into the market through new capital and the Insurance Linked Securities (ILS) sector.

With his retirement imminent, Mr. Cavanagh talks about his plans for the future after 40+ years as a broker, and what he sees for Willis Re and the insurance business model after his departure.

The Innovation Executive Video series features thought leaders and innovators sharing their insights and expertise on the pace of transformation in the insurance industry with Innovator’s Edge CEO Wayne Allen . The original series was presented by Innovator’s Edge and InsureTech Connect and sponsored by Octo Telematics,  WRIN.tv appreciated their contribution.

 

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