With diligence and imagination, the U.K. insurance industry can use Brexit to secure its future and maintain preeminence as a leader.
The recent vote for Brexit will by no means destroy the U.K. insurance industry – if managed properly, the industry can emerge more resilient and competitive than ever. While insurers in the U.K. proceed with caution as they prepare for the country’s exit from the European Union, we at EY see this “Brexit moment” as an opportunity to foster innovation and transformations in the industry.
See also: Thoughts on Insurance After Brexit
Insurers agree that Brexit does present a number of challenges, including instability and legal uncertainty that may arise from a delayed exit. However, we believe that with diligence and imagination, the U.K. insurance industry can use Brexit to secure its future and maintain preeminence as a leader by:
- Investing in developing expertise in emerging areas such as big data and the Internet of Things
- Creating attractive product lines that stand out from potential rivals in Europe
- Developing services and products that will be attractive to growing regions beyond the EU
The industry should use the opportunities created by the Brexit vote to help London remain the best place in the world to conduct business and take steps to make London insurers the most innovative and customer-focused.
For more information, read EY’s new report