Explore insurance evolution with insights from expert Kate Browne. Discover key changes shaping the industry’s future.
Kate Browne, who commenced her career in insurance broking at Willis in 2001, has witnessed significant transformations within the industry. These changes have been driven by various elements, including regulatory adjustments, evolving market conditions, and technological advancements. Currently the Chief Operating Officer at McGill and Partners Ireland since January 2021, Browne shared with Insurance Business her observations on how technology has reshaped industry operations.
Browne highlighted that technology, accelerated by the COVID-19 pandemic, has ushered the insurance sector into a new digital age. “Perhaps it’s a bit clichéd, but even when I left London in 2017, physical documents were still prevalent. Now, technology has significantly reduced our reliance on paper,” she remarked.
According to Browne, artificial intelligence (AI) is revolutionizing how the insurance market functions, especially from an operational standpoint. She emphasized the importance of harnessing these technologies to automate routine tasks, thereby allowing skilled professionals to focus on client-centric endeavors. “Over the next couple of years, we’ll likely see a clear shift,” she noted, emphasizing AI’s potential to improve over time and the necessity to envision its possibilities.
Instead of merely automating existing processes, Browne advocates a broader perspective on leveraging technology to revolutionize operations. She believes that the real question should be about how technology can fundamentally transform these processes.
Despite the technological advancements, Browne insists that the core of insurance broking lies in the relationships with clients and the market. “Our role is to ensure our understanding of clients’ businesses translates into appropriate coverage and pricing,” she explained. While technology can streamline operations, the essence of building relationships remains unchanged.
Browne has observed a significant shift towards diversity and inclusion during her career. She noted an increase in the number of women in senior positions and highlighted the value of varied personal experiences in fostering innovation. “Technology has helped level the playing field, encouraging diverse perspectives,” she said, emphasizing the importance of diverse opinions in successful brainstorming sessions.
Reflecting on her extensive experience, Browne highly recommends insurance as a career path for young individuals, citing its dynamic and engaging nature. For women, who often juggle additional responsibilities, she stresses the importance of choosing the right organization. “Insurance firms must recognize that many women effectively manage two jobs. It’s crucial to support them without forcing a choice between career and family,” she advised.
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