Insurer growth will not be about products but rather distribution individuality, RGA said at its conference yesterday.
Jason Hurley, head of sales and marketing for the UK and Ireland at the reinsurer, presented to insurer delegates about the need to focus on engaging better with customers to grow.
Hurley said, in his opening presentation at the Success by Design event, and using inspiration from Steve Jobs: "Potentially too much time is being spent on meaningless product features due to too many people involved in the product reform process."
And later stated: "Maybe we should be more confident in giving the customer what is best for them rather than what we think they want or what advisers tell us they want."
Following a question from delegates regarding product innovation, Hurley said that the lack of innovation was partly because insurers were often "too scared" to make mistakes and suffer competitor criticism.
He added it was a difficult time because part of the problem was lack of insurer resources.
Another delegate argued whether RDR-driven change would mean that future client commitment would come from distribution individuality rather than product-focused developments.
Hurley said: "I 100% agree. I do not think it is really about products. It is about how we touch base and engage with clients. But with products there are some things that could be done, income protection for example, could be a lot simpler."
Another question from the audience asked how insurers could translate the perceived more-stable economic environment at the moment.
Hurley said: "Are things more stable or are we just used to it now? I had a conversation with my boss a few weeks ago and the feeling was that it would take a long time to recover fully.
"Potentially there are new and different ways to engage with people and that could be what leads the growth and confidence."
Mark Jones, head of protection at LV= and attendee, questioned the perceived stability of the environment, and pointed to the regulator's recent proposals to widen the commission ban.
Hurley said there was "a hell of a long way to go" before commission was banned on protection products and insurers should not stop moving forward now because of that.
