Blog: Disruption has only just begun

Last Monday, the Lloyd's Old Library was filled to the brim with professionals who had come to listen to a talk on how start-ups are challenging the conventional model of insurance.

The event was hosted by the actuarial firm Lane Clark & Peacock and motor insurance start-up Guevara. LCP's Rob Murray and James Lindsay-Carlin presented on the evening and were joined by Guevara's Andy Tait.

Guevara is to release soon a peer-to-peer insurance policy that is presenting itself as a disruptive threat to the industry. The start-up operates solely for motor insurance and its model is based on the principles of pooling risks and offering incentives to customers. It provides a platform for customers to collect their premiums together into a managed pool in order to save money on future renewals as a result of low claims, encouraging and rewarding safe driving and responsible behaviours.

This new insurance model was presented by Tait, and his enthusiasm and vision towards a seemingly more attractive way of approaching personal car insurance opened up an entire world of potential change.

The oak-panelled Lloyd's Old Library, steeped in history and tradition, was brought to life by animated discussions on innovation and insurance revolution fuelled by passion and excitement.

LCP invited all attendees to network after the talk, and it was refreshing to see that the topic appealed to a wider variety of professionals than just the ‘next generation', with people from diverse backgrounds getting involved.

We are the mobile generation. Going forward, it is us who will be dealing with the impact of disruptive start-ups like Guevara. A new age of car insurance perhaps?

The next 30 years will see companies either flourish or fail due to the critical changes that the modern consumer demands from their insurance. While sitting within the Lloyd's Old Library admiring the brave innovation portrayed by Tait, it became apparent that this was only the beginning.

Innovation is everywhere and it is becoming increasingly clear that the great giant that is the insurance industry is waking up to the customer's demands. If you can't beat them, join them!

Tori Knight & Ed Ventham
NGIN