Speech by Sarah Pritchard, FCA deputy chief executive, at the ABI Annual Conference.
IntroductionIt’s hard to think of a more symbolic venue to discuss driving change in the insurance sector than the QEII Centre.Step outside, and you’re in the shadow of both the Houses of Parliament, and Westminster Abbey. Scrutiny, change and serving citizens on one side. Tradition on the other.That’s where insurance sits, too.As an industry, you have to balance the new with the non-negotiables – finding ways to innovate while ensuring outcomes and trust keep pace. Throughout history, you’ve done exactly that.The UK Customer Satisfaction Index shows you understand and care for your consumers.That, alongside your ability to spot a need and build a market around it, is what makes our insurance markets world-leading.In our ever-changing world, insurance is critical. It shields millions of consumers from losses that could make them financially vulnerable. Underpins resilience for businesses. Drives growth through effective risk management. And is central to a resilient UK economy.Insurance attracts huge amounts of investment from across the globe and makes up nearly one-quarter of total financial services exports.Which is why we don’t just want you to succeed. We need you to succeed.But for markets to continue to grow, firms must feel confident enough to explore new ways to unleash innovation.