The insurance industry is one of the most competitive in the world. With digitalisation, it has become more challenging for companies to stay ahead of their competition. Revolut, the London-based digital banking company, has announced an ambitious plan to build a "global insurtech business." The company is looking for a Chief Insurance Officer (CIO) and with experience in insurance to make the industry "ten times better."
According to the job ad, the business will concentrate on providing insurance services to retail and commercial customers. The CIO will be responsible for assessing the feasibility of insurance products and services, especially in the area of insurtech. Revolut has already made a soft start in the area of bespoke insurance solutions, which include "purchase protection, refund protection, and ticket cancellation" for its paid-for users.
Revolut is pushing ahead with insurtech development
The company has 11 job ads posted on its website for the keyword "insurance" across numerous countries. It wants to scale the business rapidly and has made it clear any applicant for the CIO role should have at least a decade of experience across global insurance businesses. The successful candidate will also be responsible for making applications for "insurance licenses across key target geographies", as well as launching "new insurance product lines."
According to a recent study, the most significant barrier to insurtech growth appears to be a scarcity of talent. As insurtech businesses are beginning to emerge, there is a considerable demand for personnel. At the same time, many insurance firms have been slow in adopting digital technologies, and new insurance products may be viewed as risky investments by their board members. Samantha Chow at EIS Group said, "Most insurance providers are managing twenty or more core systems, with many of them being 20+ years old. They already face challenges of integrating modern technology."
However, Revolut doesn't seem to be deterred by such a setback in the insurtech industry. The company aims to "reach out to network for referrals and source candidates for key roles and hires" and is searching for what it refers to as the "A team." It has already begun the process and is looking for a team of insurance industry professionals to join them.