The idea of insurance companies embracing technology is critical to the future success of our industry and the aspirations of Aviva's Mark Wilson should be greatly admired and supported.
However, the challenge such a transformation faces is not about acquiring technology. It is the behavioural and cultural changes required to move from an organisation which is dominated by long term risk management to an entrepreneurial, risk based culture.
That will be a hard won achievement. One which will take a long time and require a lot of emotional upheaval within any insurer organisation.
Hats off to Mr Wilson, you have seen the future but nobody should underestimate the scale of transformation this will require.
That giant is Aviva, with the 321-year-old company declaring its intention to become a financial technology firm. Speaking on Wednesday, the company’s CEO Mark Wilson announced at a Press conference that: “We want to turn Aviva into a fintech. We will do acquisitions in this space… I don’t mean billions, there’s nothing imminent.” He outlined that the Digital Garage, which began life last year, is part of a long term effort to turn Aviva into a digitally focused company – with its aim being to “compete and cannibalise” the rest of Aviva. “We believe what we have is world leading,” he said. “What we’re trying to do is fundamentally change the insurance industry. How long will it take? I don't know.”