Annual Report

Thriving on change

The business world is changing at an accelerating pace. Technological, social, behavioural and demographic changes are all disrupting the old models, offering opportunities for those who are brave enough to grasp them. But with those opportunities comes risk – risk we can see and manage, like new product or new geographies or new channels, but also ‘unknown unknowns’ – risks we can’t even predict.

Huge advances in digital technology and big data are transforming the traditional value chain we all understood. Companies worldwide are operating in a more complex, global environment offering huge benefits, but also increased political risk and uncertainty. Social change has created a new generation of ‘always connected’ individuals with different values and ambitions. So how can companies navigate these often uncharted waters? Our customers are more demanding in what they expect from their insurer – in the products they need, like cyber coverage or worldwide insurance programs, in wider risk management services, in the business skills and knowledge we bring, and in the way we interact with them.

We understood these trends when we defined our purpose – to give people the confidence to achieve their ambitions – knowing they have a partner standing with them to help them succeed. Providing that confidence isn’t just about risk transfer. It’s about providing risk management services in a more holistic way, about using technology to transform how we assess risk and how we provide services. It’s about making sure that we have the right skillsets to provide these services in the modern world. QBE is tapping in to new technologies to get closer to customers. Our Group Digital Innovation Lab is experimenting with emerging technologies, our use of drones for claims assessment and our drive to embed analytics into our decision-making are just some of the many initiatives we have in play.

QBE is thriving on change.