Tempus Fugit or a Year can be a long time in business…
This year has to be the strangest and most challenging any of us has seen. What a time therefore to be establishing a new business. This is exactly what we’ve done and as Cognitive Risk hits its first Birthday we thought it a good time to take stock and reflect on the last year.
We opened our doors in October 2019 full of expectation and fully motivated to play our own small part helping our beloved London Market move ahead in its digital transformation journey. Little did we know that a matter of months into our journey the whole of the UK would all be sent home and our lives change irrevocably. Once we’d got past the OMG moment we realised that actually this enforced change was perhaps exactly what the Market needed to move out of the deeply ingrained business as usual mentality through a period of crisis coping, adapting and fast changing tack to accelerate towards digital first trading. This has proven to be the case and one only has to look at Lloyd’s and its much vaunted PPL platform as just one example with its adoption and usage growing exponentially.
This message getting through has definitely seen an uptick in the second half of our year with a quickening acceleration in our innovator clients who want to explore just what the insurance sector can offer and similarly incumbents wanting to learn how they can utilise advanced tech to drive their operations to increased efficiency and dare we say, accuracy in harnessing validated data driven decision making. So actually all this has actually ended up being more of a tailwind than headwind for us. This led us to launch our Future Insurance Thinking - FIT programme for innovators. A short and intense sprint looking at how to optimise services and maximise the traction that can be gained with the insurance sector.
In other areas this has seen a new word get into the strategic vocabulary; ecosystems. Realising that each of us bringing the things we do well and collaborating with others, rather than competing with them, has genuinely reset the digital direction and some great things are being achieved. We are, and is our current plan, a small boutique change consultancy that will continue to work with other best of breed experts to bring the highest quality of service to our clients and one to each other. We have been long time advocates of the benefits and direction that ecosystems offer the insurance market, demonstrated through our strapline Connecting Smarter Insurance, we love to help insurance people do smart things for their customers and staff.
You can’t hit a point such as this without thanking those that have added in big and small ways to our journey. It has been an absolute pleasure meeting and working with you all and we feel we have learned so much in the year from you. Thank you and we look forward to doing much more with you in the future. We must also pay due regard to our clients who have trusted and supported us. One client is always special to any new business and that is its first client and that particular award goes to Inari, so if permitted an extra special thank you to you.
Our motivation remains high and we have many exciting projects on the horizon. So thank you once again to all the new friends made and hello to the many more yet to be made!
If you would like to chat through how our experience, views and network can help your future insurance thinking then do please reach out we’d love to speak to you.