While the big composite insurers have for some time had a head of innovation or digital, I don't know of any insurers in the London market who have senior folk to dedicated to leading innovation strategy.
While the TMK role is clearly more about product innovation than technological, it's a recognition of the need to do and see things differently. Good to see TMK take the lead, I expect to see many other such appointments in London through 2016.
Perhaps we could set up an Innovation Index based on the number of insurers who have an dedicated Heads of Innovation or similar as a proportion of the whole community. Anyone want to sponsor it?
It's the Merttens index for now, and unless anyone tells me otherwise, the index stands at 1.
Tokio Marine Kiln (TMK), the leading provider of specialist and corporate insurance, has appointed Tom Hoad as Head of Innovation in its London office. The newly created position will see Tom further develop and lead TMK’s innovation strategy. The remit will involve understanding how client needs are changing as new risks emerge and working with the underwriting divisions to deliver new or blended products to meet those demands. Tom will also be responsible for ensuring that TMK enhances existing product distribution channels and creates new ones where such initiatives will respond to genuine customer requirements