Infrastructure works require a contemporary insurance policy: four future-oriented transformations

The insurance sector is changing all the time and is taking the necessary steps to serve construction companies even better in the future. Peter Anckaert, Senior Broker at Vanbreda Risk & Benefits, lists four key transformations.


1. Combining experience with new talent

In a world where the pace of change is accelerating, only insurers that can change their approach with agility have any chance of keeping up with their customers. Personnel policy is an example. ‘Risk engineers in our sector often have many years of working under their belts, allowing them to build up in-depth expertise and experience. However, continuous training in subjects such as new technologies is essential to providing a response to the current and future-oriented insurance challenges of construction companies.’ Attracting talent from completely different fields is also beneficial: people who are familiar with the latest technologies and developments in data management, financial management, communication, health, mobility, climate and so on.

2. Using innovation to understand business better

Many insurers engage with innovation in order to bring new products to the market. ‘At Vanbreda, we encourage insurers to also use this innovation to better understand the business of our mutual customers. What are these companies’ activities? How do the new technologies, machinery and supply chains work? It’s all quite complicated and emphasises the importance of having a good insurance policy.’

3. Looking ahead together

A lot of infrastructure is due for upgrading in the years ahead. But money is not unlimited and will only be used for infrastructure that is future-proof in terms of sustainability. Before any construction process, consideration must be given to how long something needs to last and what will happen after that period has elapsed. ‘How will we replace the obsolete infrastructure? What will be reusable? How and where will we clean up the waste? What budget should we put aside for this? This is an increasingly common trend, so we all have to look ahead and take a long-term view: what will things be like in 20, 30 or 40 years?’

4. Rewarding customers for their efforts

The insurance market has grown much tougher in recent years. Many companies today go to great lengths to meet all the requirements imposed by insurers in order to be able to arrange proper cover. ‘We would therefore urge insurers to meet customers halfway in this regard: reward them with lower premiums, longer commitments and better conditions.’

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