Advisers in the life sector are struggling to recognise and implement the industry's most innovative ideas into their practice, Zurich’s Andy Marshall has said.
In an upcoming article on Risk Adviser, Mr Marshall, Zurich’s head of sales strategies for life and investments, said the problem with innovation across the advice sector is not a “lack of ideas” but the fact that no one is implementing them.
“There are myriad innovative ideas swirling about the universe right now; the issue seems to be a lack of recognition and imperative to implement them, especially when we’re faced with even small amounts of uncertainty,” he said.
“What it will take is some independent thinking from thought-leaders within the profession to keep the spark of innovation alive during this challenging period," Mr Marshall added.
“We already have the great ideas to carry us forward. We just need the guidebook on implementing them.”
Mr Marshall added that looking at the most recent finalists of the AFA Adviser and Practice of the Year Award, it is evident that innovative thinking is “running through the veins” of many advice businesses.
However, he conceded that, as a product manufacturer, Zurich also has a role to play in acting on innovative ideas for both advisers and clients.
“We understand that the lives and needs of our customers are changing and that for us all to deliver truly customer-centred outcomes, we must approach the LIF reforms in true partnership with advisers,” he said.
“Our focus is on simplicity of design and language; affordability; and sustainability of design and pricing.”
He added: “In this, we will support advisers with a full-solution spectrum, to suit a diverse range of advice models – from offerings for scaled advice or robo-services, to comprehensive solutions for fully bespoke advice."