They may not like it, indeed many of them don't like it, but realisation is dawning on traditional, established insurance companies that if they are to survive they will have to innovate. These days to stand alone, aloof and impervious to change is a suicidal strategy. As Clare Selway of Axa PPP explains, the way forward is actively to seek to collaborate and partner with new players, many of which are small, fast, impatient for change and have little respect or regard for stick-in-the-mud old-fashioned tradition. Change is often painful but it can't be avoided and a bit of discomfort is better for the established insurance companies than the only alternative - a not-so-lingering demise.

Filmed at: Internet of Insurance, London, 2016