The insurance industry has launched The Spark, a global prevention laboratory aimed at transforming the insurance industry’s approach from reacting to losses to preventing them before they occur.
The announcement comes at a time of rising challenges for insurers. Catastrophic losses, rapidly evolving cyber threats, and pressures on traditional pricing models are increasing the need for new approaches.
With global insurance premiums exceeding $7 trillion annually, The Spark provides a structured platform where collaborative insights can be turned into actionable outcomes, including new programs and services that help mitigate losses while supporting sustainable growth.
Unlike conventional innovation hubs, The Spark emphasises practical application over abstract innovation. It leverages proven technologies for insurance use cases and offers a pathway from pilot initiatives to full implementation.
The platform focuses on systematically reducing property, casualty, and specialty losses while exploring opportunities for new revenue. By connecting insurers worldwide, The Spark generates network effects that individual companies would find difficult to achieve on their own.
Leadership includes senior executives and C-suite representatives from founding partners, with additional global insurers expected to join throughout the year.
Industry forecasts suggest that prevention-focused insurance models could lower catastrophic losses while creating new revenue streams. In the U.S., fee-based prevention revenues for property and casualty insurers are projected to rise from $21.6 billion in 2023 to $49.5 billion by 2030.
The Spark facilitates collaboration among insurers, including sharing insights, co-developing prevention technologies, and coordinating the launch of new products and services, amplifying the impact of its members.
With its announcement at the Rendez-Vous de Septembre in Monte Carlo, Aon positions The Spark as a global effort to shift the industry toward proactive risk management.
The platform underscores a commitment to collaboration, measurable results, and supporting insurers in reducing losses, protecting communities, and promoting long-term growth.
“The insurance industry has reached a turning point,” added Gil Arazi, Founder & Chairman of The Spark. “For too long, we’ve focused on paying claims after losses occur, yet as an industry that touches every policyholder’s life, we have a responsibility to drive meaningful impact beyond claims payment.
“The Spark brings together major insurers to develop practical tools and technologies that prevent losses and bend the loss curve. We’re creating real business infrastructure that makes prevention both financially viable and socially impactful for insurers worldwide.”
“The Spark builds on a direction Aon has championed for years — helping clients move from reacting to risk toward anticipating and preventing it. As a founding member, we’re bringing proven technology and a track record of execution to help clients stay ahead of emerging threats and unlock new opportunities for growth,” commented Sherif Zakhary, Aon.
“Generali has long believed that prevention represents the future of protection. The Spark’s ecosystem approach perfectly aligns with our commitment to global innovation and our vision of insurance as a force for societal resilience,” said Danilo Raponi, Generali.
“The Spark’s prevention-first focus addresses exactly what our industry needs to thrive in the next decade. This initiative creates unprecedented opportunities to co- develop solutions that have the potential to fundamentally redefine insurance’s role in society,” said Lynn Thompson, QBE Ventures.
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