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While UK insurers opposed Brexit, they should use the Brexit vote as an opportunity to foster invention and transformation to secure the future of the UK insurance sector as a world leader in innovation, customer responsiveness and development, and deployment of new products and services.
Oxford interviewed more than two dozen senior insurance and asset-management executives to assess attitudes toward Brexit, and determine the best competitive responses to the vote. The UK can do more to encourage innovation, while at the same time explain to the rest of Europe that their companies and other constituents should not have their opportunities limited because of a vote in which they did not participate. UK insurers should seek broad equivalence with EU regulators and a "stand still period" in which all existing relationships should be able to continue.