Client trust is the most important trait for insurance companies to foster in their clients, said David Bodanis in the opening plenary address of the Biba conference.

He said new technology and new expectations were driving changes in business.

He said traditional business had worked slowly, but the public had had a high level of trust in the companies.

Bodanis said during the 1980s, customers had demanded speed, but had not trusted the businesses they were working with to provide a high level of service.

"What people now want is high speed in service provision, but also to be able to trust the company," he said.

"There is a role of trust in business that will cross everything we do and all the coming trends."