New research revealed that the London market is starting to see tangible returns attributable to technological innovations in order to position firms for long-term profitable growth.
The study, conducted by WTW, involved the analysis of 49 syndicates that make up approximately 85% of the Lloyd’s market. It asked firms where they currently are on their digital transformation journey, involving how they made decisions, underwrite, trade, and configure their operating models.
The research then classified the syndicates under three groups and found that firms that have already started to invest in technological changes outperformed those that have been slower to innovate by six points. These innovations include leveraging data assets, decisions-support ecosystems, and digital trading solutions. The three groups listed were:
Further results relating to the analysis will be shared at WTW's annual flagship Reshaping Insurance conference in London, where over 60 leading insurers are gathering to discuss the industry’s transformation. The themes for the event are next-generation risk to capital solutions and the London market’s work and trade as it continues to harness data and analytics.
WTW global market leader for global specialty, insurance consulting and technology Richard Clarkson said that things have changed since last year, when the market was at a tipping point with a focus on how to deliver operational efficiencies.
“Since then, this analysis shows sufficient momentum has been built to be able to say that the market has now tipped. Insurance firms across the board are successfully getting to grips with data, achieving better insights into drivers of risk performance and embracing new ways to trade and operate,” Clarkson said.
Elsewhere in the region, Insurance Business UK recently spoke to WTW North and Scotland regional director Chris Milnes on why clients want more of a partnership with their brokers.
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