Posted on: 17 May 2021
Digital transformation is imperative to remaining competitive in the London Market, according to the results of a new survey published by the International Underwriting Association. Companies identified simplifying processes to enable processing without manual intervention as their highest strategic priority.
An online survey, together with a series of in-depth follow up interviews were conducted by the IUA in association with Credera, a consulting firm focused on strategy, transformation, data, and technology. The results have been compiled in a new report ‘Technology Trends and Innovation’. It identifies innovation as a key to future success and promotes moving away from ad-hoc trialling of new ideas to a more rigorous, structured approach.
Louise Day, IUA Director of Operations, said: “This report provides a clear insight into the technological changes that are considered important by senior London Market executives. We have discussed how firms are combining technology with alterations to their business models to deliver growth.
“A recurring theme throughout is the need for greater agility. Insurers that have been able to achieve this have successfully transformed customer service, increased revenues and driven down operating costs.”
Other key trends identified in the IUA Credera report include a desire to partner with start-ups that can offer a fresh perspective to business problems and help break down barriers and encourage collaboration. The survey also found that Covid-19 impacts have strengthened the case for digital transformation and prioritised new ways of working.
Nick Vaughan, London Insurance Market Lead at Credera, said: “We believe that the London Market is currently experiencing a key period of change as organisations are faced with a wide range of external challenges. At the same time the technology landscape offers a number of exciting strategic options, from cloud and digital to data enablement and machine learning.
“It is our objective to understand the key motivations of information technology leaders and their companies.”
Copies of the Technology Trends and Innovation Survey are freely available to download from the IUA website: www.iua.co.uk.
