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 (IUA). 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 titled “Technology Trends and Innovation.”
The report identifies innovation as a key to future success and promotes moving away from ad-hoc trialing of new ideas to a more rigorous, structured approach.
“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,” said Louise Day, IUA director of Operations.
“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,” she continued.
Other key trends identified in the IUA-Credera report include a desire to partner with start-ups, which can offer a fresh perspective to business problems, help break down barriers and encourage collaboration. The survey also found that COVID-19 effects have strengthened the case for digital transformation and prioritized new ways of working.
“We believe that the London market is currently experiencing a key period of change as organizations 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,” commented Nick Vaughan, London Insurance Market Lead at Credera.
“It is our objective to understand the key motivations of information technology leaders and their companies,” he said.
Source: International Underwriting Association (IUA)
*This story ran previously in our sister publication Insurance Journal.