What are some of the biggest issues facing the London Insurance Market? We share all in our 2021 London Market Biennial Survey, which includes insights from leading CUOs, CROs and COOs.
Market performance and the impact of Covid-19:
- The London marketplace is well positioned to deal with turbulent macro-economic conditions, but firms need to adapt their products whilst operating under continued cost pressures
- Our survey showed that organisations are steadily shifting their strategies, however, there is a long way to go for real transformative innovation in their business models
Priority focus for the underwriting operations function:
- Respondents were clear that capturing and utilising data effectively remains a challenge for insurers, but one that the industry will overcome through continued investment
- There remains a target to automate key processes in the market but many organisations have reverted back to basics to improve their data quality standards before embarking on this journey
Drivers of change in the London Markets:
- The adoption of agile transformation models was viewed by our respondents as a better way to respond to volatile market conditions, rather than a focus on reducing change portfolio spend
Attracting and retaining talent in the London Market:
- Creating a modern workplace, that supports flexible working patterns, will be critical to attracting and retaining the best possible talent in the London Market
You can learn more in our panel discussion, where we address how well the London insurance market is transitioning to digital, including an interview with Paolo Cuomo, Director of Operations at Brit on his experience of setting up a pure digital syndicate, Ki. Contact Christine Frendo to learn more about our 2021 London Market Survey report or the London Markets in general.
Report compiled by Rebecca Hiscocks, Adam Tyrrell and Emma Gilbert.
Download the full survey report here:
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