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Insights and News /

18 May 2021

Baringa Partners’ Biennial London Market Survey

Rebecca Hiscocks

Rebecca Hiscocks
Manager | Financial services | London

Adam Tyrrell

Adam Tyrrell
Manager | Financial services | London

We are proud to release the results of our 2021 London Market Underwriters Survey, the latest biennial research conducted by our London Markets Insurance team.

Baringa’s Rebecca Hiscocks, Adam Tyrrell and Emma Gilbert engaged with CUOs, CROs and COOs across the London Market to gather their views on some of the biggest issues facing these insurers:

  • Market performance and the impact of Covid-19 on future planning and investment activities:

    • We believe that London as a marketplace is well placed to deal with turbulent macro-economic conditions, but individual 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
       
  • Key trends and priority focus areas within the underwriting operations function:
     
    • Respondents were clear that capturing and utilising data effectively remains a challenge for insurers, but one that the industry is moving towards achieving through continued investment
    • There remains a target to automate key processes in the market but organisations have largely gone back to basics to improve their data quality standards before embarking on this journey
       
  • Factors driving the change agenda within London Market insurers:
     
    • Respondents viewed the adoption of agile transformation models as a better way to respond to volatile market conditions than reducing change portfolio spend
       
  • Attracting and retaining talent in the London Market:
     
    • Respondents believe that creating a modern work place that supports flexible working patterns will be critical to attracting and retaining the best possible talent in the Market

Do contact Christine Frendo if you would like further information on the 2021 London Market Underwriting Survey report or the London Markets in general.

Report compiled by Rebecca Hiscocks and Adam Tyrrell and Emma Gilbert.

Download the full survey report here:

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