If this can be achieved through a combination of digital and automated processing of transactions it will open the door to faster, cheaper services and enable more effective scaling of business capacity.
Those are the key findings of the ‘Technology Trends and Innovation Survey 2023’ conducted by the International Underwriting Association and Credera, a consulting firm focused on strategy, transformation, data, and technology. Senior operations and technology executives were questioned via an online survey, together with a series of in-depth follow up interviews for the publication.
The results also found digital adoption and advanced data and analytics to be important themes for insurers and reinsurers. Merely adopting central market digital processing services, however, is only the start of the story. This is seen by many to be a minimum requirement for operating in a digital marketplace and organisations are dovetailing it with their own broader digital journeys.
Meanwhile, there is acknowledgement of much room for growth in the maturity of data platforms to assist business decisions. Most companies interviewed considered their own data maturity to be average at best.
Kim Darrington, Senior Market Modernisation Executive at the IUA,said: “There remains a positive outlook amongst companies in the London Market that the future holds a great deal of opportunity. New digital processing services have the potential to deliver more joined-up systems, better customer experience and greater efficiency, unlocking capital for more underwriting capacity.”
Nick Vaughan, Managing Director of Credera, said: “Credera is proud to have worked with the IUA on the second edition of the IUA Technology Trends and Innovation Report. We are really grateful to all of the IUA members who responded to the survey and gave generously of their time during the interviews. It is a key period for the market, and it has been illuminating to hear of the different approaches taken to embracing the change that is coming.”
A previous Technology Trends survey was published by the IUA and Credera in 2021. The latest publication compares its results to those two years ago.
Copies of the ‘Technology Trends and Innovation Survey 2023’ can be freely downloaded from the IUA website at www.iua.co.uk/digitaltransformation.
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