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On the threshold of transformational change in the London market
Welcome to the TINtech London Market 2020 Report. There are have many changes impacting the London market insurance industry during the past year, and more to come. This report examines the part technology will play in driving innovation and enabling successful change in the London market.
As usual, the report is based on the results of the TINtech London Market pre-event survey and interviews with industry and technology leaders. It also incorporates more extensive research into technology offerings for the insurance section.
The report explores:
My thanks as ever to survey participants, conference attendees and speakers for taking part in the report.
This time last year at TINtech London Market 2019 the conference explored the impact of technology on the London market value chain. We also looked at how innovation enables digital transformation, the need to modernise the London market, customer centricity and the impact of emerging technologies.
Looking back at 2019, the Annual Report identified three areas market participants were most interested in: the London market TOM, blockchain, automation and data analytics.
This year, the focus is on the speed of change in the market. The relevance of this is ably demonstrated by the fact two of these topics are no longer relevant or have faded into the background
Blockchain was touted as a catalyst technology for the insurance market. However, 2019 saw scant news on the alleged disruptive technology having the promised impact on the market. Apart from reports that Lloyd’s of London is becoming a major player in crypto insurance.
The London market’s early modernisation scheme, TOM, was wound up after supposedly delivering most of its objectives. In reality, the Future of Lloyd’s programme (FAL), superseded it. In September 2019, Lloyd’s unveiled Blueprint One. It sets out Lloyd’s strategic intent. Phase one plans to modernise the way the market syndicates risk and its intention to build the most advanced insurance marketplace.
Surprisingly, only 19% of survey respondents felt they were very familiar and up to date with the Future at Lloyd’s strategy and not everyone is convinced that FAL will deliver what’s needed to transform the London market. Although the high level aims are laudable, the challenge will be in successfully delivering the necessary change. The lack of a clear, detailed delivery plan has caused confusion – one respondent summed this up well:
“What about the confusion caused by the closure of the LM TOM and the creation of The Future at Lloyd’s? There is a lack of clarity regarding how TFAL will impact what was done by LM TOM.”