A report highlighting some of the key challenges founded in a series of London market webinars and virtual roundtables TIN and WNS have hosted in 2020-2021
The series of London market webinars and virtual roundtables TIN and WNS have hosted in 2020-2021 have highlighted some of the key challenges the London market faces in its drive for transformation, both within individual companies as well as at a market level.
The TOM before them, and now The Future at Lloyd’s and the Blueprint initiatives have initiated a transformation in ‘the way London works’ towards a digitally enabled future with data quite literally at its core (or ‘spine’ to use the Blue Print’s own terminology). Before COVID the market was at a tipping point of transformation driven by the universally accepted need to modernise to compete – the crisis has accelerated that process and proved that London market brokers and insurers can embrace digital to transform their organisations and operating models, and opened the eyes of naysayers to the ‘art of the possible’.
In many ways C19 has in fact underscored the value of the central vision of the Blueprint Two: which is based on a digital marketplace driven by data. However, the fact that London has managed to deliver its core offering remotely throughout the pandemic should not be mistaken for a success for centrally driven market reform. Individual firms made it a success because they had no choice and because resilience and the ability to react to a crisis are as hardwired into the market as relationships, experience and the visceral understanding of risk – the other, more often lauded features of the London market we should also seek to preserve.
The winners in ‘the new normal’ will be the companies (large and small), that can successfully reimagine and reengineer their operations and business models to align with a digital-ready future. NOW is the time to embrace change...or risk being left behind. Retail insurance has seen a shift from policy-centric to customer-centric operating models, and this shift is starting to happen in London as the focus moves to customer outcomes rather than internal or broker to carrier processes, and in order to achieve that laser focus on customer outcomes operating models will have to be transformed. So, what are the obstacles standing in the way, and how are organisations going about tackling them?
To continue reading, download the report now
Download the report now