A TIN and EY report on the major drivers that are setting technology strategy across the market, and key challenges in digital transformation in the UK general insurance and large complex risk markets
In March and April 2021, and in advance of Virtual TINtech 2021 on June 22nd, The Insurance Network and EY conducted a survey with previous TINtech attendees and the wider TIN network in order to establish the major drivers that are setting technology strategy across the market, and identify current key challenges in digital transformation in UK insurance in the UK General Insurance and large complex risk markets.
This report aims to summarise the findings of the survey, but also offers some brief comment and analysis, and suggests some issues that warrant further discussion at the event in June.
Current technology priorities
To start the survey, we asked respondents to choose from a number of technology priorities in 2021, and to rank their answers in terms of importance.
As you can see from the results, both ‘Leveraging data within the business’ and ‘Enabling automation’ outperformed ‘Modernising multiple legacy systems and software‘. This is indicative of a shift in focus away from trying to improve / update existing (and outdated) core systems towards leveraging new technologies like automation, which rely very heavily on the availability of accurate data in readily accessible and “leveragable” formats.
Automation allows for reduced errors, faster processing, meet SLA’s, save time and money - therefore this must be a priority. Second on the list is leveraging data as this works on the flip side, allows for the business to strategically outcompete others in the industry and go above and beyond client expectations.
A lot of companies are in the process of migrating from outdated systems and architectures to new, agile cloud based / SaaS infrastructures.
Many are adopting a ‘2-speed’ approach, with existing lines of business predominately on the old systems and new products or lines of business being launched on new data-driven systems that do employ automation and analytical tools than can derive actionable insights from the data.
The drivers for transforming operations
The second question in the survey asked respondents to choose their biggest driver for transforming operations. Whilst the answers were evenly spread across 4 of the 5 answers, it is notable that achieving process efficiency has slid down the list of priorities for respondents, with ‘responding to changing customer expectations’, ‘increasing operational agility’ and ‘harnessing the power of data’ all scoring more highly as drivers for change...
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