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Read a summary of the main themes covered at TINtech London Market 2017.
By Jeremy Burgess, CEO, The Insurance Network
The Insurance Network’s TINtech London Market took place on 7th February, bringing players from across the value chain together to explore how technology is both driving strategic change and enabling business processes and few ways of working.
With over 275 attendees and more than 30 speakers it was a fantastic day, full of insights and new ideas that shone a spotlight on the key challenges the industry faces in the coming years. Here I share some of the insights I took away from the conference, and predict what will be on the agenda for next year.
As always, we ran our pre-conference survey to highlight the importance challenges the audience are currently tackling, and gauge the sentiment around key topics such the TOM, innovation, client service and claims.
The entire audience agreed that technology innovation was either critical or very important within their organisations, with 29% of the audience investing in a new CRM in the next 12-18 months and 34% investing in a new claims system in the next 12-18 months.
These figures affirm a trend that we have been seeing over the past 2 years: organisations are moving from talking about technology innovation to investing time, money and resources into real initiatives. Feedback from the conference also provided evidence of the widespread adoption of the agile methodology for IT project management, allowing teams to respond to unpredictable events and adapt to new technology developments such as IoT and AI.
We also asked the audience whether TOM will address the key challenges in the market with 16% saying yes, 8% saying no and the remaining 76% saying maybe. These figures replicate the results of our survey at the London Market Claims conference in October and show that despite an increase in communications people are still unsure of TOMs effectiveness.
Closer analysis of why people gave for their opinion on this topic gives us a clear insight into the opportunities, but also the challenges facing TOM – and it was fascinating to hear Adrian Thorneycroft respond to some robust questioning during the modernisation session.