As competition in the London Market becomes fierce, the implementation of efficient and accurate technologies is more important than ever. Intelligent Insurer speaks to the technology providers dominating the market to find out how the sector is evolving.
London was the birthplace of the insurance and reinsurance industries in many ways and, especially if you include the unique structure of Lloyd’s and that market’s expertise, it remains the world’s most important location for dealing with many kinds of insurance risks.
It has also retained a reputation for maintaining many traditional business practices and being reluctant to modernise. This is now changing, however. Faced with growing competition from other domiciles and increasingly fierce competition in London itself, firms are willing to use any competitive edge they can find.
And some of the most fundamental changes taking place revolve around the use of new technology platforms – either bespoke systems that can be used by individual businesses or by adopting broader sector-wide platforms that help make the whole market more efficient and competitive.
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The London Market, Lloyds, technology, BPM