As more insurers in the London Market look to invest in technology that allows them to automate certain systems internally, it could mean different processes require outsourcing. Intelligent Insurer investigates the consequences of this trend.
A rise in the use by insurers in the London Market of sophisticated technology that can automate an increasing number of systems and processes internally has the potential to change the way in which these companies structure themselves. Specifically, such solutions could have a knock-on effect into what is a vibrant outsourcing industry surrounding the London Market.
At present, insurers in the London Market outsource two broad categories of their business: back-office functions such as claims and policy administration, and tasks previously done manually, such as data entry, credit control and the scanning of documents.
However, the recent move in the London Market towards the greater use of internal automated processes could mean demand for such functions will diminish. Insurers should be clear about where they should draw the line when it comes to automation, argues Philip Grant, chairman of consultancy Ambant.
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London Market, Insurance, Reinsurance