London insurers leading the way in embracing tech opportunities: Lloyd’s
The London insurance market is leading the way in embracing opportunities which technology can bring to the specialist re/insurance sector, according to Lloyd’s chairman John Nelson.
Nelson made the remark in a seminar hosted by the firm to explore financial technology (fintech) opportunities in the insurance market.
“We have a unique and world-beating combination of a globally dominant financial services and insurance industry, sitting alongside a rapidly expanding tech sector rivalling Silicon Valley,” he said.
“For Lloyd’s and other London insurers and reinsurers to maintain growth in the global specialist market over the next few years, we have to evolve and adapt. If we stand still, we will all get left behind.”
The seminar was hosted in the Lloyd’s building and attended by 120 executives and IT specialists from insurers and brokers from across the London market, together with representatives from London’s Tech City and other companies who are already benefiting from technological innovation.
The aim of the seminar was to inform and consult insurers and brokers about the technological opportunities, and challenges, currently being considered as part of the London Market Group’s modernisation programme.
Shirine Khoury-Haq, director of operations, Lloyd’s, added: “The London market is developing a new operating model which aims to make the most effective and appropriate use of technology possible.
“As we do this, we are keen to both consult widely within the market and to learn from other companies and sectors which have already embraced technological change”
Justin Emrich, chief information officer (CIO) of insurer Atrium, said: “We’ve already seen how technology has had a massive impact on banking and other financial services and there’s no doubt that insurance will also be affected.
“I’m delighted that the London insurance market is showing leadership in this area and working together so that technology can not only enhance the way we do business, but also the solutions we offer our clients and thus ensure we remain the best in the world.”
