Tech investments paying off: tech savvy Lloyd’s syndicates are pulling away
London Market insurers with a track record in tech innovation are starting to pull away from their more luddite peers by the bottom line, a study by global insurance broker WTW has indicated.
The 30% of syndicates with the greatest advancement in tech are sporting an aggregate combined ratio some six points below the 40% of the field that have yet to get going or four points below the 30% of the field who are still only part-way on their road to top tech, WTW’s survey of some 49 syndicates, accounting for 85% of Lloyd’s business, has shown.
WTW divied up its groups on the basis of which syndicates had fully leveraged data assets, built decision support ecosystems and implemented digital trading solutions, amongst other factors.
WTW’s global head of specialty, insurance consulting and tech, Richard Clarkson, said: “In 2022, the market was still at a tipping point with a focus on how to deliver operational efficiencies. Since then, this analysis shows sufficient momentum has been built to be able to say that the market has now tipped. Insurance firms across the board are successfully getting to grips with data, achieving better insights into drivers of risk performance and embracing new ways to trade and operate.”
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