Commercial lines transformation projects on the rise: Willis
There is currently a rise in the number of commercial lines transformation projects, Tammy Richardson, managing director, UK & Ireland, insurance consulting and technology, Willis Towers Watson, told Monte Carlo Today.
“We are seeing a lot of commercial lines transformation projects, particularly with the company market, Lloyd’s and the London Market,” Richardson said.
“In the UK, personal lines has been a very competitive market and companies have invested in the past to make sure they are not losing ground, but now that has moved on to commercial lines.
“It’s been underinvested in the past and we’re seeing lots of effort by companies to make it more analytical, using data, providing underwriters with dashboards and workbenches to make better decisions.
“That comes with improved efficiency on processing, and that’s where our technology comes into play.”
She added that the need to be more efficient is generally a strong theme with companies.
“Technology is one way to do be more efficient, but embedding technology to improve efficiency also improves governance—you get fewer personal touchpoints of data and processes when you have a system that will do it,” she explained.
Another topical issue highlighted by Richardson as a concern for clients was the impact of IFRS 17—it is leading to an increase in outsourcing of the actuarial function.
“These accounting changes are affecting a lot of our clients,” she said. “We are seeing more outsourcing because with the regulatory burden on some insurance companies they are looking at what can they outsource to companies like us.
“That enables companies to focus on what they are good at.”
Discussing the importance of inclusion and diversity in the re/insurance industry, she highlighted the need for recruitment processes that encourage a diverse range of applicants, and contracts that make flexible working possible.
“We have people who are remote workers and part-time workers, for example,” she said.
“Everyone should be given the opportunity to be successful in the industry—we like to see more young people being attracted and to help them develop.
“It’s important to look at people as individuals, and how you can help individuals become what they aspire to be.”
