The London market is in danger of lagging behind global competitors by not working collectively to aggregate and analyse the wealth of data held by brokers and carriers.
This is the finding of Xuber, Xchanging’s insurance software business, which has released the first chapter of its new report, ‘Mind The Gap: The Changing Landscape of the London Insurance Market’.
Richard Clark, head of business development and specialist commercial at Xuber, said: “There is a deep sense of pride rooted within the London market; its idiosyncrasies provide it with a strong footing within a rapidly changing global market. Having said that, the market faces several challenges over the coming years if it is to maintain its stronghold – and one of these is the need to utilise its data.
“The London market has so far failed to collaborate in its attempts to leverage data. A market or company’s use of big data provides it with a point of differentiation from its competitors; it is no longer a case of it being a value added service, but rather integral to survival – a Darwinian challenge with those left behind unlikely to survive.”
Ian Summers, managing director, Qualitas London, echoed his thoughts, asking why the industry was not sharing data, and reminding that big brokers are already using big data to stay ahead of the pack.
Xuber, Xchanging, Europe, Richard Clark