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International Underwriting Association publishes report on new technology trends and innovation

Link(s):New technology trends and innovation report published by IUA and Credera

Context

The IUA has published details of a report it has produced in conjunction with Credera, a consulting firm focused on strategy, transformation, data, and technology. Senior operations and technology executives were questioned via an online survey, together with a series of in-depth follow up interviews for the publication.

Key points to note and next actions

This edition highlights:

  • Operational efficiency is the number one business challenge for companies in the London insurance market.
  • If this can be achieved through a combination of digital and automated processing of transactions it will open the door to faster, cheaper services and enable more effective scaling of business capacity.
  • Digital adoption and advanced data and analytics to be important themes for insurers and reinsurers.
  • Merely adopting central market digital processing services is only the start of the story. This is seen by many to be a minimum requirement for operating in a digital marketplace and organisations are dovetailing it with their own broader digital journeys.