London 'leads the way' in embracing technology

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Insurance

Lloyd’s chairman John Nelson said at a recent seminar on technology that the London insurance market was ‘leading the way’ in embracing the opportunities that technology can bring to the specialist insurance and reinsurance sector. In his opening remarks at a seminar, hosted by Lloyd’s, to explore technological opportunities in insurance, Nelson said: “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. 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 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.

Lloyd’s director of operations Shirine Khoury-Haq said: “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.” Meanwhile, Justin Emrich, CIO of underwriting firm Atrium, commented: “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.”