LONDON, June 15, 2023 — The London Market is beginning to demonstrate tangible results on the back of technological innovations in order to position firms for long-term profitable growth, according to new analysis by leading global advisory, broking and solutions company WTW (NASDAQ: WTW).
WTW conducted analysis of 49 syndicates that make up approximately 85% of the Lloyd’s market, asking firms to reveal where they are on their digital transformation journey in how they make decisions, underwrite, trade and configure their operating models.
The research, which classifies the syndicates into three separate groups, shows firms that have already started to invest in technological changes achieved a 6 point outperformance advantage over those that have been slower to innovate during the market’s ongoing digital transition. Specific examples of innovation include successfully leveraging data assets, decision support ecosystems and digital trading solutions
Key findings:
“Insurance firms across the board are successfully getting to grips with data, achieving better insights into drivers of risk performance,”
Richard Clarkson | Global Market Leader for Global Specialty, Insurance Consulting & Technology, WTW
Richard Clarkson, Global Market Leader for Global Specialty, Insurance Consulting & Technology, WTW, 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”.
The results of the analysis are being shared on Thursday 15 June at WTW’s annual flagship Reshaping Insurance Conference in London, where over 60 leading insurers are gathering to discuss how the industry continues to be transformed. The theme for this year’s event is next-generation risk to capital solutions and how the London Market will work and trade differently as it continues to harness data and analytics into the underwriting and technical functions of organisations.
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organisations sharpen their strategy, enhance organisational resilience, motivate their workforce and maximise performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.
