Technology is no longer tactical, it’s strategic and fundamental to business success

On Tuesday 7th February 2017 Sollers Consulting, an IT and business advisory company, supported and participated in the 3rd TINtech London Market Conference, hosted by The Insurance Network. The conference attracted 251 attendees from the Lloyd’s and London markets along with leading IT suppliers to the Grand Connaught Rooms in Holborn. The aim was to discuss the importance of technology for the insurance market in London. The main statement was “technology is no longer tactical, it is strategic and fundamental to business success”.

The Insurance Network created the perfect platform to bring Insurance companies and IT providers together and find solutions to one of the main questions that will affect the London Market in the coming years: how can companies drive digital innovation within their businesses in order to deliver value and improve the client experience?

The conference kicked off with two keynote presentations supported and chaired by Michal Trochimczuk, Managing Partner of Sollers Consulting. After a brief introduction, Paul Jardine, Chief Experience Officer at XL Catlin gave a presentation about how technology is changing the London Market, asking if the traditional, “face to face” business model of the London Market can stand up to the rapidly changing environment. Steve Hearn, CEO of Ed Broking then continued the discussion by focusing on the changes that need to take place within the operating model in order to include technological advances and make processes more client focused.

The first streamed sessions focused on overcoming strategic challenges in the current market and looked at fostering and managing innovation, market modernization, emerging technologies and digital transformation. After a networking lunch attendees were invited to take part in panel discussions which focused on delivering a client centric experience, transforming the operating model, overcoming data challenges and InsurTech innovations. The final workshop sessions homed in on more practical ways to innovate and move forward. We looked at machine learning and AI, Blockchain, Core System modernisation and the Cloud.

The closing panel discussion aimed to summarise the day and answer the question, “Is London ready for digital and is the pace of change fast enough?” Simon Gregson, CIO of Novae Group, Kirk Maddern, COO of Liberty Syndicates and Jasmine Shell of the LMA (and representing the Digital Minds Think Tank) discussed whether the current pace of innovation was fast enough – and ways that digitization can be pushed forward in such a traditional market place. Michal Trochimczuk, Sollers Consulting then led a Q&A session and closed the event with some concluding comments.

Whilst everyone believes technological innovation will have a big part to play in the coming years, the question is how best to integrate these new processes into a traditional market place that often pushes back against change. The London Market is based on strong traditions and has weathered challenges for hundreds of years, always coming out the other side relatively unscathed. Now that the next generation of technological advances are knocking on the door at Lloyd’s, it is up to companies to break from tradition and take a leap of faith in order to enhance the client experience and improve efficiency.