Companies in the London Market are eager to embrace technology to improve their business models and operations. However, this can sometimes be a challenging task, as the Market is a complex combination of interlinked relationships and companies, developed over decades.
Today, the London Market needs new technology to work seamlessly with existing processes. It also needs it to provide the very best return on financial outlay, with minimum disruption at implementation.
So, how can a tech solution shift the risk-reward line by meeting these needs?
Here are some suggestions:
Creating a digital ecosystem
A one-stop digital platform, supported by tech specialists, can provide a suite of capabilities, integrated to meet the London Market’s specific needs. This can include an insurtech marketplace (think of an app store), where users select and subscribe to different products and services, such as claims management or payment enrichment.
Reducing upfront costs
This suite of capabilities can reduce the need to make large upfront investments in new products, allowing users to spend only what they need and gradually scale up as they desire.
A platform like this can also allow users to plug in their own policy administration systems (PAS). This means they can carry on using their existing products and benefit from the platform’s offerings at the same time, adding or removing features as they see fit. The result is a flexible and scalable solution that bridges the gap between technology and traditional business processes.
Overcoming data migration fears
Implementing a new system can be daunting. It can involve both an expensive overhaul of existing systems and the risk of data migration issues. However, legacy migration can enable companies to retain their existing systems and move them seamlessly into a secure cloud environment - and this can be accessible through the platform’s digital ecosystem.
This combination of legacy migration and digital ecosystem has the potential to enable London Market users to maintain access to their data, comply with regulations and take advantage of new technology at the same time, in the same place. By improving processes and increasing efficiency, it can also power them to stay ahead of the competition curve and maximise profitability.