The annual PwC survey of the financial services industry highlights the increased spend in technology to improve the customer experience and to drive efficiencies. Nowhere is this more relevant than in the insurance industry where the London market in particular, has been long lagging behind the rest of the world in creating the efficiencies that investment in technology can create.
The LMG London Matters report highlighted this and led to the creation of the London market TOM, something that has been heavily supported by Charles Taylor InsureTech which was created by the Charles Taylor plc group to specifically focus on bringing new and disruptive technologies to the London and international insurance markets to enable clients to improve operating margins and improve the overall customer experience.
Smarter business processes, coupled with leading edge analytics platforms all serve to create a faster, leaner and more efficient platform on which to conduct business. Let's all hope that the London market delivers what the TOM is expected to and ensure it's survival
Insurers are responding by continuing to invest heavily in technology to tackle rising costs and inefficiencies. However, they are equally keen to use new technology to drive growth through new products and reaching new customers