In an increasingly competitive and fast-changing environment, UK insurers are seeking answers to some tough questions – some of them specific to particular business issues, others more strategic. These were thrown into perspective at the recent Insurance Times Insurer50 breakfast event where delegates touched on some of their most urgent concerns:
How can the London Market maintain its relevance?
Despite progress in some areas, London is failing to develop enough new products for the emerging markets. Share of business in this critical segment (the primary driver for future growth) slumped by over 20 percent between 2010 and 2013, and there’s no sign of improvement. How can this emphatic shift away from London be prevented? Right now, there’s little consensus on what action is needed, nor when. This indecision could prove costly. Highlighted in a recent Accenture report, we believe a tipping point has been reached: put bluntly, if today’s decline continues unchecked a point of no return will be reached. Rapid and decisive action is essential – and the London Market Group is best placed to lead the way. Priority actions include articulating a value proposition that meets the needs of all London Market customers, mapping a phased programme of change, and positioning Lloyd’s as a global hub for innovation. Learn more about Accenture’s perspective on the actions required to secure the future of the London Market, read London Matters: So What Next?
We’ve entered the digital insurance era…what does that mean for the way we deliver customer outcomes?
From its launch, the FCA has been urging UK insurers to look more closely at improving customer outcomes (and addressing conduct risk). But what does ‘good’ look like in this space and what actions are required to implement it?
In the absence of any specific KPIs being provided by the FCA, insurers are having to interpret this for themselves. At both strategic and operational levels, there’s no doubting digital’s enormous significance in this area. In a hyper-connected marketplace, we’re already seeing leading carriers mastering the shift from ‘me’ to ‘we’. As we show in the Accenture Technology Vision for Insurance 2015, these firms are stretching their boundaries by tapping into a broad ecosystem of other digital businesses, digital customers, and digital devices. They’re reinventing how they manage data to enable the personalisation (of products and services) that’s so essential. And they’re building ‘intelligent enterprises’, making their machines (and their people) smarter by embedding software intelligence across the organisation.
It’s a fascinating time to be working in an industry that’s looking for ways to embrace, enable and monetise the disruption it faces. To learn more about becoming a digital insurer, please visit http://bit.ly/1E1e10Q