Bart Patrick, Managing Director for Duck Creek Technologies in Europe, shines the spotlight on the global specialty insurance market, the hub for which is the London market
What does the future hold for the global specialty insurance market, and the London market and Lloyd’s in particular? There’s no doubt that this is a tenacious, problem-solving market that is well versed in handling the complex, large-scale risks that the rest of the world simply cannot underwrite.
But the technology piece is a key part of the puzzle that is still to fall into place. My latest vlog is a discussion of the results of an independent survey “Attitudes To On Demand” that was recently undertaken on behalf of Duck Creek Technologies.
The survey report isolates responses from MGAs, Lloyd’s Carriers and London Market insurers, with interesting findings, including:
- 91% of London market insurers, Lloyd’s syndicates and MGAs surveyed agreed that current insurers will lose business to the more modern and agile insurance competitors who are without legacy systems
- 55% of London market insurers, Lloyd’s syndicates and MGAs surveyed said “No” when asked, “Is your current IT infrastructure helping you to meet your business goals?”
- 70% of London market insurers, Lloyd’s syndicates and MGAs surveyed said they believed On Demand insurance products and services could provide their organisation with the operational efficiencies they need to compete within the current and future insurance industry.
There is a significant need to broaden the choices on offer to London market and global specialty carriers, bringing technology to the table that really supports the highly efficient and secure flow of international business, integrating changes flexibly and without fuss.
Duck Creek is on a mission to simplify technology architecture for London market carriers, and action is already underway.
A full copy of the survey report is available now – click here to receive your copy.