For an industry not typically celebrated for its agility, insurers can be proud of the way they have adapted during the pandemic. Without bolder strides towards digital and talent transformation, however, the legacy systems of the London Market, risk the loss of business to more modern competitors
This is the conclusion of Airmic’s latest Pulse Survey, conducted among the Airmic leadership group of risk professionals between 3 and 11 March. Its title The Harsh Market: Moving Forward Together: The Future of the London Market reflects the close relationship that continues between Airmic members and the insurance market.
The survey found that:
Airmic concludes that the insurance industry needs to shift its focus from protection to prevention. New technologies, such as artificial intelligence and machine learning, will be key to reducing costs and creating value for all parties.
Silos between ‘risk’ and ‘insurance’ are being dismantled. But the insurance industry still needs to respond in a more connected way, the survey indicates. This is crucial in the face of climate change, which is expected to cause a seismic shift in losses.
“The insurance industry, risk professionals and government need to collaborate and move forward together,” the report concludes.