London Market expected to double tech investment in 3 years

Robotic process automation, machine learning and artificial intelligence will drastically speed up manual processes in the London Market, and form part of the market's plans for modernisation, as it seeks to ensure it maintains its competitive edge.

Research from NTT DATA UK has shown that London’s speciality insurance and reinsurance providers are gearing up investment in new technologies; it hints at a doubling of investment in IT in the next three years.

Commenting on the findings, head of insurance at NTT DATA UK, Kim Gray said: “After three hundred years as a world leader, the London speciality insurance market faces numerous challengers biting at its heels. This research demonstrates that the drumbeat of digital innovation is forcing the incumbents to wake up and start to plan for the future.

"Technologies like robotic process automation offer huge opportunities for insurers to speed up previously manual processes, cutting costs and improving the customer experience. RPA, and other automation technology, sits neatly alongside existing employee skillsets, empowering them to spend more of their time on value-added analytical tasks.”

The research surveyed 100 senior London Market syndicates, brokers and managing agents, with 67% agreeing that innovation was key to success and a majority (69%) concerned at being left behind by modernisation. Other motivations for driving increased uptake of these technologies are data security (69%), increased efficiency (62%) and customer-client demand (54%).

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