Insurtech conferences come and go – especially when pandemics are involved – so we were delighted to find TINtech London Market at full strength in 2021, albeit in virtual form.
This event is a firm favourite of ours, one which has fostered both great conversation and better still, many valued new customers and contacts. Indeed, @Jeremy Burgess, @Phil Middleton and team did a fantastic job in curating an online forum for operations, tech and business teams to debate the many challenges facing the London Market after a monumental year of change.
Having tried various event platforms recently, best results have come from keeping things simple and this TINtech was all the better for shorter, well-paced sessions and an interface that allowed for a good level of audience participation in terms of interactive polls and Q&A.
It will come as no surprise that many of this year’s sessions focussed heavily on the challenges and opportunities presented by Lloyd’s Blueprint 2 transformation programme together with the critical factors required for success.
But where should the conversation go from here?
Building a market ecosystem that is based on openness is key but this principle must apply across the board, from open platforms to open standards.
Essentially Lloyd’s must provide the rules for e-placing platforms and value-add vendors to play but this must be more than mere lip service. API’s, data standards and reference data need to be made available to all parties at the earliest, even MVP, stage and “market participants” should be extended to include the vibrant community of insurtech vendors large and small.
Vendor involvement must improve
Future@Lloyds need to improve their forum for vendor engagement. The natural forces of private enterprise can do much to support the execution of Blueprint 2 plans, bringing existing, happy, carrier customers and providing domain knowledge that many of the big 4 consultancies lack. After all, it’s thanks to the entrepreneurial and forward-thinking efforts of companies like @Whitespace that we now have new standards for UI/UX and a choice of e-placing providers. The planned API’s mean that a much wider set of vendors have an opportunity to add value and competition raises standards. Surely a good thing?
Bringing everyone up to pace
There remains huge variance in digital change readiness across the London Market. For every Brit and Atrium leading the way there will be more carriers electing for a risk averse “wait and see” approach. Whilst these carriers risk losing competitive advantage and agility, the actual pace of change will reflect this – less big bang, more a gradual migration between parallel operating models.
Data-driven underwriting is the name of the game
For anyone who hadn’t realised – the days of top line underwriting are dying fast. Bruce Carman, Chief Underwriting Officer of Hive Aero gave a great example of how a new breed of data-informed MGAs are providing carriers with an edge in risk selection and pricing firmly for profit over premium volume.
Significant venture investment into data driven insurtechs like Cytora and Concirrus suggests this trend will continue at both MGA and carrier level, as the data sources, quality and synthesis of the data available is set to increase rapidly over the course of this year and beyond.
Successful change – not just change
As Paulo Cuomo noted, operational debt is as important as technical debt. Our legacy systems get a hard time but it’s the deeply embedded processes wrapped around them that provide the most stubborn barriers to change.
It’s no surprise that the most successful change initiatives to date have involved business, operations and IT equally, with strong ongoing leadership from the top. Indeed that’s how we first collaborated with one Top 5 carrier when we launched and iterated on our plans for DQPro. It’s an essential component for success.
As a key enabler for data readiness in the emerging ecosystem, DQPro were delighted to sponsor this year’s Innovation stage. Our thanks to Jeremy, Phil and team for an excellent and well-run event. We look forward to the next one – hopefully in person!
Watch Nick’s comments in full here: