Automation is being embraced by business leaders as the linchpin of the insurance industry’s future success, according to IT services and consultancy business NTT DATA UK.
The research surveyed senior London Market syndicates, brokers and managing agents, uncovering that 70 percent believe automation can significantly benefit business development.
Appetite for this digital transformation of the insurance business model is growing as costs rise within the market – for every £1 spent by Lloyd’s customers, around 40p is consumed by costs. As such, the majority of respondents (59 percent) recognise digital as important to their business today, rising sharply to 97 percent who believe digital will be important in the next three years.