"Instech" can protect Lloyd’s mkt position - FREE

"Instech" can protect Lloyd’s mkt position - FREE

The re/insurance industry believes it's protected from competition from other industries because it is regulated, but technology firms can still usurp the sector by superior data analytics, experts warned at Lloyd’s yesterday.

Inga Beale (pictured), Lloyd’s CEO, addressed the financial technology (fintech) event named “The Technology Revolution” yesterday evening.

She emphasised it is crucial the London market innovates technologically.

“When we visit some of the global “emerging” markets for insurance, what surprises us is how much they are embracing technology,” said Beale.

“Two-thirds of the world’s population by 2020 are going to have a smart phone.

“We know that mobile subscriptions will double in the next five years so what are we going to do to make sure that we are going to embrace technology that people are going to think of as absolutely normal?” she asked.

However, panellists said that Lloyd's can have the advantage of being the ultimate start-up platform, with a lot of the ingredients to connect many companies and actors together - something every sector is straining to do.

Shirine Khoury-Haq, director of operations at Lloyd’s, cautioned that as the market was such a collaboration, unless it works together it runs the risk of having to face analytics and modernisation headaches over and over again.

When looking at how to modernise Lloyd’s, Khoury-Haq said it is important that the market prioritises what is absolutely critical.

That means shared services when making efficiencies within Lloyd’s, she said.

“We are working on the change by collaboration and really letting people contribute to what the future will look like. People don’t like being told what to do,” said Khoury-Haq.

“The next step is saying "okay, we have all agreed that end state, what is the best way of getting there?"," she said

“People do not change the way they work unless it makes life easier,” Khoury-Haq added.

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