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Over the last eighteen months, InsurTech has moved beyond being seen as a hostile entrant into the general insurance landscape and has become synonymous with innovation activity throughout the industry. Moreover, the impact of innovation is now being felt in the core business and by customers, and not only in limited experiments in segregated hubs and labs.
Within many Lloyd’s managing agents there is growing evidence of collaborative innovation as insurers buy, borrow and build the capabilities required to compete in a changing landscape. We have seen the creation of innovation teams, appointments in areas such as artificial intelligence and blockchain and the creation of new roles such as Chief Data Officers, Digital Officers and Heads of Innovation.
But what does this all mean?
We believe that this activity is evidence that innovation through new technology and data is becoming the norm, but little has been written about the impact specifically on the specialty market. That is why the LMA asked Oxbow Partners to explain why and how InsurTech is now relevant for corporate & specialty insurers and reinsurers and to provide some strategic ‘guiderails’ to help managing agents develop their response.
We hope you find the report useful.
Tom Payne Director of Market Operations LMA