View From the Top

View From the Top

Apr 13, 2013

Simon Behagg’s piece (Take risks on bright young things, POST, 11 April)  caught my eye as being a well considered view on what the industry needs to do to harness more rapid technological change. We can all identify I am sure with the two year old outdoing us mums and dads on the iPad and other consumer technologies (!)

Speed of evolution indeed remains a major challenge for the Insurance industry, as Simon correctly asserts. Yet more than ever before, there are no real physical barriers in the way of technological advancement.

The UK and London is a hotbed of technological innovation and it’s important to stress that the speed of evolution for insurers and adjusters is in no way limited by the capabilities within the UK tech sector. Quite the contrary, we are seeing some of the world’s largest Insurance players looking to UK technology solutions for case handling and business process management solutions; major off-the-shelf global IT brand systems are being snubbed in favour of more intuitive and responsive UK applications tailored specifically to the needs of brokers, insurers and Loss Adjusters - rather than simply adopting, for example a clunky, re-badged version of a system originally designed for professional service firms.

And like never before, you don’t have to view these technology changes as long-term capital expenditure projects, as there are providers who will share the risk with you and offer transactional deals that only kick in when you hit volume. So, you lucky insurance guys are in an enviable position where you can have your cake and eat it – right now. For the first time ever, when it comes to technology deployment for the Insurance sector, ‘evolutionary constraint’ need only be a product of the mind. Once you get your head around that, you may find that your technology strategy is driving you forward in exciting new ways, rather than holding you back.    

Mark Colonnese, Sales & Marketing Director