COVID underlines the case for digital transformation: International Underwriting Association

Insurers in the London market see straight through processing as their highest strategic priority in terms of digital transformation, according to a survey published by the  International Underwriting Association (IUA).

The survey, called Technology Trends and Innovation, revealed the importance of digital transformation to insurers in London, and in particular the need to simplify processes to enable processing without manual intervention. It showed that COVID-19 has strengthened the case for digital transformation as companies migrate to ways of working.

It highlighted how insurers are keen to move away from ad-hoc trialling of new ideas and instead pursue a more rigorous, structured approach. It also revealed the extent to which insurers want to partner with start-ups that can offer a fresh perspective to business problems and help break down barriers and encourage collaboration.

The IUA conducted the online survey and a series of in-depth follow up interviews in partnership with Credera, a technology consulting firm.
Louise Day, director of operations at the IUA, said: “A recurring theme throughout is the need for greater agility. Insurers that have been able to achieve this have successfully transformed customer service, increased revenues and driven down operating costs.”

Nick Vaughan, London insurance market lead at Credera, said: “The London Market is currently experiencing a key period of change as organisations are faced with a wide range of external challenges. At the same time the technology landscape offers a number of exciting strategic options, from cloud and digital to data enablement and machine learning.”

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