{"id":1113,"date":"2016-07-21T17:36:32","date_gmt":"2016-07-21T14:36:32","guid":{"rendered":"https:\/\/insly.com\/?p=1113"},"modified":"2023-08-18T14:49:00","modified_gmt":"2023-08-18T11:49:00","slug":"why-is-lloyds-losing-out-on-insurance-technology-innovation","status":"publish","type":"post","link":"https:\/\/insly.com\/en\/blog\/why-is-lloyds-losing-out-on-insurance-technology-innovation\/","title":{"rendered":"Why is Lloyd\u2019s losing out on Insurance Technology Innovation?"},"content":{"rendered":"<div style=\"margin-top: 0px; margin-bottom: 0px;\" class=\"sharethis-inline-share-buttons\" ><\/div><p>While the founder of Lloyd\u2019s might be amazed by how far Lloyd\u2019s of London has come in a little over 300 years, the insurance market is no longer the pioneer of the industry that it once was. It is now <a href=\"https:\/\/insly.com\/blog\/notes-from-a-startup-in-the-london-insurance-market\" target=\"_blank\" rel=\"noopener\">lagging behind<\/a>\u00a0in this age of constant insurance technology innovation.<\/p>\n<p class=\"p1\"><span class=\"s1\">In the 1600s, Edward Lloyd made sure that his coffee house (coffee houses served as business centres throughout London at that time) had the best and most information to offer. Today, the reality<b> <\/b>is that the London insurance market is operating with a surprisingly low amount of information. Big Data holds the power to dramatically improve the market, and the market knows this. In <\/span><span class=\"s2\">a <a href=\"http:\/\/www.slideshare.net\/Management-Thinking\/eiu-sap-insurancewebproof6\" target=\"_blank\" rel=\"noopener\">2014 global survey by The Economist<\/a> <\/span><span class=\"s1\">of insurance executives, 86% of respondents said they are currently or will soon make more use of their data. These are positive signs of change, but many risks are still insured based on gut feelings and very basic tariffication, and it is not rare when an insurance policy is renewed and all the data is rekeyed into the system. Some brokers simply keep all their data in folders on their computer hard drives. This outdated mode of operating cannot sustain Lloyd\u2019s prominent position, as <\/span><span class=\"s2\">the <a href=\"http:\/\/www.londonmarketgroup.co.uk\/index.php\/component\/docman\/doc_download\/90-london-matters-the-fact-base?Itemid\" target=\"_blank\" rel=\"noopener\">study<\/a> released by London Market Group and The Boston Consulting Group <\/span><span class=\"s1\">last year made very clear. So why is it like this? There is no excuse for the insurance market\u2019s refusal to innovate, but there are a couple of reasons to explain the lack of insurance technology innovation so far:<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\"><b>1. The market is heavily regulated<\/b><\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The insurance market \u2013 and especially the London insurance market \u2013 is quite heavily regulated. I am quite certain that the average insurance broker or MGA pays more money to compliance consultants than they are spending on software. Difficult regulation creates several problems:<\/span><\/p>\n<ul>\n<li>It complicates the process (innovation requires simplification).<\/li>\n<li>It absorbs time and money.<\/li>\n<li>It makes us hesitate to change the way we work (change creates risk of not doing correctly).<\/li>\n<\/ul>\n<p class=\"p1\"><span class=\"s1\">The paradox of regulation is that it is supposed to protect clients, but extensive regulation actually deprives clients of good service. In <\/span><span class=\"s2\">PwC\u2019s 18<\/span><span class=\"s4\">th<\/span><span class=\"s2\"> <a href=\"http:\/\/pwc.blogs.com\/press_room\/2015\/02\/pwc-insurance-ceos-name-over-regulation-as-top-threat-to-growth.html\" target=\"_blank\" rel=\"noopener\">Annual Global CEO Survey<\/a><\/span><span class=\"s1\">, over-regulation is cited as the main threat to growth.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\"><b>2. Lack of innovative minds<\/b><\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The challenge is also to find innovative young talent for the insurance broker industry, which is currently dominated by very experienced (but complacent) insurance professionals. The problems mentioned above combined with the unsexiness of the insurance industry and a completely boring work environment (compared to what many startups and coworking spaces in London are offering) just does not attract innovative minds. (It is no coincidence that Insly and the new insurance startup <\/span><span class=\"s2\"><a href=\"http:\/\/worryandpeace.com\/\" target=\"_blank\" rel=\"noopener\">Worry+Peace<\/a> <\/span><span class=\"s1\">are located in the <\/span><span class=\"s2\"><a href=\"http:\/\/www.rainmakingloft.com\/london\/welcome\" target=\"_blank\" rel=\"noopener\">Rainmaking Loft<\/a><\/span><span class=\"s1\">, which is still close to the insurance centre but full of inspiring young startups.)<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">In light of these hindrances, is there any hope for Lloyd\u2019s to change? I have to respond with an enthusiastic YES. Lloyd\u2019s is in the perfect position for technology innovation because the London market has several elements that the traditional insurance market does not possess:<\/span><\/p>\n<ul>\n<li><b>Small is able to innovate<\/b><\/li>\n<\/ul>\n<p class=\"p2\"><span class=\"s1\">Hundreds of small brokers and agents (MGAs) are logically much more likely and <\/span>able to innovate than very big insurers. The London market is well known for innovative underwriting practices \u2014 here you can place risks and create products that are not accepted by traditional insurers. The groundwork for technology innovation is already in place. Now the sector needs to take that same approach with IT. Big traditional insurers have huge IT budgets which are mostly spent on upgrading old IT systems. MGAs can change the way insurance is distributed without the need for huge budgets.<\/p>\n<ul>\n<li><b>There are not a lot of incumbent IT systems<\/b><\/li>\n<\/ul>\n<p class=\"p2\"><span class=\"s1\">Most London brokers are working without IT systems, or they are working with IT systems that are rather easy to replace. That is exactly why the banking system in Estonia is much more technologically advanced than the banking system in London. Estonian banks have been able to create completely new, flexible IT systems instead of replacing or updating old ones. The London insurance market can do the same.<\/span><\/p>\n<ul>\n<li><b>London is the home of FinTech innovation<\/b><\/li>\n<\/ul>\n<p class=\"p2\"><span class=\"s1\">Everything the insurance market needs to innovate is available right here. They just need to take themselves out of the comfort zone of Lime Street pubs and instead visit some FinTech events. That is how they can tap into the technology, skills and innovative spirit of London\u2019s FinTech revolution and create change in their own industry.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-1114\" src=\"https:\/\/insly.com\/wp-content\/uploads\/2016\/12\/insurance_technology_isnurance_software-1.png\" alt=\"insurance_technology_isnurance_software\" width=\"763\" height=\"479\" srcset=\"https:\/\/insly.com\/wp-content\/uploads\/2016\/12\/insurance_technology_isnurance_software-1.png 763w, https:\/\/insly.com\/wp-content\/uploads\/2016\/12\/insurance_technology_isnurance_software-1-250x157.png 250w, https:\/\/insly.com\/wp-content\/uploads\/2016\/12\/insurance_technology_isnurance_software-1-700x439.png 700w, https:\/\/insly.com\/wp-content\/uploads\/2016\/12\/insurance_technology_isnurance_software-1-120x75.png 120w, https:\/\/insly.com\/wp-content\/uploads\/2016\/12\/insurance_technology_isnurance_software-1-156x98.png 156w, https:\/\/insly.com\/wp-content\/uploads\/2016\/12\/insurance_technology_isnurance_software-1-660x414.png 660w\" sizes=\"(max-width: 763px) 100vw, 763px\" \/><\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">With the help of a good technology partner, an MGA operating on the Lloyd\u2019s of London market can become an innovative digital insurer in a matter of minutes. According to a report from <\/span><span class=\"s2\"><a href=\"https:\/\/www.bcgperspectives.com\/Images\/evolution_revolution_how_insurers_stay_relevant_digital_world.pdf\" target=\"_blank\" rel=\"noopener\">Morgan Stanley and the Boston Consulting Group<\/a><\/span><span class=\"s1\">, such an insurer is able to reduce the combined ratio by as much as 21%. But beyond the many benefits of technology innovation is the serious fact that London\u2019s position as the insurance centre is threatened. A look back through Lloyd\u2019s history shows us that the insurance market has been in this position many times before, and each time innovation has provided the way forward.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">In our next post, we\u2019re planning to reveal our hard-learned lessons for introducing as well as switching to new insurance software and for reducing the pain of the transition. Subscribe below to get the insider view of the industry.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While the founder of Lloyd\u2019s might be amazed by how far Lloyd\u2019s of London has come in a little over 300 years, the insurance market is no longer the pioneer of the industry that it once was. It is now lagging behind\u00a0in this age of constant insurance technology innovation. In the 1600s, Edward Lloyd made [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":1772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[348],"tags":[68,69,70,74,75,76,77,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97],"class_list":["post-1113","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archived","tag-insurance-agency-software","tag-insurance-broker-software","tag-insurance-management-software","tag-insurance-mga","tag-insurance-software-for-mgas","tag-life-insurance-mga","tag-lloyds-insurance","tag-mga","tag-mga-broker","tag-mga-business-model","tag-mga-distribution","tag-mga-in-insurance","tag-mga-innovative-solutions","tag-mga-insurance","tag-mga-insurance-brokers","tag-mga-insurance-model","tag-mga-insurance-software","tag-mga-managing-general-agent","tag-mga-products","tag-mga-software","tag-mga-solution","tag-mga-vs-broker","tag-mgaa","tag-mgas-insurance","tag-software-mga","tag-uk-brokers"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why is Lloyd\u2019s losing out on Insurance Technology Innovation? - Insly<\/title>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why is Lloyd\u2019s losing out on Insurance Technology Innovation? - Insly\" \/>\n<meta property=\"og:description\" content=\"While the founder of Lloyd\u2019s might be amazed by how far Lloyd\u2019s of London has come in a little over 300 years, the insurance market is no longer the pioneer of the industry that it once was. It is now lagging behind\u00a0in this age of constant insurance technology innovation. In the 1600s, Edward Lloyd made [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/insly.com\/en\/blog\/why-is-lloyds-losing-out-on-insurance-technology-innovation\/\" \/>\n<meta property=\"og:site_name\" content=\"Insly - Design &amp; deliver insurance products\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/inslycom\" \/>\n<meta property=\"article:published_time\" content=\"2016-07-21T14:36:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-18T11:49:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insly.com\/wp-content\/uploads\/2015\/07\/insurance_technology_insurance_software-1-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mohammadreza Gharaeiyan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@insly_com\" \/>\n<meta name=\"twitter:site\" content=\"@insly_com\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mohammadreza Gharaeiyan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/insly.com\/en\/blog\/why-is-lloyds-losing-out-on-insurance-technology-innovation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/insly.com\/en\/blog\/why-is-lloyds-losing-out-on-insurance-technology-innovation\/\"},\"author\":{\"name\":\"Mohammadreza Gharaeiyan\",\"@id\":\"https:\/\/insly.com\/en\/#\/schema\/person\/950c68d1ff5bf7ef863ec7ad752aa8e5\"},\"headline\":\"Why is Lloyd\u2019s losing out on Insurance Technology Innovation?\",\"datePublished\":\"2016-07-21T14:36:32+00:00\",\"dateModified\":\"2023-08-18T11:49:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insly.com\/en\/blog\/why-is-lloyds-losing-out-on-insurance-technology-innovation\/\"},\"wordCount\":913,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insly.com\/en\/#organization\"},\"image\":{\"@id\":\"https:\/\/insly.com\/en\/blog\/why-is-lloyds-losing-out-on-insurance-technology-innovation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insly.com\/wp-content\/uploads\/2015\/07\/insurance_technology_insurance_software-1-1.jpg\",\"keywords\":[\"Insurance agency software\",\"Insurance broker software\",\"Insurance management software\",\"insurance mga\",\"Insurance Software for MGAs\",\"life insurance mga\",\"Lloyd's Insurance\",\"MGA\",\"mga broker\",\"mga business model\",\"mga distribution\",\"mga in insurance\",\"mga innovative solutions\",\"mga insurance\",\"mga insurance brokers\",\"mga insurance model\",\"mga insurance software\",\"mga managing general agent\",\"mga products\",\"MGA software\",\"MGA solution\",\"mga vs broker\",\"mgaa\",\"mgas insurance\",\"software mga\",\"UK brokers\"],\"articleSection\":[\"Archived\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insly.com\/en\/blog\/why-is-lloyds-losing-out-on-insurance-technology-innovation\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insly.com\/en\/blog\/why-is-lloyds-losing-out-on-insurance-technology-innovation\/\",\"url\":\"https:\/\/insly.com\/en\/blog\/why-is-lloyds-losing-out-on-insurance-technology-innovation\/\",\"name\":\"Why is Lloyd\u2019s losing out on Insurance Technology Innovation? 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It is now lagging behind\u00a0in this age of constant insurance technology innovation. 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