Few sectors are more committed to the digitalisation of their business than insurance and re-insurance. The big data revolution really matters here as does innovative new technologies such as telematics and wearables.
The Global giants are taking the digital opportunities so seriously they are investing heavily in technology research units; US insurance businesses such as Cuna Mutual position technology as a central plank of their overall offering. European giants are going even further, Allianz with Allianz X, Axa with their Axa Lab and even BUPA with their Unit 62 Innovation Lab and all looking to re-define their digital futures creating the “Insurtech” companies of the future.
Leading wholesale and white label insurance specialists are no different ensuring their digital evolution keeps pace with their broker and business clients. So with their massive investment in technology and their clear vision of a digitally led future would it be safe to assume that the insurance market is distributed globally with business transacted online on automated platforms? Well definitely not at the moment.
The global centre for Insurance, re-insurance and wholesale insurance is London and within London the insurance world is centred on a few streets around Lloyds of London. Business is still carried out face to face and relationships are the key to getting business done. How important is it? CMFG has a number of insurance clients all clustered within EC3 and when one of those clients was expanding to larger offices, the brief to the commercial estate agents detailed just 5 streets that were acceptable for the business to located in! Location and proximity to Lloyds is still that important!