The London Market has historically been a pioneer in the collection, manipulation and use of data. But other industries have overtaken insurance to become leaders in advanced data science and insight generation. As a result, the London Market has had to face significant challenges, including macro-economic conditions, which dampen profitability, high insurance transactions and a decline in the share of business from emerging markets.
The London Market has unique issues to address when it comes to data. Analytics can be a critical component of the strategy to respond to rising challenges, and can provide new opportunities for growth and improved profitability. It is time for the London Market to embrace the analytics revolution, adopting the right talent, culture and technologies to overcome existing barriers.