London’s inability to deliver on digital change threatens its positon in the global market.
Darren Wray CEO of boutique reinsurance and insurance consultancy Fifth Step said the track record of failure on technology had to end.
“The market has to address the issue of digital transformation. London has a history of failure when it comes to technology and we have wasted many may millions I the process.”
While Lloyd’s is set to announce further details of its plans for technology in the marketplace at the end of the month Mr Wray says talk and good intentions are no longer enough.
“The market has to not only build the template for digital transformation but also ensure it is effectively implemented.”
He added: “If we were to invent insurance today it would not look anything like the system we have in place today.”
“I have a saying that if you do not change you become your own competitor or you risk losing to an external competitor and London has to look to the threat it faces. There are a number of markets and companies that have long looked at the position of London with some degree of envy. The worry now is that they may well be looking at the market and thinking they have the ability to transact business more efficiently and more cost effectively and therefore could start to eat London’s lunch.
“It is worth saying again London has to devise the right platform and then successfully deliver it.
“We have been through so many last chance saloons with technology and reform but the day may well come when external competition will steal business from London on the back of digital transformation if the market does not move quickly.”