Technology is Driving Change and Industry Needs to Adapt

The Co-President of broker Aon has said the market now need to seize the opportunities that technology can deliver.

Eric Andersen (pic) told that while technology is rising in importance the market remained a relationship business.

The broker used the Monte Carlo rendezvous to lunch a new auction system for the 1/1 renewals and a real time data model for US and European windstorms.

Mr Andersen said the market has changed with the view that rates were starting to harden, albeit to a limited extent.

“I think what we have not seen this year is the level of emotion we have witnessed in the past,” he added. “It has been very functional event and the tone is really one of looking to execute the business rather than talk around the market’s trends.

“You could say people this year have been very matter of fact in their approach. It has been more focused.”

He added that technology had a role but it needed to be effectively deployed and adapted.

“Costs don’t simply fall,” he added. “You have to drive and deliver efficiencies and technology can help us to do that.

“The costs of doing business will fall when your technology is effectively used but you cannot expect technology to have an impact unless you understand what the benefits are and how those benefits can be achieved.”