As and when the London Market starts investing in insurance technology, brokers and underwriters will become more streamlined and will lay employees off - an unfortunate truth.
The companies that invest in technology first will have a huge advantage over their competitors. Small, independent brokers without the capital to invest will be left behind.
However, the most dangerous scenario is the London Market not being at the forefront of innovation and being left behind by the rest of the industry.
“It gives your people the tools so that the drudge-work goes away and it is done by computers,” he added. “The higher skilled work is done by people but aided by technology, which can allow them to reach more sophisticated and insightful conclusions.”