London Market Brokers Favouring Digitally Advanced Insurers in a Softening Market

Core Insights - London Market brokers are increasingly favoring insurers that leverage digital technology to enhance efficiency and ease of business transactions in a softening market [1] - The Guidewire London Market Tech Barometer survey indicates that 78% of brokers believe insurer technology significantly influences their risk placement decisions [1] - Modernization is becoming essential for insurers to maintain broker loyalty, moving beyond traditional relationships [1] Technology Adoption - Over half of the brokers (51%) report that the shift towards algorithmic or fully digital underwriting is currently underway [1] - The primary AI application identified by brokers is automating submission intake and data extraction (42%), followed by enhancing exposure management (38%) [1] - 78% of brokers are pursuing their own technology strategies independently of the Blueprint Two timeline, with 31% expressing concerns about legacy systems' integration capabilities [1] Market Dynamics - The reliance on outdated technology is seen as the biggest barrier to modernization in the London Market, cited by 24% of respondents [1] - The competitive landscape is intensifying, prompting brokers to prioritize technologically advanced insurers [1] - Insurers that invest in resilient core operating platforms are better positioned to meet customer commitments and compete effectively [1]