by Angela Magee
Vice President, Insurance, IBM Global Business Services, UK and Ireland
The insurance industry in the UK is facing a rapidly changing landscape with new value chains, greater need for customer engagement, scrutiny from regulators and a need to transform cost models.
The role of technology in unlocking the business potential presented by these changes is increasingly important. As digital transformation continues to take hold, insurers must grab the opportunity to introduce the very latest technologies into their business to continue improving how they understand and measure risk.
For example, by moving to the Cloud insurers can take all their information and pull it up to the Cloud where it can be operated on at scale, or insurers could gain a greater insight into their business with the intelligent use of large volumes of data. As data continues to become more ubiquitous and grow exponentially, insurers must establish a sustained capability to effectively use this data to remain competitive, while ensuring they remain customer-focused.
IBM currently works with 99 of the top 100 insurance companies around the world, delivering new business models using deep industry expertise and advanced technologies in analytics, AI and digital engagement, Cloud, Security and Blockchain - which have the potential to transform how business networks of regulators, insurers and partners work together.
Working closely with leading industry trade associations is important for IBM. We are proud to have joined the Association of British Insurers (ABI), becoming the largest company to join as an associate member.
We look forward to a collaborative partnership with the ABI and its members.