The Insurance Technology Congress took place on 22nd and 23rd September this week.

An interesting conference which had for main purpose to share with the London Market current insurance innovation and future disruption coming to the market.

Still, it was clear that 80% of insurers' tech budget was dedicated to "run the business" type initiatives, such as legacy renovation and process digitalisation projects.

Interesting sessions addressing the competitive positioning of the London Market as well as the current Talent Gap also took place.

The impact of innovative concepts, customer propositions and new business models leveraging Wearables, the Internet of Things and Cyber Threat Prevention, were also discussed.

It was also clear that the market recognised that Advanced Analytical techniques such as Artificial Intelligence-based processing would impact various parts of the insurance operating models, sooner than later.

Here are some explanations why...