The Placing Revolution: Insights from ACORD’s Inspiring Event
The digitalisation of the London insurance market has been a long journey, but at ACORD’s ‘The Placing Revolution!’ event, it truly felt like we’re on the cusp of transformative change.
The energy in the room was infectious and optimistic, driven by an insightful panel of industry leaders who shared their perspectives on the future of digitalisation.
Here are the key takeaways:
1. The Need for Change Is Clear
Anthony Siggers from Marsh UK highlighted a striking inefficiency: his team rekeys the same data up to 35 times during the lifecycle of a transaction.
This repetitive process highlights the need to embrace digitalisation and automation.
2. The Impact of Structured Data
Simon Squires from AXA shared how digitalisation is revolutionising their operations.
With structured digitised data, AXA has achieved close to 100% cash allocation, with plans to hit 100% within a year.
Great to hear practical proof of how structured data can streamline processes and improve efficiency.
3. Improved Relationships Through Speed and Accuracy
Samuel Higenbottam from Marsh UK discussed how better data accuracy is driving speed and trust. This in turn is enhancing relationships between brokers, and underwriters.
Reliable data opens doors to automation, improving workflows and overall outcomes.
4. A Unified Future Through ACORD’s Adept
ACORD’s Adept gateway will unify data across multiple placing platforms into a single source.
This means seamless interaction regardless of which platform clients are using, simplifying processes and reducing friction.
The future looks collaborative, efficient, and ready for automation.
The Call to Action
The message from the event was clear:
- Get started.
- Get integrating.
- Get data.
With better data comes better outcomes — for clients, brokers, carriers, and the market as a whole.
Trustworthy data is the key to unlocking automation and even AI, paving the way for a more efficient and unified ecosystem.
gpm’s Commitment
At gpm, we’re excited to play our part in this placing revolution.
As we continue to innovate, we’re committed to helping our clients navigate these changes and maximise the benefits of digitalisation.
Are we closer than ever to embracing digitalisation at scale? We hope so.
gpm deliver intuitive, easy-to-deploy cloud-based insurance broking solutions.
Interested in finding out more about gpm’s inFOCUS range of apps? Contact us today.