Whilst the UK insurance industry does not currently dominate the business headlines as much as the banking sector, it is no less important for many of Intellect’s members who offer technology solutions that underpin essential functions across an industry that is the largest in Europe and is responsible for investments of £1.5 trillion equivalent to 21% of the UK’s net worth. The technology that Intellect Members provide to this industry is responsible for its almost every integral function, from underwriting to risk management to customer relationship management. These Members will be responsible for the technologies that will challenge existing business processes, support the emergence of new business models, allow companies to differentiate themselves from their competitors and ensure compliance with a regulatory agenda that will provide the foundation for the industry for years to come.

Technology will have a critical role in implementing regulation such as Solvency II which represents a major factor of change for the European insurance industry in terms of the way insurers collate and analyse risk information. Indeed, it is generating and will certainly continue to generate most of the new IT project spending in the field of compliance for European insurers. Solvency II and other key issues affecting the insurance industry, such as the Retail Distribution Review, will be a focus for Intellect and its Members as industry’s mindset shift towards how these ‘game changing’ issues will be implemented. Intellect will also look to play a role in shifting this mind set in the first instance.

Get in touch