Driving Operational Efficiencies in Underwriting and Broking Roundtable

Our Operational Efficiency Market Roundtable, in partnership with WNS, on Wednesday 10th July at The Moniker, proved to be one of our most interactive breakfasts, ever. 20 senior Market professionals gathered to discuss one of the key topics in the operations and technology arena, Gen Ai, facilitated by LMF Founder, Roger Oldham.

With contributions and insights from WNS's SVP of Data, Analytics and Ai, Aditya, we collectively discussed the state of play and adoption in the specialty Market, when it comes to Gen Ai and we looked at the opportunities, challenges and tangible benefits. Our live polling amongst the attendees at the table revealed some interesting results, which gave everyone comfort knowing that we are more or less of a similar mindset. We are all on a journey when it comes to Gen Ai, with a few firms a little more advanced than others. See our Outcomes page for more information.

The Group meeting this time was a little more optimistic about the timescale for adoption and the realisation of benefits from Gen Ai, compared to previous groups, although proof of concepts are underway in limited areas of the business and mostly involving back office functions, where decision making is not customer related.

Some of the key outputs from the session:

• Firms are taking a cautious but optimistic approach to their Ai adoption strategy
• Proof of concepts are underway in the Market, albeit these are in specific areas and mostly related to back office processes and not front office
• Despite this being technology and data dependent, the feeling was a successful “people engagement” strategy was essential to a successful outcome
• Education, acceptance and mutual engagement with your workforce resides at the heart of successful Ai adoption
• Successful adoption is important for the retention of young, loyal and progressive staff who will expect to work with firms who are embracing such new technologies and working practices
• Over half of the roundtable attendees felt that Gen Ai technologies would be widely used in their businesses within the next 2 years, with 30% believing that it’s more likely to occur in 3 to 5 years

A big thank you to WNS for supporting this session and to our LMF Practitioner Members for being so open and honest with their views on this topic. We had some great feedback following the session, so we are hopeful this roundtable helped in the overall learning and development of individuals and their firms.

There'll be lots more on this topic, as time progresses. If Gen Ai is something of particular interest to you then you might want to consider being part of our Gen Ai Working Group, which meets quarterly over lunch. For more information, email us at info@lmforums.com