Arch’s Williams: Digitalisation to reshape London market over next decade

Digitalisation is set to reshape how products are traded in the London market over the next decade, according to Arch’s chief strategy and distribution officer Simon Williams, with the carrier already reporting increased efficiencies in the insurance purchasing process for consumers.

“What's exciting about our business is how placement is changing. I think digital is going to be a key part of that,” Williams told The Insurer TV.

"How things will be done and traded in 10 years’ time is going to be very, very different. You know, not just in the insurance industry, but in everything."

Williams added that digitalisation was needed to increase efficiency across the insurance value chain.

"If we can be more efficient in what we do, I think we will be better at what we do. It doesn't matter which side of the fence you're sitting on, either the carrier side or the broker side, it will be a better experience for the customer, which is the most important part of the equation,” he said.

He highlighted the launch of Arch IQ, an automated event insurance interface, as one of the ways the carrier has embraced digitalisation to make life easier for brokers and the ultimate consumer.

“The product allows immediate online access to a quote, and that, I'm hoping, will produce a really great, satisfactory customer experience.”

Williams said this push to put the consumers at the heart of underwriting has increased Arch's relevance within the London market.

He also highlighted the importance of the London market helping facilitate the energy sector's transition away from fossil fuels.

"We have a very large energy portfolio, and working with our customers and our brokers to help them transition through is very important," he said.

Williams said Arch was keen to hire experts in the field to work with its team in this process.

“I think everyone recognises that the energy world is going to be very, very different in the coming years,” he said.

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