Thoughts on the recent TINtech London Market conference

TINtech London Market 2025 was the first big event of its kind this year. Market participants and tech vendors gathered at 155 Bishopsgate earlier this month to talk about innovation, change, digitalisation, and, of course, AI. TINtech set the tone for the year’s discussions and provided a valuable opportunity to connect with others in the industry.

The pandemic may be receding into memory, but its chilling effect lingers, and a lot of us still aren’t getting out in the market as much as we should. So, it felt great to get everyone together in person again.

DOCOsoft is a tech vendor, and we’re well aware of all the great things technology can do. But there’s no substitute for the kind of in-person interactions that allow ideas to flow fast and freely. Virtual meetings have their place, but nothing beats the energy that comes with being in the same room, having those spontaneous conversations, and sharing insights over a cup of coffee. Or, in this case, maybe quite a few cups of coffee over the course of a busy and productive day!

The London Market: modernise or fade away?

The need for modernisation was a key theme. London remains a key global hub for many types of insurance and reinsurance business, and the market continues to grow. As one presentation highlighted, total GWP increased by 76.7% (from $90bn to $159bn) in the nine years from 2013 to 2022. The London Market accounts for roughly 2% of UK GDP and employs around 60,000 FTEs in the UK. All of that is great. But, if London rests on its laurels and fails to make up its technology deficit with competitor markets around the world, its market share could soon start to slip. Today, London is a global leader in many specialty classes, but we urgently need to modernise if we want to retain our competitive edge.

Hiscox CIO Chris Loake drew a cautionary comparison between the London market and companies like Blockbuster and Nokia, which failed to adapt to changing technologies and market demands. And we all know what happened to them.

Inevitably, Blueprint Two came up in the context of ongoing efforts to modernise the market. While the pace of progress may have been frustratingly slow at times, the kind of change Blueprint Two promises really does need to come about. And all of us in the market need to find ways of making it happen.

People, communication and cultural transformation

Change isn’t just about technology. It’s about people, and how (or even whether) they embrace it. This was a message that ran through the event. One speaker referenced That Will Never Work, a book written by Netflix Co-founder Marc Randolph. In it he tells the story of how it all began with an idea that many people confidently expected would fail, and about just how much resistance the founders had to overcome to get their project off the ground. The book exemplifies how resistance to change can be taken as a given, even when – perhaps especially when – innovation is on the horizon.

Another speaker made some interesting points about the importance of taking people with you when embarking on any change project. They quoted findings that 30% of people in any organisation actively resist change, while another 50% are no better than ambivalent. That means 80% of people are not actively keen to embrace change. If not actively managed, this kind of resistance can undermine any transformation initiative, especially in a market like ours where tradition runs deep.

Stephanie Ogden, CEO of HDI Global SE, reminded us that when it comes to transformation, the question on everyone’s mind is ‘What’s in it for me?’ Leaders need to communicate the benefits of change clearly, not just at an organisational level, but on a personal level for each individual involved. Early communication, quick wins, and a focus on making change feel relevant to everyone affected were identified as crucial to driving lasting success.

The clear message was that, as always, people are our greatest asset. We need to engage them and ensure that everyone, from leadership to the newest recruits, understands not only the ‘how’ but also the ‘why’ behind any transformation effort.

AI and data: the new gold rush

There was no shortage of discussion around the idea of data as the essential foundation of future innovation. Several speakers emphasised that bad data equals bad AI, however, and it’s important to bear in mind that AI’s effectiveness depends on the quality of data it’s been trained on. Poor data quality constantly threatens to compromise the benefits of AI applications, and it’s something we all need to fight against.

It was Justin Albert, COO of The Hartford, who spoke most explicitly about data as the new oil – and about how AI and data analytics are central to improving operations in the London market. The ability to leverage third-party data and integrate it into existing workflows will become increasingly important. The market has a long way to go in terms of data quality, but those who get it right will have a significant advantage in the coming years.

Key takeaways

Reflecting on TINtech London Market 2025, a few key takeaways stand out:

Modernisation is essential: London must modernise or risk losing its competitive edge. Blueprint Two offers a clear path forward, but the industry needs to push forward at pace.
Cultural resistance is a major barrier: Overcoming resistance to change is one of the toughest nuts to crack. Good communication and a clear focus on the personal benefits of transformation are key.
Data is critical: AI and data analytics have a crucial role to play in moving the London market forward, but poor data quality can hold us back. Improving data quality is the key to unlocking the full potential of AI.
Customer focus makes the difference: Organisations that stay focused on the customer experience will be the ones that succeed. Technology is important, of course, but maintaining a customer-focused – not to say customer-obsessed – approach will ensure long-term success.

Conclusions

Overall, TINtech London Market 2025 was a valuable and well organised event that brought together thought leaders and innovators from across the market. We all had some really interesting discussions and made some great new contacts. The event confirmed that – while there are significant hurdles ahead – the London market is making progress toward becoming more digitally enabled, data-driven and customer-focused. It’s an exciting time to be involved, and the next few years will be crucial in determining just how successfully the market navigates its necessary transformation over the next few years.