The Innovation Exchange is making a contribution to the London Market Group’s (LMG) modernisation agenda by educating practitioners on the opportunities that new technology can provide to their businesses – and asking the market what should be researched to deliver elements of the LM TOM quicker, better or more cost effectively.
The Innovation Exchange has set up a forum which will act as an incubator for new ideas from the Young Professionals community. This forum is called The Shadow Council.
A network of technology evangelists consisting of experienced market practitioners, thought leaders and external experts who will help introduce and assess the potential of new ideas .
A body to consider and channel ideas that are submitted so that they can identify and research ideas to deliver the LM TOM faster, better or for less.
Key progress to date
Proof of Concepts around possible market uses of Blockchain (Delegated Authority, Know Your Client, claims, identity management).
Conducted a series of educational events to introduce innovators to the market – AI, robotics, data.
Launched a thought leadership portal that promotes sharing of news and articles on Innovation.
Ongoing engagement across the Young Professionals Network.
Look at new technologies or approaches for claims, insurance transaction accounting and digitising of contract placement. Involves executing proof of concepts that establish more effective ways of working across these areas.
Expected to include connecting supporting services such as identity, documents, collaboration and messaging.
Continue to spread the innovation message and engage the young professionals community.