Some recent market pricing indicators and analysis from Marsh and M-Files;
Greater competition in the insurance sector is pushing down prices, with firms aiming to drive revenue growth in an increasingly saturated market. Research from Marsh revealed that insurance rates in the UK declined 6% in the first quarter of 2025, highlighting the scale of the impacts of competition throughout the industry.
According to Yohan Lobo, Senior Industry Solutions Manager at M-Files, insurers seeking to differentiate themselves from rivals can build competitive advantage through productivity improvements, but this is reliant on streamlining back-office systems.
Yohan said: “In an increasingly crowded insurance market, firms must consider how they can offer a better quality of service that will help them attract and retain customers. The first step in delivering improvements in the front office that directly impact consumers is to ensure that back-office systems are watertight. This improves productivity, freeing up time for insurers to spend on work that adds value.
“Many insurance firms are plagued by tech fragmentation, a process where employees operate across a number of disparate systems and switch between multiple technologies to carry out day-to-day tasks.
“Unifying the tech stack achieves instant improvements in efficiency. Finding the right data and documents becomes a far simpler process, cutting down the time it takes to complete simple administrative tasks.
“Cohesive data also makes it easier to embed AI across the organisation and automate manual processes. This delivers further increases in productivity, allowing staff to focus on improving customer experience.”
Yohan concluded: “Insurers must review existing processes to stay competitive, interrogating current ways of operating to identify areas where they can improve. Failure to unify systems means ceding ground to more modern competitors, translating to a potentially negative experience for the end customer.”
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