Axa UK and Ireland chief executive Tara Foley believes her firm’s combined operating ratio (COR) will improve in 2024 as she revealed that inflation is starting to drop. Foley says inflationary pressure “continues to have an impact across all aspects of the insurance sector”, including pricing and claims, repairs and procurement. “Thankfully, the time lag for motor parts is starting to improve and we are beginning to see a reduction in inflation which, if it continues, should gradually have a positive impact on COR. “As a business, we have been on a digital transformation journey and this will continue in 2024,” Foley said. Foley adds that increased investment in data and analytics will support the insurers’ digital transformation and ensure it can provide the most bespoke and flexible products and services.

Source: The Times November 27, 2023 11:28 UTC