Great strides have been made in insurance technology since last year's conference, with the launch of new initiatives such as I2i-link and 24-7 Broking.

That was a development highlighted by Mike Williams, chief executive of the British Insurance Brokers' Assocation, when he opened the conference with his speech entitled Lighting the Blue Touchpaper.

“Those that embrace these changes will see real benefits,” said Williams.

However, he warned that brokers also needed to prepare their staff “for the rapid change ahead”.

He asked how many broker firms had someone dedicated to looking at the existing and new technology systems on offer and deciding what was the best for their business.

“A clear option is beginning to emerge,” he said. “You can light the blue touchpaper and retire or you can light it and control the show.”