HSBC UK law firms need to innovate in response to COVID-19
In a report by HSBC UK, the company identified the rise in law firms recognising the need for innovation and change in their operations with the use of technology in response to the pandemic.
The report - written in collaboration with Briefing - discovered that 51% of law firm leaders are increasing their technology investment, while only 19% said that they planned to reduce it.
“The pandemic vindicates law firms’ previous technology investment with many surprised by the efficient transition to remote working. However it is also a catalyst for greater use of agile working technology and process automation tools. This focus on technology appears to be here to stay and the research shows a clear commitment from firms to improve these digital tools to enable further flexibility in the future,” commented Chloe Clift, Head of Professional Services sector for HSBC UK Commercial Banking.
Other key findings from the report included:
- A shift in priorities with 77% prioritising investment in tools for agile working, 58% in management information and 5^% in process automation
- Less intention to continue investments in areas identified as ‘most important’ last year, including cybersecurity and client collaboration
- 88% of law firm leaders identifying the UK as one of their top three regional priorities in 2002, an increase of 20% compared with 2019 (68%)
- An overall interest in future global expansion, 40% of those surveyed identified plans to grow internationally despite current economic challenges globally, only 1% had intentions to reduce their global activity
“This has truly been a year unlike any other for UK firms and there will undoubtedly be further headwinds to face as the combination of COVID-19 restrictions, deferred tax, job support schemes and the end of the Brexit transition period play out over the coming months. It’s encouraging to see that, despite these economic challenges, there remains a commitment to further invest in the UK and firms have not lost their global ambitions for opportunities to grow in both new and existing markets. HSBC UK remains well placed to support these strategic growth opportunities,” concluded Clift.
5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.