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Technology Day: e-Distribution and Trading

In this insightful presentation by Mark Chapman from Global Aerospace, we explore the vital role of e-Distribution in the insurance sector. As markets evolve, staying relevant is paramount. We discuss the competitive landscape, emerging customer demands, and the necessity of capitalizing on digital opportunities. The potential for improved customer experiences, faster transactions, and reduced operational costs is greater than ever. We must embrace change, harness our knowledge capital, and evolve London's insurance model to secure a prosperous future.

september-major
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Technology Day: e-Distribution and Trading

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Presentation Transcript

  1. Technology Day:e-Distribution and Trading An Insurer’s Perspective Mark Chapman Global Aerospace

  2. Why is e-Distribution important? Business opportunity or Fear of being left behind?

  3. Google Factor

  4. Other Factors • More customer choice • BRIC nations • Increased competition • Lloyd's and London have smaller share of growing worldwide market • Alternative capital • More commoditised commercial and wholesale insurance gets, the easier it is to introduce new forms of capital

  5. London’s Future The opportunity to acquire and retain more, profitable, business; whilst minimising operational costs • Improved products • Improved customer experience • Improved turnaround of client contract confirmation • Faster claim and premium payments • Reduced friction for current and future market participants • Reduced operating costs for market participants • Potentially reduced price for our clients

  6. How Close is Our Customer? Londonisms: • London brokers issue policies and manage claims • Central settlement through bureau

  7. London’s Future – Customer View • Easy to use, accessible market place offeringa quality product • Transparent process such that at any point the client knows where their contracts and transactions are • Fast quotation • Prompt documentation • Fast claims agreement and payment • Value for money – accepting that complex business might be harder to place and process

  8. London’s Future – Broker View • Need to attract new business to London (and prevent existing business flowing elsewhere) • Ease of access – seamless process from overseas offices • London’s USP is the strength of its knowledge capital and its ability to insure uninsurable risks – this needs to be retained and enhanced in any e-Distribution model • Processing effort commensurate to complexity of business • London processes (e.g. one claims agreement protocol) consistent with other global processes

  9. Question? Can we achieve any of this without using e-Distribution?

  10. What’s Stopping Us? • Lack of profit-driven, business-led initiatives • Current initiatives focus on operational efficiency • Resistance to change • We invest little time in making change happen

  11. Managing Change

  12. Conclusion If you believe that London has a future then now is the time to create one

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