Jul 27, 2012
Salmon was pleased to sponsor the Endorsement Manager of the Month awards at the London Market Group Forum on 26th July at the Willis Building in London. Congratulations to the winners – Ropner Insurance Services and Chubb.
The awards were presented by Christopher Croft, LMG Secretariat who also gave an update on modernisation. Chris attributed the fall in E-endorsements in June to the Jubilee celebrations, noting that the July figures have already ‘oustripped June volumes’.
Next up was Hayley Spink, from the LMG Endorsements Group who shared good practice tips from brokers, carriers and MGAs who have implemented E-endorsements, including:
- Having a strong visible senior sponsor.
- Having access to good quality management information.
- Setting targets,and including these in underwriters’ or brokers’ personal objectives.
- Communicating internally.
- Having champions within the underwriting or broking team.
- Seeking and sharing feedback.
- Sharing the Clause wording internally and with the client each time a risk is being negotiated or renewed.
- Talking to peers at other companies and sharing good practice.
- ‘Hand holding’ when the company first goes online to ensure the first endorsements go smoothly.
- Setting up internal competition between teams.
Paul Willoughby, Project Manager in Market Development at Lloyd’s concluded the morning’s proceedings on the topic of future technology. He talked about various market development initiatives, including the collaboration project.
Paul provided some background to this by summarising the process for the lifecycle of a risk as Preparation, Negotiation and Processing. He commented that in the Lloyd’s market the traditional face-to-face negotiation model can be very efficient. However, he then went on to describe intriguing-sounding practices like ‘ping-ponging’ that actually make the negotiation less efficient. Fortunately, he explained that ‘ping-ponging’ was the repeated sending of a contract back and forth between underwriter and broker for many small changes.
Lastly, he shared feedback from the recent interactive ‘touch table’ experiment in the Lloyd’s coffeeshop. Paul said he was shocked by the 90% positive feedback from market practitioners. He saw this type of technology as supporting the traditional Lloyd’s face-to-face business model but improving speed by giving underwriters and brokers access to everything they needed in one place. There are more details here.
All in all, an enjoyable and informative start to a Thursday. You can register here for the next LMG Forum on 23rd August.