Top 10 Lloyd’s, Coverholder & London Market quotes of the last year

Novae recently published their ‘Looking forward’ industry survey where they interviewed senior level influencers in the insurance industry to gauge their present and prospective analysis. It got me thinking, as I remember listening to Lloyd’s CEO Richard Ward present at the Xchanging London Market conference last year. Richard highlighted findings from that year’s annual PWC CEO Survey of insurance CEO’s finding that:

‘Nearly half of Insurance CEOs believe that the economy will continue to get worse over the next 12 months.’ Yet the report also found ‘90% are confident about improving their company’s revenues over the next 12 months’ (2012)

Compare that to this year and optimism still stands (despite austerity’s stronghold):

2013 saw ‘39% of Insurance CEOs are very confident about their ability to increase revenue over the next 12 months, and a further 49% are somewhat confident.’

Are you as confident in your organisation’s success? What has the industry been saying over the past year about the market and what will shape profit now and in the future? And most importantly, what are your competitors hearing and acting upon?

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Quotes

“Lloyd’s should continue to innovate and focus on product development and new lines and innovate and keep it close to business. And they should seek to resist the homogenisation of all syndicates.”
Novae ‘Looking Forward’ industry survey – February 2013

“The benefits of moving from a paper dominated community into the electronic age are manifold; speed, transparency, the development within each insurer and broker of KPI’s, the opportunity to better articulate and differentiate the value of performance, communication. The London subscription market will always have as its corner stone face-to-face negotiation – but as a practical matter technology provides a magnificent medium for better, quicker more auditable communication”
Barnabas Hurst Bannister, Chair of the London Market Group, Xchanging London Market Conference – September 2012

“It’s an interesting change from a few years ago, when it’s fair to say people were turning their noses up at delegating authority, giving the pen away. Now there is an acceptance that it’s the way to get good quality, high-volume, low-value business.”
Peter Montanaro, Head of Delegated Authorities, Lloyd’s, MGAA – April 2012

‘’It is imperative you get multi channel distribution correct, understand the relative importance of each channel and be intuitive to the future purchasing decisions of your customers – as well as investing time and energy in a unique proposition that adds genuine value and therefore provides longevity through, beyond the market cycle…’’
Dan Martin, Head of UK Regional Development, Catlin Underwriting Agencies, Sabrefish MGA event (formerly Salmon) – September 2012

“Technology is becoming part of the decision making process when people select a broker, MGA or underwriter as a partner”
Peter Montanaro, Head of Delegated Authorities, Lloyd’s, Sabrefish Insurance event (formally Salmon) – May 2012

“The UK is the leading exporter of financial services across the globe. The UK insurance industry is the largest in Europe and third largest in the world. The London insurance market is the most sophisticated insurance market on the planet”
Steve Hearn, Chairman & CEO, Willis Global, Xchanging London Market Conference – September 2012  

“The infrastructure is here in London, the talent is here, the subscription market is here, and brokers like it. Lloyd’s is more secure than it has ever been. Investors understand Lloyd’s now.”
Novae ‘Looking Forward’ industry survey – February 2013

 “Nexus Group (are) on course to become the largest independent managing general agency (MGA) in the London Market.”
Intelligent Insurer – March 2013

 “The underwriter who delegates ill-advisedly to a bad MGA has nobody to blame but himself. They should look at themselves because they gave their pen away. Somebody or something persuaded them to enter into that arrangement. I never blamed a broker for broking bad business to me. I only ever blamed myself for writing it.”
Reg Brown, Chairman, MGAA, Insurance Day – July 2012

 “If you have an MGA, as a broker or underwriter, you hold much more information about the nook that you write and it means you can work closer with insurers to ensure their profitability and enhanced cover for your clients. It is a relationship that a business of our size needs with insurers. Gone are the days where you just go in there and negotiate on commission.”
Robert Organ, Chief Financial Officer, Bluefin, Insurance Times – March 2013

New eInsurance Client Executive and Nexus go-live with RiskWrite

Like when you’re waiting for a bus and then two turn up together, we’ve made two announcements recently regarding our eInsurance practice and our multi channel insurance solution, RiskWrite.

First up, was the arrival of Neil Hodges who joined us in the new role of Client Executive with the aim of helping to grow our eInsurance business and to continue to develop RiskWrite.  He will also be contributing to Upstream on Insurance industry topics.

Commenting on his new role at Salmon, Neil said, “I am very pleased to be given the opportunity to help Salmon’s clients grow their business across multiple product lines, distribution channels and regions. RiskWrite is a highly regarded insurance solution and I am looking forward to helping shape the future roadmap.”

Chris Harvey, Chairman of Salmon said, “Neil brings with him extensive experience of the insurance and IT services industry meaning he is well placed to support the ongoing growth of our eInsurance business. He joins us at an exciting stage in the development of RiskWrite, our multi channel insurance solution. Neil’s experience will help us capitalise on the opportunities within the UK and international markets and continue to help our clients respond to the ongoing challenges and opportunities within the insurance market.”

Neil has 30 years’ experience of the insurance industry, having started his career as a Lloyd’s underwriter before moving into the insurance technology and services sector working for companies like Xchanging and Tri Systems.  He is based in our London office and can be contacted on +44 (0)203 170 8546.

This was closely followed by the announcement that Nexus Underwriting Management (Nexus) have gone live on RiskWrite.

Nexus Underwriting Management

Nexus launched its new Lloyd’s Managing General Agency, Nexus Professional Risks (NPR),  earlier this year and approached Salmon to supply a new insurance solution to service and grow the business. Salmon configured and implemented RiskWrite to provide NPR with a full insurance underwriting solution, including policy administration and broker portal. Following initial planning, the project was delivered in just two months.

NPR depends upon reliability and service delivery for its underwriters and 1,800 broker portal users. They needed a smooth, fast transition and are very happy with the outcome.

Colin Thompson, CEO of Nexus Group said “Our partnership with Salmon was created to help achieve our key objective – going live quickly and easily so the service to our underwriters and brokers wasn’t disrupted. The migration process itself started on a Friday and was completed by the following Monday. Ensuring a smooth and fast transition was absolutely key to the success of the Novae acquisition. RiskWrite™ will allow us to respond quickly to rate and market changes and to communicate with agents and brokers across all our channels – so much so that we are considering adopting it in other areas of our business.”