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
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
Customer Placing Broker London Broker Bureau London Insurer Reinsurer Londonisms: London brokers issue policies and manage claims Central settlement through bureau
Easy to use, accessible market place offering a 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
Need to attract new business to London (and prevent existing business flowing elsewhere) Ease of access – seamless process from overseas offices Londons 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
Can we achieve any of this without using e-Distribution?
Lack of profit-driven, business-led initiatives – Current initiatives focus on operational efficiency Resistance to change – We invest little time in making change happen
What people require from their jobs What Change can appear threatening How Change can benefit their job Interest in their job using a skill having a mental challenge using their discretion de-skilling impoverishing removing discretion enriching broadening giving discretion Professional Development do important work do difficult work blocking promotion removing work revising jobs upgrading job / increased responsibility change of scene / widening experience Self-Worth self esteem recognition by others rejecting earlier work rejecting ideas / appearing stupid improved recognition improved status Job Security having a job material security redundancy lower standard of living better conditions more flexibility 11
If you believe that London has a future then now is the time to create one
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