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Technology Day: e-Distribution and Trading

Technology Day: e-Distribution and Trading. An Insurer’s Perspective. Mark Chapman Global Aerospace. Why is e-Distribution important?. Business opportunity or Fear of being left behind?. Google Factor. Other Factors. More customer choice BRIC nations Increased competition

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Technology Day: e-Distribution and Trading

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  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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