Modernisation at Lloyd’s of London – the insurance industry advances into the technological age
Simon Hearn writes in response to an article written by Christopher Munro, featured in the October 2014 issue of Reactions – a publication providing business intelligence for the global insurance market.
In this article, Inga Beale (Lloyd’s of London Chief Executive) details her intention to modernise the insurance market and bring its business processes up-to-date with improved technology.
“Well done Inga Beale, but with a small warning. Her article in Reactions (October 2014) puts focus on the need for the Lloyd’s market to modernise, bringing its business processes up-to-date with improved technology. This is indeed true and we all know it – but it is not easy. Is it in the brokers’ interests (a very competitive market place) to make this work.
Over my 24 years recruiting for this market I have seen a number of well meant initiatives disappear into the grave yard of Lloyd’s/London market platforms. For those that will remember that far back these include: Rinet, WISE, WIN and Kinnect amongst others. Before Inga – I was involved in the recruitment of Richard Ward in 2006 – with the expressed aim of moving Lloyd’s towards electronic trading (as he had achieved with the IPE platform in London). vhealthportal.com. Richard during his tenure made much of the claims operations electronic but still today brokers walk into the building with their slipcases.
Talking of slipcases – check out www.slipcase.com. This is a non trading data and information exchange that links brokers and underwriters in the market – a London initiative that is slowly going global. Over the years it has not worked operating top down – just maybe over time it will be made to happen – bottom up. The punters in the market, so used now to specialist social media and fast communicating – demanding the use of such a platform.
Whatever the case – Inga’s heart is in the right place, it will need courage and serious determination to drive this market towards electronic trading”.
If you wish to read the interview with Inga Beale in further detail, it can be found in the print copy of October’s reactions magazine.
