GE Frankona Re CEO Bob Dellinger, speaking at the Post Magazine Conference at the London Underwriting Centre, challenged senior insurance leaders to radically change the London market to better meet customer needs and assure its survival.
“London needs to take advantage of its concentration and size to truly automate and replace old traditional inefficient processes,” Dellinger stated. “Underwriting processes and risk management need to be more science and less art. The increased exposures and the evolving capital structure in Lloyd’s will be more demanding and will require more discipline and rigor.”
While significant steps have been taken at Lloyd’s, notably the admission of foreign based brokers, and the harmonization and modernization of premiums and claims processing undertaken with the International Underwriters Association, Dellinger called for more and faster changes.
While back office procedures are being automated under the direction of Ins-sure, a joint venture between Lloyd’s, The IUA and Internet specialist Xchanging, Dellinger wants to see the changes proposed in London Market Principles 2001 implemented more rapidly. “We must combine process and technology improvements with London’s capacity, creativity and underwriting talent if London is to maintain its important role in the global insurance and reinsurance markets,” he concluded.
Was this article valuable?
Here are more articles you may enjoy.