Recent independent research into brokers and underwriters reveals what's on professionals' minds ... ... planning for growth as well as regulatory changes rank high on professionals' priorities
Sequel, the insurance and reinsurance software specialists, have just announced the result of independent research conducted on a sample of London market brokers and carriers. Respondents identified six key issues that most concerned them when looking forward over the coming year. Heading up the list are: expansion and regulation.
The research results - the first that the company has announced in the market place - are drawn from Sequel's seventh annual customer survey.
The 2009/10 survey was conducted by an independent third party using a representative sample drawn from Sequel's Lloyd's, Companies and international insurance/reinsurance sector customer base. Just under 50 broking and underwriting professionals participated in the survey which was based on one-to-one in depth interviews. Two thirds of the interviewees held predominantly business focussed roles and one third in information technology. Sequel estimate that their customer base accounts for around 10 per cent of the Lloyd's market.
"The findings are significant and indicate concerns held by insurance professionals that have not yet been widely reported," says Michael Graham, Director of Sequel. "Our customer base, which is constantly growing, includes large, medium and small brokers and carriers. It is highly representative of the industry. When asked about the issues that concern them the most, insurance professionals responded, in order of importance, as follows:
1 Expansion, growth and mergers.
3 Enhancing systems.
4 Enhancing business efficiency.
5 The state of the economy.
6 London market initiatives.
"The top three issues identified were given significantly more emphasis by professionals than the last three. It is important and encouraging to note that concerns about dealing with growth and enhancing IT systems come high on their list of priorities. And contrary to what is sometimes believed, coping with changing regulatory requirements is a high priority for insurance professionals," Graham continues. "Insurance professionals are clearly planning for success while keeping a careful eye on regulation. I believe that organisations will be making more business decisions to use technology to prepare for growth, change and improvement.
"Just what insurance professionals are really thinking is important to know. We're constantly interacting with, listening to and learning from, our customers and the market. We do this informally and formally but our annual customer survey allows us to gain the most accurate feel for our customers, their concerns and their requirements because it is conducted by an independent, expert third party. We are currently planning our 2010/2011 annual customer survey, which will be our eighth, right now," Graham concludes.