A large, representative sample confirms priorities have changed, challenges have increased
Regulation and London market initiatives are major concerns in insurance for 2012 - according to independent research, just completed, that was commissioned by insurance software specialist Sequel. Dealing with increased competition, business efficiency, enhancing systems and financial performance are given almost equal scores as the four next most pressing issues.
Undertaken as one-to-one in depth interviews by an independent third party, 57 senior insurance professionals, from 14 Lloydâs and London market companies, gave their views. Of those polled, over three-quarters were business focussed â the remainder were technology oriented. They work for large, medium and small UK and international brokers, carriers and MGAs.
âIn 2012 professionals will be faced with a struggle on two fronts; on the one hand with handling change and on the other dealing with an increasingly competitive market place,â says Michael Graham, Sales and Marketing Director of Sequel. âWhile itâs change in the form of modernisation, compliance and regulation that is the major preoccupation, the professionalsâ next most pressing issues tell an interesting story. In this grouping, it is dealing with the competition that is the most significant. It is the first time that respondents have flagged their concerns about this in our research. And interestingly, business efficiency, enhancing systems and financial performance are key factors that will have to be aligned if firms are to deal with change and increased competition effectively.â
âThe feedback from this large and representative sample also shows that professionals flag a changed list of priorities - as well as identifying more concerns - than they did when we polled them 12 months ago,â he continues. âWe see that the insurance landscape has changed. This time, even great concerns about the economy have been surpassed by the inevitability of great change, its repercussions and fiercer competition in the market place. It is hardly surprising that professionals should place so much emphasis on whatâs closest to them.
âInsurance professionals know they will be under greater pressure than ever in the coming year so now is the ideal time for them to review their business priorities, supporting process and financial performance. These will all need to be storm tested, fit for purpose and in place very shortly, if they are not already, to deal with the increased challenges that change and competition will be bringing to the market place in 2012,â Graham concludes.
Independent business communications specialists Archangel conducted the research on behalf of Sequel during the autumn of 2011.