Dealing with increased competition, business efficiency, enhancing systems and financial performance are given almost equal scores as the four next most pressing issues.
The proportion of respondents’ answers, by theme, were as follows: regulation: 25% and London market initiatives: 18%. Dealing with increased competition: 13%; business efficiency: 12%; enhancing systems:12% and financial performance: 10%. Economic conditions accounted for 8% and expansion: 2%.
Undertaken as one-to-one in depth interviews by an independent third party, 57 senior insurance professionals, from 14 Lloyd’s and London market companies, gave their views. Of those polled, over three-quarters were business focussed – the remainder were technology oriented. They work for large, medium and small UK and international brokers, carriers and MGAs.
“In 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,” says Michael Graham, Sales and Marketing Director of Sequel. “While it’s change in the form of modernisation, compliance and regulation that is the major preoccupation, the professionals’ 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.”
“The 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,” he continues. “We 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 what’s closest to them.
“Insurance 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,” Graham concludes.
Independent business communications specialists Archangel conducted the research on behalf of Sequel during the autumn of 2011.
Founded in 1993 and headquartered in the City of London, Sequel Business Solutions Ltd are award-winning insurance and reinsurance software specialists. Sequel’s customers are underwriters and brokers within the Lloyd’s, Companies and international insurance/reinsurance sector. The list of customers Sequel has worked with includes:
ACE INA Services UK LtdGlobal General & Reinsurance Co. Ltd
Alterra at Lloyd’s Services Ltd Jubilee Managing Agency Ltd
Argenta Syndicate Management Ltd Kiln Group Ltd
Ascot Underwriting Agency Ltd Markel International Ltd
Berkley Re UK LtdMarsh Ltd
BMS Group LtdNew India Assurance Company Ltd
Brit Insurance Holdings Plc Novae Group Plc
Canopius Managing Agents Ltd Omega Underwriting Ltd
Cobra London Markets Ltd Pioneer Underwriting Ltd
Dashwood Brewer & Phipps Ltd Shelbourne Syndicate Management Ltd
Equinox Global LtdWillis Group Holdings Ltd
Faraday Underwriting Ltd
Sequel are known for their industry expertise, professionalism, and track record for delivering successful transformation programmes ‘on time and on budget’.
Sequel deliver a powerful suite of software solutions – Eclipse - for insurers, reinsurers, brokers, MGAs, coverholders and start ups operating across the Lloyd’s, Companies and international (re)insurance markets.
Eclipse is a strategic suite of business applications built with 100% Microsoft technology that share a common business and technical architecture – all of our products have been designed with open architecture to enable easy access to information and simple connectivity with other systems. This enables customers to have a comprehensive, holistic view of their business.
Sequel’s products have been designed and developed by our insurance experts, in partnership with underwriters, brokers and MGAs. By combining process efficiencies with innovative analysis and reporting capabilities, Sequel’s products give customers control over their business information so they can make decisions quickly and with confidence, as well as taking market and regulatory changes in their stride.