Sequel, the insurance and reinsurance software specialists, have just announced key findings from their latest research based on a sample of London market brokers and carriers. Respondents identified six key issues that most concern them across 2011. Heading up the list are:
enhancing systems and regulation.
The research 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 over sixty 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 were information technology focussed. Sequel estimate that their customer base accounts for around 10 per cent of the Lloyd's market.
When asked about the issues that concern them most for 2011, insurance professionals responded, in order of importance, as follows:
1 Enhancing systems.
3 The state of the economy.
4 London market initiatives.
6 Business efficiency.
"The findings show where professionals' priorities lie and that the market is readying itself for the challenges of the coming year," says Sequel's Sales and Marketing Director, Michael Graham. "Professionals stress 'enhancing systems' because they are looking at how they are going to refine the tools they have so they can deal with what the year will bring. They are concentrating on their systems so they can help the business progress while, at the same time, deal with regulatory and economic challenges organically.
"And it is not surprising that regulation and the economy are the next priorities - because they're the driving factors," Graham continues. "If insurance businesses are to take regulation in their stride and hold their own in a challenging market place they need systems that are an asset to them rather than a liability.
"Understanding customers and their needs is the starting point for all our work - that is why Sequel place so much importance on customer and market research. This allows us to best guide customers through the changing demands of the market place so they can stay ahead," Graham concludes.