SectorInsurance
Underwriters operating in the London Market increasingly have to compete against global competitors to be the destination of choice to provide underwriting expertise and supply capacity for brokers and assureds in volatile underwriting cycles.
As these cycles fluctuate between hard and soft market periods, firms require systems that can help them maximise margins during decreased renewal levels, increased risk exposure and reduced capital coverage for unprecedented catastrophic events.
Brokers also have to work hard to service their clients’ changing needs whilst retaining profitable margin levels. Indeed, a recent survey found that more than 80% of brokers believe that maintaining profit throughout the insurance cycle is still the greatest challenge for the insurance industry overall.
Other challenges facing brokers include increased regulation, dealing with issues such as client money, contract certainty and conflict management. They are also seeing competitive pressures from new distribution trends such as direct writers, the internet, and the creation of ‘Super-brokers’.
Twelve months ago predictions were that rates would begin to harden by the end of 2009. The reality has been very different across most classes. Another benign hurricane season combined with the the credit crunch has had little, if any, effect on insurance capacity. It remains a buyers market with strong competition amongst brokers and insurers.
Against this background the London Market Reform programme is continuing to identify inefficiencies in the market’s processes and proposing solutions that will help firms to deliver a more competitive and streamlined service. They recognise that if London is to remain the premier centre for specialist insurance they have to instigate changes in the market.
At the centre of these market reforms is greater use of technology, which is where Kynetix can help. We partner with carriers, managing agents and insurance and reinsurance brokers in the London Market so that you can concentrate on your core competency of writing more business whilst benefitting from our core competency in building software solutions for your business.
We develop the software and solutions which support your vision and strategy
and will enable you to streamline your existing business processes and allow
you to keep pace with new market processes as they emerge.
Some of the areas that we can help you with include:
- Improving your client/broker experience with online self-service capabilities
- Replacing inflexible, home-grown, or out-of-date applications
- Helping you gain efficiences and cut capital expenditure by moving applications to the cloud
- Designing and implementing innovative business solutions for competitive advantage using the latest technologies such as cloud computing and mobile phones
- Building new systems to help you keep pace with market reforms
- Streamlining and automating any inefficient back office processes
- Providing systems that enable you to obtain holistic views of client relationships