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An insider’s view from the outside

“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity …” Charles Dickens

It was the best of times, it was the worst of times…

Challenges facing the global insurance industry have been described as a ‘perfect storm’: continuing over-supply of capital; high costs of compliance; lower investment returns; combined ratios that are persistently too high; pressure from shareholders to release equity; and legacy infrastructure that is tough to change.

At the same time, corporate clients are seeking more integrated, business-specific and highly customised insurance solutions.

The result is sub-optimal customer experience combined with greater uncertainty that the insurance contracts will meet expectations – a widening gap between the needs of the corporate buyer and the willingness of the insurance market to respond.

The challenge is to find sufficient skilled and experienced resources to bridge this gap and ensure, as far as practicable, that the insurance contracts respond in the manner intended, and opportunities to develop and sell new innovative insurance products are realised.

Large Multinationals

Large, complex organisations, including Fortune 500 and FTSE 100 companies need to align risk management with global business strategy.

Substantial organisations like these need to be confident that their risk financing programmes will operate as intended and are supported by processes that are both efficient and effective.

MEDIUM SIZED BUSINESSES

Risk and insurance management challenges are usually significant but companies may have limited internal resources. Insurance programmes must be dependable and offer value for money.

It is equally important to ensure that insurance protections and related services remain closely matched to evolving business needs.

SMEs & Start-Ups

Management will be focused on entrepreneurial opportunity and building a viable business, yet risk management and insurance priorities should be clearly identified at the outset.

Business survival may depend on robust insurance support. Business profiles of young companies often evolve rapidly; regular review of insurable exposures is advisable.