The key findings from their latest research is 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.
Independent business communications specialists Archangel conducted Sequel’s survey.
Founded in 1993 and headquartered in the City of London, Sequel Business Solutions Ltd (sequel.com) 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. They include the following companies:
ACE INA Services UK, Global 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, Brit Insurance Holdings Plc, Marsh Ltd, Canopius Managing Agents Ltd, New India Assurance Company Ltd, Cobra London Markets Ltd, Novae Group Plc, Dashwood Brewer & Phipps Ltd, Omega Underwriting Ltd, Equinox Global Ltd, Shelbourne Syndicate Management Ltd, Faraday Underwriting Ltd, Willis Group Holdings Ltd.
Sequel are known for their industry expertise, professionalism, and track record for delivering successful transformation programmes ‘on time and on budget’.
Sequel deliver three powerful software solutions for insurers, reinsurers and intermediaries – Eclipse Broking, Eclipse Underwriting and Eclipse Annual Accounting.
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 and brokers. 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.