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Many large and medium sized UK and international insurance businesses stand to make millions, even in current economic conditions, if they can learn from winning strategies used in other business sectors, argues Michael Graham, director of UK headquartered insurance software specialist Sequel.
“Specialisation and cost effectiveness - the keys to success across many other business sectors should be bringing greater benefits to insurance companies. And technology, which is key to achieving this in insurance, should be serving the industry better, if only it were allowed to!” says Graham.
“There is still debate in insurance whether to build new systems or buy them in - and a good deal of this debate relates to control,” he continues. “Buying in standardised software doesn’t mean sacrificing control or sensitivity to the organisation’s precise requirements. On the contrary – it’s an investment that not only offers increased control and focus, it boosts efficiency and flexibility. Business leaders need technology to work for them so they can run their companies without having to lose sleep over time to market, deadline and compliance issues.
“Brokers and carriers stand to unlock millions of pounds of potential profits - if their technology decision making is business led,” Graham continues. “The winning strategy in our sector is for insurance companies to retain control of their technology while realising their business potential. Firms can achieve this by partnering with the kind of technology company that suits their DNA. This approach allows them to concentrate on their key lines of business and making maximum profits without having to worry about technology. When an insurance company’s decision making is IT led, which usually means a bespoke technology route, it can all too easily be a distraction from their core business.
“Insurance companies should be in no doubt that specialisation is the way forward in terms of return on investment – the insurance industry is no different from any other part of the business world. Brokers and carriers can reap greater benefits by choosing to concentrate on their core business and calling in the technology specialists to work on and worry about the IT part of the equation while they retain control of the whole process. The right kind of technology partner should not only understand the industry and their business but will be able to work with them to achieve their business objectives.” Graham concludes.
About Sequel Business Solutions Limited
Founded in 1993 and headquartered in the City of London, Sequel Business Solutions Ltd are the insurance and reinsurance software specialists. Sequel’s customers are underwriters and brokers within the Lloyd’s and London insurance / reinsurance sector. They include the following companies:
Willis Group Services Ltd
Brit Insurance Holdings Plc
Jubilee Managing Agency Ltd
GG & Re Co. Ltd
RJ Kiln & Co. Ltd
COBRA London Markets Ltd
Ascot Underwriting Agency Ltd
Spectrum Syndicate Management Ltd
Canopius Managing Agents Ltd
Dashwood Brewer & Phipps Ltd
Novae Insurance Company Ltd
Omega Underwriting Ltd
Imagine Syndicate Management Ltd
ACE INA Services UK
Argenta Syndicate Management Ltd
Sequel deliver three powerful software solutions for insurers, reinsurers and intermediaries – Eclipse Broking, Underwriting and 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.
Sequel are known for their track record for delivering on time and on budget.
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mikegleeson[.]archangelcomms.com 
