On the record
Justin Bowen, underwriting manager, London Professions & Specialty Commercial, says technology is the key to beating the competitionIt doesn’t seem that long ago that, as a broker, I would have considered a productive day to be taking out a handful of risks in paper files (if I could find them!), queuing for several hours to see an underwriter (if they returned from lunch), then spending a few more hours ‘discussing’ those risks down the Fenchurch Colony (a well-known hostelry). Success in those days was returning to work with at least half the files present, undamaged and, now and again, even with a quote or two!
How times have changed, and the need to control costs, deal with increased competition and understand customer demands means that the best businesses in this market have had to change with them.
It is not just our industry that has had to do this. I now, in no particular order, plan holidays, bank, bet and buy groceries online. It has taken the commercial insurance market that bit longer to embrace technology, but to survive and flourish against existing and new forms of competition such as the banks, we have to adapt to what customers want and how they want to buy. It’s not really an amazing concept.
The challenge for us is to work together on removing the high costs (not just the Fenchurch Colony) and the time traditionally associated with each transaction. This will involve brokers and insurers learning new skills and changing existing processes and delivery mechanisms.
It’s started – we are signed up to a number of new broker and market platforms that deliver our products through brokers to customers in a fast, cost-effective way. We also have our own electronic delivery platform, INScribe, which is a tool for brokers to write business without us slowing them down. It is these systems that allow us to underwrite efficiently for customers with simpler insurance needs, freeing up our time to concentrate on seeking out new business.
Although there is a lot to look back on fondly, I am amazed at the progress we have already made and bullish that, with our brokers’ absolute buy-in, we can fight off the challenge that will come from banks and other brands. As we say at Hiscox, “There is always a better way”.