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AM BestTV: Europe Reveals an Insurance Industry Adapting to Non-Stop Change, Say Execs at AM Best Briefing

November 18, 2019 GMT

OLDWICK, N.J.--(BUSINESS WIRE)--Nov 18, 2019--

In this AM BestTV episode, attendees to AM Best ’s Insurance Market Briefing - Europe, held in London, said the ongoing evolution of Lloyd’s, insurance technology and regulatory frameworks are building a culture that is learning to anticipate and adapt to change. Click on http://www.ambest.com/v.asp?v=imbe1119 to view the entire program.

John Neal, chief executive officer, Lloyd’s, gave the keynote address, and spoke about the need for transformation.

“At Lloyd’s, we are trying to do certain things in phases, so phase one has a very simple objective, which is to have at least 90% of our business digitally enabled by the end of 2020,” said John Neal, chief executive officer, Lloyd’s. “We have to re-engineer and simplify our claims processes to reduce the cost of doing business. We have to make the market more capital-friendly in different forms and types of capital. Our plan will achieve this by 2020.”

The briefing attracted 350 attendees from 25 countries. Tom Hoad, head of innovation, Tokio Marine Kiln, highlighted how the industry can drive forth innovation.

He said, “I believe innovation is about refreshing the product; consequently, innovation is just as important today as it will be tomorrow. The key difference today is the rapid rise of technology and data, which we all benefit from. We just have to learn how to use it.”

Other people that appear in this episode:

  • Frank Perkins, chief executive officer, Inari;
  • James Birch, head of innovation, Brit Global Specialty USA;
  • Nick Charteris-Black, managing director, market development, EMEA, AM Best;
  • Greg Carter, managing director, analytics, AM Best;
  • Catherine Thomas, senior director, analytics, AM Best;
  • Mahesh Mistry, senior director, analytics, AM Best;
  • Anthony Silverman, associate director, analytics, AM Best;
  • Jessica Botelho, senior financial analyst, AM Best; and
  • Valeria Ermakova, senior financial analyst, AM Best.

Recent AM BestTV coverage includes:

  • U.S. Life Fraternals Could Harness Social Media and Education to Grow Membership, Say AM Best Analysts: Edward Kohlberg, director, and David Marek, financial analyst, both with AM Best, explain how U.S. fraternal life insurers are challenged by a competitive middle market and shrinking consumer wallet, but could see potential growth through education and tapping into social media: http://www.ambest.com/v.asp?v=fraternals1019.
  • Title Insurance Stable, but Potential Challenges Include Sluggish Economy: Associate Directors Fred Eslami, Ann Modica and David Blades, all of AM Best, discuss the headwinds and tailwinds driving the title insurance market: http://www.ambest.com/v.asp?v=title1119.
  • Capacity Crunch Looms in Retrocession Market: Attendees at the Singapore International Reinsurance Conference (SIRC) in Singapore said that as a result of additional catastrophe losses in 2019 and trapped capital in the insurance linked-securities market, the demand for retrocession insurance may outpace supply, pushing prices higher: http://www.ambest.com/v.asp?v=sirc21019.
  • SIRC Attendees Say Challenges Include Weather, Talent and New Coverages: At SIRC, attendees said pricing discipline, remaining relevant and retaining talent are among the challenges facing the reinsurance market next year: http://www.ambest.com/v.asp?v=sirc11019.

AM BestTV covers exclusive AM Best and insurance industry information and reports, targetedtopics and key developments in the insurance, reinsurance and related sectors daily. Sign up for alerts ofepisodes at http://www.ambest.com/multimedia/ambtvsignup.html. View AM BestTV episodes at http://www.ambest.tv.

AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2019 by A.M. Best Company, Inc.and/or its affiliates. ALL RIGHTS RESERVED.

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PUB: 11/18/2019 03:37 PM/DISC: 11/18/2019 03:37 PM