Post magazine – 23 October 2014
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In this week’s issue, we publish our first instalment of a series looking at the State of the Broking Nation, a warts-and-all qualitative view from the broking market.
The broking environment is in a state of flux, with mergers and acquisitions occurring apace against a backdrop of creeping digitisation and more intrusive regulation. The insurance industry is focused, as always, on how it can grow and prosper in an economy that remains under pressure. Post has sought the personal opinions of some of the industry’s most influential figures on the state of the market and the other big issues of the day.
Our feature comes hot on the heels of the resignation of Towergate CEO Mark Hodges, with the consolidator now tipped to sell off parts of the business. Also in the news, the motor sector is set to report a loss for 2014 as claims return to pre-Jackson levels; and mutual insurers have welcomed potential funding and an M&A boost from the Mutuals’ Redeemable and Deferred Shares Bill currently progressing through the House of Lords.
AIG’s Jacqueline McNamee and Lockton’s Mike Hammond are in the C-Suite. McNamee observes how the power of acting in unity is being displayed around the world and argues that insurers should follow its lead, while Hammond is concerned about the continued use of unrated insurers in the solictor’s professional indemnity market.
How can companies build digital cultures that maintain their relevance in the insurance market of the future? Post, in association with Accenture, invited specialists from a range of insurers to assess this critical issue.
Callum Brodie meets Aon UK CEO Dominic Christian, who claims the firm’s move to the UK is a statement of intent, and outlines his targets for growth in the SME arena.
Legal & General has severed ties with the Association of British Insurers for being out of step with the firm. Francesca Nyman reports on whether trade bodies really listen to and provide value for money for their members. And we head to Colombia, finding that the expansion and opening up of the already attractive Colombian insurance market is set to accelerate following the latest breakthrough in the negotiations to end its long-running drugs-related guerilla war.
Enjoy the read!
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