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The customers' perspective on buying insurance

Lecture

Publication date:

08 January 2020

Last updated:

05 March 2020

Author(s):

John Ludlow, CEO, Airmic

In this Insurance Institute of London (IIL) London Market lecture John Ludlow, CEO, Airmic, talked about the current perspective of insurance buyers of the market today.

Context:
We live in interesting times! The importance of putting the customer first in decision making and embracing digital change.

The opportunity:
Technology driven economic development; the growth in value of commercial networks/reputations and the increased need for liquidity.

Customers have new assets and needs!
- Can we invest in risk management relationships, focused on risk and insurance, that deliver on customer needs by protecting this new vulnerable value?

The threats:
Old ways of working, protecting traditional well understood risks has been commoditised but fails to become a volume business.
- Can we embrace technology for a low-cost/high volume insurance market of today?

How can we work better together develop a sustainable insurance market?
- A single point of contact for simple and commoditised risks
- A tripartite relationship for complex insurance solutions,
- A dynamic strategic networks of connected capability to drive innovation and change for future strategic value.

How can we mitigate the reality of the Harsh Market:
- Poor communication, commercial insensitivity, loss of relevance, alternative solutions and weakened relationships.

- Invest in culture and people
- Invest in technology
- Invest in relationships
- Invest in solutions

By the end of this lecture members would have gained an insight into:

  • How global trends are changing the needs of risk and insurance managers as they attempt to make their businesses safe, resilient and successful

  • The customers world and the changes they are likely to demand of the market.

  • How relationships with insurers need to be redefined, depending on the customer objective, and supported differently by technology.

View speaking notes

 Download CPD certificate

 

Duration: 40 minutes

This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.

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