The customers' perspective on buying insurance

In this IIL London Market lecture John Ludlow 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.

CPD events are open to CII and PFS members
Registration closes at 12pm two working days before the event date
For events held in The Old Library, Lloyd's pass holders may also attend and do not need to register
Original Photo ID (Driving Licence, Passport, Work ID with company logo and full name) is required to gain entry to all venues

Conditions:

• Email confirmations and original photo ID must be produced to security staff at the lecture venue
• Attendance confirmations are non-transferable to any other person or lecture
• All venues have limited capacity and registration and/or a Lloyd's pass does not guarantee admission

Please let us know what we can do to make our events fully accessible to you.

Contact:
Please contact Patricia Pedraza (07463 028327) with any queries regarding the CPD events programme.

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