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.
We live in interesting times! The importance of putting the customer first in decision making and embracing digital change.
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?
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.
Registration & Security
IIL lectures are open to CII and PFS members
CII and PFS members must register online by 12pm one working day before the lecture
For lectures held in The Old Library, Lloyd's pass holders may also attend and do not need to register
All attendees (at any venue) must produce photo ID - either a Lloyd's pass, driving licence with photo or valid passport
- Email confirmations and 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.
Please contact Patricia Pedraza (020 7397 3911) with any queries regarding the CPD events programme.
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
3/4 hours' CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.