Brokers and underwriters need to develop an environment of “co-oposition” to...
Brokers and underwriters need to develop an environment of “co-opertition” to cope with the changing market, said Marsh Europe and Middle East president Bruce Carnegie-Brown.
Carnegie-Brown, addressing an industry audience during an Insurance Industry of London market issues lecture at Lloyd's today, broached the relationships between underwriters and brokers in the wake of increased regulation.
He said that the industry needed to shake old-fashioned values and adopt technology to develop shared platforms, such as Kinnect, to achieve contract certainty and efficiency in its administrative processes.
“To offset the trend towards ‘commoditisation', brokers and underwriters need to innovate. To do so is risky, but not to choose not to innovate is even riskier,” he said.
Carnegie-Brown used Kinnect as an example of how the industry could co-operate yet still remain competitive, meanwhile increasing the market share for all.
