Researchers to compare Lloyd’s trading to Bermuda
Insurers and brokers in London and Bermuda face a year-long "fly-on-the-wall" study of how face-to-face negotiations used at Lloyd's compare with electronic communications in Bermuda, the FT reports.
The study is being led by Paula Jarzabkowski, professor of strategic management at Aston university.
It will look at the effects on the pricing of insurance business and where it is placed.
Brainstorming idea
Bronek Masojada, chief executive of Hiscox, and chairman of the industry research funding group that commissioned the work, said the idea came out of an industry brainstorm in 2008.
"One of the feelings was that everyone focused on maths, economics, climate change and risk management, but no one was focused on the people side of the business," he said. "Markets are, after all, built on human behaviour," it said.
Jarzabkowski said: "Being commissioned by the industry, this study has amazingly open access into underwriters, brokers and clients - and even contact with the regulators. I'm impressed the insurance industry has had the scope and imagination to take this approach."
Amlin, the Lloyd's insurer, Liberty of the US, Aon Benfield, a reinsurance broker, and the Society of Lloyd's are among 11 underwriters and brokers participating in the study.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
