Kingsly Kwalar’s Post

This is how the Lloyd’s market work For an entity that plays a key role in the safety of the world, Lloyd's market remains quite obscure to many. Many have come to think of the Lloyd's market as a black box. Others consider it to be an insurance company. Some even dare take it to mean a high street bank! So whether you are a seasoned professional or a novice in the industry, you want to grab a copy of this cheat sheet now! All of our sheets are available in HD PDF here: https://lnkd.in/eGup7svP In this sheet, we have simplified the functioning of the LLoyd's market, hopefully not too much. INTRODUCTION Over 330 years of pioneering insurance. World's premier insurance and reinsurance marketplace. Mission: Share risk to protect and inspire a braver world. CORE PRINCIPLES Collaboration: Underwriters and brokers work together. Innovation: New, relevant insurance solutions. Resilience: Helps communities recover in times of need. STRATEGIC VISION Performance: Excellence in market outcomes. Digitalisation: Leading with Blueprint Two for tech advancement. Purpose: Commitment to societal well-being. Culture: Inclusivity, respect, and integrity at its core. ... CORE BUSINESS OPERATIONS Underwriting Process Essence: Assess risk, set premiums. Tools: Crystal: Clarifies regulatory requirements. Risk Locator: Identifies location-based risks. Stamp Decision Tool: Aids in contract stamping decisions. Policy & Compliance Framework: Wordings Repository: Standardizes policy language. Business Timetable: Organizes policy issuance schedule. Contract Confidence: Guarantees contract clarity and enforceability. ... HOW THE MARKET WORKS AT LLOYD'S The Underwriting Room: The Heart of Lloyd's Face-to-Face Business: Central to Lloyd's operations. Brokers: Facilitate risk transfer between clients and underwriters. The Process of Risk Transfer Clients: Discuss risk needs with a broker, coverholder, or service company. Specialist Underwriters: Price, underwrite, and manage claims for each risk. Syndicates: Offer concentrated specialist underwriting expertise. Market Structure Benefits Innovation & Speed: Encourages better value and solutions. Direct Access: Immediate answers from decision-makers. Specialist Concentration: Unrivalled underwriting talent. Participants in the Lloyd's Market Policyholder: Businesses, organizations, insurers, individuals worldwide. Local Broker: First contact, assesses needs for Lloyd's marketplace. Lloyd's Broker: Negotiates with underwriters for tailored policies. Underwriter: Sets price and terms, collaborates on policy creation. Syndicate: Groups of underwriters writing insurance at Lloyd's. Managing Agent: Manages one or more syndicates, employs underwriters. And much more! ____________ If you would like a First Free HD PDF of our sheets, Like Comment Share Thanks!

Ever wondered how the world of Lloyd’s of London works? Many have come to think of the Lloyd's market as a black box. Others consider it to be an insurance company. Some even dare take it to mean a high street bank! So whether you are a seasoned professional or a novice in the industry, you want to grab a copy of this cheat sheet now! All of our sheets are available in HD PDF here: https://lnkd.in/eGup7svP In this sheet, we have simplified the functioning of the LLoyd's market, hopefully not too much. INTRODUCTION Over 330 years of pioneering insurance. World's premier insurance and reinsurance marketplace. Mission: Share risk to protect and inspire a braver world. CORE PRINCIPLES Collaboration: Underwriters and brokers work together. Innovation: New, relevant insurance solutions. Resilience: Helps communities recover in times of need. STRATEGIC VISION Performance: Excellence in market outcomes. Digitalisation: Leading with Blueprint Two for tech advancement. Purpose: Commitment to societal well-being. Culture: Inclusivity, respect, and integrity at its core. ... CORE BUSINESS OPERATIONS Underwriting Process Essence: Assess risk, set premiums. Tools: Crystal: Clarifies regulatory requirements. Risk Locator: Identifies location-based risks. Stamp Decision Tool: Aids in contract stamping decisions. Policy & Compliance Framework: Wordings Repository: Standardizes policy language. Business Timetable: Organizes policy issuance schedule. Contract Confidence: Guarantees contract clarity and enforceability. ... HOW THE MARKET WORKS AT LLOYD'S The Underwriting Room: The Heart of Lloyd's Face-to-Face Business: Central to Lloyd's operations. Brokers: Facilitate risk transfer between clients and underwriters. The Process of Risk Transfer Clients: Discuss risk needs with a broker, coverholder, or service company. Specialist Underwriters: Price, underwrite, and manage claims for each risk. Syndicates: Offer concentrated specialist underwriting expertise. Market Structure Benefits Innovation & Speed: Encourages better value and solutions. Direct Access: Immediate answers from decision-makers. Specialist Concentration: Unrivalled underwriting talent. Participants in the Lloyd's Market Policyholder: Businesses, organizations, insurers, individuals worldwide. Local Broker: First contact, assesses needs for Lloyd's marketplace. Lloyd's Broker: Negotiates with underwriters for tailored policies. Underwriter: Sets price and terms, collaborates on policy creation. Syndicate: Groups of underwriters writing insurance at Lloyd's. Managing Agent: Manages one or more syndicates, employs underwriters. And much more! ____________ If you would like a First Free HD PDF of our sheets, Like Comment Share Thanks!

# The services of an insurance broker are irreplaceable: The importance of engaging the services of an insurance broker or risk manager during the placement of a risk cannot be overstated. Here are several key reasons: Expertise and Market Knowledge: Insurance brokers and risk managers have extensive knowledge of the insurance market. They understand the nuances of different policies, coverage options, and the reputations of various insurers. This expertise ensures that you receive tailored advice and the best possible coverage for your specific needs. Access to a Wide Range of Insurers: Brokers have relationships with a broad network of insurers. This access allows them to source multiple quotes and negotiate favorable terms, ensuring that you receive competitive pricing and comprehensive coverage options. Risk Assessment and Management: A broker or risk manager conducts a thorough assessment of your risks. They help identify potential exposures and recommend strategies to mitigate these risks. This proactive approach helps in structuring your insurance placement effectively and filling any coverage gaps. Negotiation Skills: Experienced brokers negotiate on your behalf to secure the best terms and conditions. Their negotiation skills can result in better coverage, lower premiums, and more favorable policy terms. Claims Assistance: In the event of a claim, brokers provide valuable support. They guide you through the claims process, ensuring that it is handled efficiently and that you receive a fair settlement. Ongoing Service and Support: Brokers offer continuous support throughout the policy term. They monitor your coverage, provide updates on market changes, and assist with renewals, ensuring that your insurance remains aligned with your evolving needs. Regulatory Compliance: Navigating the regulatory landscape can be complex. Brokers ensure that your insurance arrangements comply with all relevant laws and regulations, reducing the risk of legal issues. In the current hard market—characterized by less capacity, higher prices, and tighter terms and conditions—these services are even more critical. Insurers are seeking active risk management practices, early preparation for renewals, and comprehensive underwriting information. A well-managed portfolio has a significant advantage in the renewal process.

𝗜'𝗺 𝗻𝗼𝘁 𝗮𝗻 𝗶𝗻𝘀𝘂𝗿𝗲𝗿 - 𝘄𝗵𝘆 𝘀𝗵𝗼𝘂𝗹𝗱 𝗜 𝗰𝗮𝗿𝗲 𝗮𝗯𝗼𝘂𝘁 𝗙𝗔𝗥 𝗼𝗿 𝗖𝗣𝗦 𝟮𝟯𝟬? If you provide distribution, underwriting or claims services on behalf of (acting for) an insurer you would be well aware of your obligations under the GI Code & financial services laws. The Code & law places monitoring & supervision obligations on insurers for those providing 'insurance services' on their behalf. These obligations are then captured in binder/agency or services agreements. Most underwriting agencies, TPA's & other service providers generally understand that APRA Prudential Standards apply to the insurer. However, with APRA Prudential Standard CPS 234 Information Security, we observed the first impact of 'indirect' obligations applying to those who act upon behalf of insurers 𝙏𝙝𝙚 𝙛𝙖𝙧-𝙧𝙚𝙖𝙘𝙝 𝙤𝙛 𝙁𝘼𝙍 FAR obligations require accountable persons (senior executive) to have responsibility for 'insurance key functions'. These obligations require the senior executive to 'take reasonable steps' to prevent matters from arising that would adversely impact the insurer & contravene financial services laws'. It follows that a senior executive is accountable for anything that happens under their watch, with deferred remuneration consequences. This would extend to the practices of underwriting agencies, TPAs & other service providers. It is clear that insurers monitoring & supervision practices will be critical in discharging obligations 𝗖𝗣𝗦 𝟮𝟯𝟬 CPS 230 goes further than FAR as the Prudential Standard specifically captures providers of material services & includes underwriting, claims management, insurance brokerage & reinsurance. Insurance brokers - note that you are captured in the reach of CPS 230. 𝙄𝙛 𝙮𝙤𝙪 𝙖𝙧𝙚 𝙖𝙣 𝙈𝙂𝘼, 𝙏𝙋𝘼 𝙤𝙧 𝙨𝙚𝙧𝙫𝙘𝙞𝙚 𝙥𝙧𝙤𝙫𝙞𝙙𝙚𝙧 𝙩𝙤 𝙞𝙣𝙨𝙪𝙧𝙚𝙧𝙨 𝙬𝙝𝙖𝙩 𝙨𝙝𝙤𝙪𝙡𝙙 𝙮𝙤𝙪 𝙗𝙚 𝙙𝙤𝙞𝙣𝙜 𝙣𝙤𝙬? ✅reach out to the insurers to understand their project plan to implement FAR & CPS 230 & the time frames that impact you; ✅ understand what the insurers will require from you; ✅ read & understand FAR & CPS 230 materials; ✅ update your risk & compliance manual to account for FAR & CPS 230 requirements; & ✅ speak with me. Do not: ❌allow the insurer to apply their risk management framework to your business. An APRA risk framework is suitable for insurers not others. Yes, apply the concepts & principles but scale them down to fit the nature, scale & complexity of your business; or ❌ wait until the insurer sends you a comprehensive checklist of requirements 𝘽𝙧𝙞𝙨𝙗𝙖𝙣𝙚 𝘾𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚 𝙬𝙤𝙧𝙠𝙨𝙝𝙤𝙥 FAR & CPS 230 will require a true partnership approach between insurers & their partners Join me on Thursday 21st March at my Brisbane Compliance workshop, we will work through this & manner other practical business risk & compliance matters Register here: https://lnkd.in/g4UaxiXh

Capgemini’s World Property & Casualty Insurance Report 2024 detailed in Risk & Insurance makes it clear: outdated models and limited access to accurate data are holding insurers back from effectively navigating today’s risk landscape. Ownli’s platform helps close these data gaps by providing certified, first-party data directly from policyholders. With real-time data check-ins, insurers reduce premium leakage, streamline underwriting, and increase customer retention. Insurers: It’s time to embrace more effective, data-driven strategies. Let Ownli help you stay ahead. #CustomerTrust #Underwriting #ReducePremiumLeakage #Retention

People involved in Policy Life cycle to make the process Effective #Guidewire #PolicyCenter #People #Roles In PolicyCenter, various roles and individuals are involved in the insurance policy lifecycle. Here are the key definitions: 1. **Underwriter**: - An underwriter evaluates insurance applications to determine the risk of insuring a person or asset. They decide the coverage terms and pricing based on risk assessment. 2. **Agent/Broker**: - An agent or broker acts as an intermediary between the insurance company and the policyholder. Agents typically represent one insurance company, while brokers may represent multiple insurers. They assist clients in finding and purchasing suitable insurance policies. 3. **Policyholder/Insured**: - The policyholder is the individual or entity that owns the insurance policy and is responsible for paying premiums. The insured is the person or entity covered by the policy. 4. **Claimant**: - The claimant is the person or entity making a claim under the insurance policy, seeking compensation for a covered loss or event. 5. **Claims Adjuster**: - A claims adjuster investigates insurance claims to determine the extent of the insurer's liability. They assess damage, review reports, and negotiate settlements. 6. **Customer Service Representative (CSR)**: - A CSR provides support to policyholders, answering questions, addressing concerns, and assisting with policy changes and renewals. 7. **Actuary**: - An actuary uses statistical and mathematical methods to assess risk and determine insurance premiums. They analyze data to forecast future claims and ensure financial stability. 8. **Risk Manager**: - A risk manager identifies, assesses, and prioritizes risks to minimize the impact of potential losses. They develop strategies and policies to manage and mitigate risks. 9. **IT/Systems Administrator**: - The IT or systems administrator manages the technical infrastructure of PolicyCenter, ensuring system stability, security, and performance. 10. **Product Manager**: - A product manager oversees the development and management of insurance products, ensuring they meet market demands and regulatory requirements. 11. **Regulator/Compliance Officer**: - Regulators and compliance officers ensure that the insurance company adheres to industry regulations and standards. They oversee compliance with legal requirements and internal policies. 12. **Policy Administrator**: - A policy administrator manages the administrative tasks associated with insurance policies, such as issuing policies, processing renewals, and maintaining policy records. These roles collaborate to ensure the effective functioning of the PolicyCenter system and the overall insurance process, from policy issuance to claims handling.

“Behavioural skills are more important in insurance and reinsurance companies, than just technical know how” Behavioral skills are also crucial for the success of insurance and reinsurance companies. Here's how behavioral factors can contribute significantly to their success: 1. Client Relations and Sales: In the insurance industry, building and maintaining strong client relationships is essential. Behavioral skills such as empathy, active listening, and effective communication are critical for understanding clients' needs, building trust, and ultimately making sales. Agents and brokers with strong behavioral skills are more likely to connect with clients and provide them with the right coverage, leading to increased customer satisfaction and retention. 2. Risk Assessment and Underwriting: Behavioral skills such as critical thinking, attention to detail, and problem-solving are vital for underwriters in insurance and reinsurance companies. These professionals need to assess risks, evaluate complex data, and make sound judgments. Strong behavioral skills can help underwriters make accurate risk assessments, leading to better underwriting decisions and more profitable portfolios. 3. Team Collaboration and Leadership: In insurance and reinsurance companies, teamwork is essential across various departments, including underwriting, claims, actuarial, and sales. Effective collaboration requires strong behavioral skills such as teamwork, conflict resolution, and leadership. Managers who possess these skills can build cohesive teams, foster a positive work culture, and drive better performance. 4. Customer Service and Claims Handling: Insurance companies need employees with strong behavioral skills to handle customer inquiries, address claims, and provide support during difficult times. Empathy, patience, and clear communication are crucial in these roles, as they directly impact customer satisfaction and the company's reputation. 5. Adaptability and Innovation: The insurance industry is constantly evolving due to changes in regulations, emerging risks, and advancements in technology. Behavioral skills such as adaptability, creativity, and openness to change are essential for employees to adapt to new circumstances, identify opportunities, and drive innovation within the organization. Given these points, it's evident that behavioral skills are vital for the success of insurance and reinsurance companies. While technical expertise is essential, strong behavioral skills play a significant role in areas such as client relations, risk assessment, teamwork, customer service, and innovation, ultimately contributing to the overall success and competitiveness of these companies.

Understanding the Role of a Commercial Insurance Broker In today's complex business environment, navigating the myriad risks can be daunting without expert guidance. This is where a commercial insurance broker becomes invaluable. A commercial insurance broker doesn't just sell insurance; they are a pivotal part of your risk management strategy, offering tailored solutions that protect against potential financial losses. From assessing risk exposure and customizing insurance policies to advocating for you during claims, a broker's role is comprehensive and critical. 👥 **Why Engage a Commercial Insurance Broker?** - **Tailored Insurance Solutions:** Every business is unique, and off-the-shelf policies often do not cover all bases. Brokers ensure that your coverage meets your specific needs. - **Cost-Effectiveness:** Brokers help find the most cost-effective policies by comparing offers and negotiating with insurers on your behalf. - **Time-Saving:** They handle the legwork of researching policies, allowing you to focus on running your business. - **Expert Advice:** Brokers keep abreast of changes in the insurance landscape, advising you on the best strategies to mitigate risks. For businesses looking to secure their operations and ensure continuity, partnering with a skilled commercial insurance broker is a step toward peace of mind. #InsuranceBroker #RiskManagement #BusinessInsurance #CommercialInsurance #BusinessGrowth #Leadership

🌟 The Rising Demand for Captive Solutions 🌟 As businesses navigate an ever-changing risk landscape, the need for innovative and tailored insurance solutions has never been more critical. Artex’s latest insights highlight a significant surge in the demand for captive insurance solutions, driven by organizations seeking greater control and customization in their risk management strategies. 🔍 Key Highlights: 1. Increasing Popularity: Captive insurance is gaining traction across various sectors, with more companies recognizing its benefits for cost control, flexibility, and strategic risk management. 2. Geographical Growth: There’s notable expansion in the use of captives beyond traditional markets, with emerging regions exploring these solutions to meet their unique risk management needs. 3. Innovative Structures: Businesses are increasingly adopting diverse captive structures, such as cell captives and group captives, to address specific challenges and leverage shared resources effectively. 4. Regulatory Environment: The evolving regulatory landscape continues to shape the adoption and operation of captives, with compliance and governance being paramount. 5. Tech and Analytics: Advancements in technology and data analytics are enhancing the capabilities of captives, enabling more precise risk assessment and better decision-making. At Union Risk Services, we are at the forefront of helping businesses design and implement captive insurance programs that align with their strategic goals. As the market for captives expands, we’re committed to providing innovative and customized solutions to meet the dynamic needs of our clients. 🤝 Let’s Connect: If you’re considering a captive solution or want to explore how it can benefit your organization, reach out! Together, we can navigate the complexities of risk management and create value through tailored captive strategies. 🔗 https://lnkd.in/eTT6RsCy #Insurance #CaptiveInsurance #RiskManagement #Innovation #BusinessStrategy

Ki Insurance in the UK has grown tremendously fast. This is the follow-only syndicate that provides capacity on the same terms as selected, high performing syndicates. It sounds like they are very sophisticated in their usage of data to ensure they stay on top of their book. Also, by being a following-only syndicate, they keep their expenses low and can ramp up very fast. What the Canadian market needs is a similar provider for the small business insurance segment. I think the following characteristics would make for a really good insurance company partner: + Focus on small business - this is underserved. Don't wander into the higher severity lines that everyone else goes into. Let other MGAs with specialist underwriters go after that + Write the main lines of business: CGL, E&O, Cyber add-on, contents/tools/equipment, and keep a very wide appetite + Make all your products available on a company portal. Also, replicate the appetite on all other portals in the market + Make all your products available on the various comparative raters via APIs + Given the highly automated nature of this model, keep your expenses very low and instead, offer a generous profit share to your broker partners. Make them invested in writing profitable business with you. Since the small business segment can be quite profitable, you can afford to share in the profits. + Try to buy-out books of business currently with competing insurance companies. Be very generous in your overrides, conditional on fast growth of the book of business. Build tools that makes portfolio transfers fast and easy. Of course this is not easy, but wouldn't such an insurer partner solve so many problems faced by brokers? It would put brokers on-par with direct writers when it comes to small business package policies. #insurance