Brokers 'very positive' about business at Lloyd’s
Tue 14 Sep 2010
More than 80% of brokers say they are "very positive" about doing business at Lloyd’s, according to the latest figures.
A recent independent study revealed that broker views about the Lloyd’s market are now significantly more positive than two years ago, with 84% saying they are "very positive" about doing business at Lloyd’s, a jump from just 67% in 2008.
The results emerged from the Gracechurch London Market Study 2010 which was based on interviews with 301 London Market brokers, and included an assessment of their satisfaction levels with the business processes at Lloyd’s.
David Gittings, Chief Executive Officer of the LMA, said: “This independent research is great news for managing agents at Lloyd’s whose hard work and commitment has been reflected in broker satisfaction being at an all time high. The market has embraced process reform and can now demonstrate not only its strong underwriting and claims performance, but also that it is one of the most efficient markets in the world.”
The study also revealed that reinsurance brokers are the most positive about doing business at Lloyd’s with 91% saying they felt “very positive”. An overwhelming majority of brokers (72%) say that Lloyd’s performs ahead of other markets on obtaining quotations, while 61% say Lloyd’s outperforms the competition in the area of agreeing a final risk acceptance.
Graham Clarke, Chief Executive of Miller Insurance Services Limited, supported the sentiments in the study.
He said, "Lloyd's today stands as a strong and significant brand within the insurance community and one which Miller is very proud to to do business with. Only ten years ago, when Lloyd's issued its strategy statement, brokers were not mentioned at all. I'm pleased to have seen a shift in that time and there is now a growing acknowledgement of the broker's role as a key market participant. That can only act to engender even greater support.”
Commenting on the positive developments in the area of market reform, Clarke went on to say: "Lloyd's approach toward market reform has also been very proactive and one that fully aligns with Miller's drive to create efficiencies through technology. We've been pleased to work closely with the market on various initiatives, becoming the first broker to send a live message via the Lloyd's Exchange and also having completed our first paperless placement in conjunction with Brit. Collaboration on such process improvements is what is needed to create and promote a market that is revered around the world, allowing us to provide improved service to our clients."
John Muir, Senior Partner and Head of London Market Contracts with Willis said he was not surprised with the findings. “It comes as no surprise that a high percentage of brokers are very positive about working with Lloyd’s,” he said. “Lloyd’s has many long-time strengths, including flexibility, innovation and excellent response times in quoting and placing our clients’ business. They have demonstrated a commitment to continuous improvement, most recently in the prompt delivery of contract documentation, that drives additional benefits for brokers and policyholders. We have consistently been growing our business with Lloyd’s, and see even more reasons to continue to do so.”
David Ibeson, Chief Executive Officer at Catlin, said that the survey affirms that brokers find Lloyd’s a very attractive and efficient marketplace in which to place their clients’ business.