Expansion and regulation top the list of current priorities for London market firms, according to research by insurance IT firm Sequel. The survey of nearly 50 London brokers and carriers, in both Lloyd’s and the company market, identified six key concerns. Heading up the list were: expansion, by organic growth or by merger, and regulatory compliance issues.
‘The findings are significant and indicate concerns held by insurance professionals that have not yet been widely reported,’ says Michael Graham, director of Sequel. When asked about the issues that concern them the most, insurance professionals responded, in order of importance, as follows:
1 Expansion, growth and mergers.
2 Regulation.
3 Enhancing systems.
4 Enhancing business efficiency.
5 The state of the economy.
6 London market initiatives.
‘The top three issues identified were given significantly more emphasis by professionals than the last three,’ adds Graham. ‘It is important and encouraging to note that concerns about dealing with growth and enhancing IT systems come high on their list of priorities. And contrary to what is sometimes believed, coping with changing regulatory requirements is a high priority for insurance professionals.’