AmWINS CEO Steve DeCarlo, speaking at InsiderScope yesterday challenged the London market that it was too bureaucratic! This is an accusation that has been levelled at the London market increasingly, since the advent of a more intrusive level of regulation and compliance in recent years. AmWINS holds over 3,000 separate licences in the US alone and supplies annual filings to maintain these every year. To do business with London, much of the information supplied is duplicated in order to comply with the UK regulatory requirements. While it may take some years and quite a lot of discussion, equivalence between the US and UK regimes may come to pass but what to do in the meantime?
There is a simple answer; just dump the information request in the lap of the agent. This is a sure fire way to ensure the agent looks elsewhere for their carrier capacity but is there a more intelligent way of managing this? We believe there is.
Charles Taylor InsureTech has developed a generational leap in technology to gather the underwriting and claims data which is currently supplied via bordereau, to be connected via XML direct feed or traditional bordereau upload with a completely automated data extraction process. Alongside this, development is on-going to gather the regulatory reporting data that Steve DeCarlo is, quite rightly, concerned about duplicating.
We are not only concerned about making London easier to do business but are actively doing something about it.
Charles Taylor InsureTech will be at the AAMGA Conference on 11-14 March in Atlanta! Visit us at Booth #9
Amwins CEO Steve DeCarlo said that the level of bureaucracy in Lloyd's makes London's insurance market uncompetitive.