General Insurance Article - LMG launches report into developing customer needs

The London Market Group (LMG) and Boston Consulting Group (BCG) today launched a joint report which collates input from 45 clients across four key industries - IT, Financial Services, Consumer & Retail and Energy, and examines the key trends disrupting the patterns of risk today.

 Sheila Cameron, CEO of the Lloyd’s Market Association and sponsor of the report, said “The objective of this study is to listen to the customers who place business in London, hear their views around the disruptions their businesses are facing and consider the relevance of traditional insurance products to those changing needs. What is clear from the research is that businesses are increasingly reliant on others for their success – and that brings with it risks which are not entirely within their control. It is no longer just about physical assets and services that a company can see, manage and protect. Companies use third party providers to deliver an increasing proportion of their products and services, rely on AI and new tech to improve them, and engage with influencers and social media to market them.

 “These evolving business models open clients to a wide range of new risks which they need to mitigate and manage. If there are solutions to be found to these challenges relating to risk, they are most likely to be found in London. This is the only place that brings together the breadth of expertise, flexibility of thinking and weight of capital to address the universe of risks that decision makers are facing. This report offers compelling insights for everyone in the market to start conversation with buyers and business partners on how the London Market can continue to serve its clients whatever the circumstances they face.”

 Paul Clark, Managing Director and Partner at BCG added “This research highlights the remarkable changes London Market clients are going through. Across industries we have seen that technology is profoundly affecting the way businesses operate and underpinning dramatic shifts in our economies and societies. On top of this, efforts to decarbonise all aspects of operations are just beginning and will only increase what is already dramatic change.

 “Through our research we spoke to banks concerned about fake news, tech companies worried about the liabilities for artificial intelligence, start-ups wanting to protect the value of their intellectual property and investors in renewable energy struggling with the increased unpredictability of the weather. None of the challenges identified are easy to address, but the clients’ needs are clear and the opportunity for London significant.”

 Beyond Insurance The Client View

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