In a relationship-driven market, challenges are inevitable. According to MS Amlin’s Chief Claims Officer, Clare Constable, the challenges facing the London Claims Market stem from three key barriers: capacity, culture, and capability.
Speaking as a panellist at Gracechurch’s London Claims Market Social, she added: “When it comes to the selling point of claims, I believe we’re returning to a soft market. This normally leads to changing market dynamics and different ways to add value. Claims has a key opportunity then to demonstrate its value to clients and brokers and to show itself as that selling point.”
Other panellists at the event highlighted the importance of building stronger relationships with end clients. Paul Willoughby, CEO of Folio, stressed: “We need to get closer to our clients and truly understand who they are. We must take the initiative to own those relationships.”
Tobin Ryan, Head of Claims at Tokio Marine Kiln, also agreed, highlighting how a lack of relationship with the end client can affect the sales process.
“I think there’s a separate, distinct problem, which is that we’ve always struggled to get in front of the client with what we sell. I think there are many factors for that. Joe Plumeri famously said: ‘Whoever’s closest to the client is king.’”
Ryan also explained that having close ownership of the client relationship provides sales traction. He continued: “And that’s not something brokers are often particularly keen to give away. Brokers have clients through underwriting; there are relationships and dynamics that come with that.”
According to data from Gracechurch’s London Claims Monitor, communication in the Claims Market is an essential skill. Not only can effective communication contribute towards providing a great claims service, but it can also improve relationships with brokers and clients.
“What we have found is that sales is important, having the right people sitting in front of the client. There is a broad spectrum of people across all the markets, and you are going to have people who are naturally better at that sales part.” Ryan concluded.