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Julian James Chief Executive Lockton International

Emerging Trends in Distribution - A European Non-Life Perspective. Julian James Chief Executive Lockton International. Dramatic economic shifts mean opportunities ahead. Businesses facing a challenging environment Growing need for specialist risk advisers and risk transfer capability

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Julian James Chief Executive Lockton International

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  1. Emerging Trends in Distribution- A European Non-Life Perspective Julian James Chief Executive Lockton International

  2. Dramatic economic shifts mean opportunities ahead • Businesses facing a challenging environment • Growing need for specialist risk advisers and risk transfer capability • Global insurance market is in a state of flux • Growing need for access to new and emerging distribution centres • Regulatory scrutiny & emergence of new information & efficiency technology • Broker business models can leverage new tools to drive out unnecessary (non-value added) expense • Shifting economic pattern globally e.g. Asia, Russia, Brazil • New and emerging customer base

  3. The Lockton ViewThe opportunity for distributors has never been greater • Success will be achieved: • Embracing local strategies and capabilities • Following and responding to our customers’ needs • Embracing transparency and a relentless desire to improve efficiency • An unceasing investment in risk expertise and service • Improving customer service

  4. Businesses face a challenging risk environment • Sichuan Earthquake • $60B?? • 2005 Catastrophes • $83B insured losses • Emerging Risks • Nano, IT Security, Terrorism, Avian Flu • Larger disaster scenarios in future • Lloyds estimates

  5. Global insurance markets are in a state of flux • Premium growth slowing in traditional markets • Insurers lowering equity exposure & facing more challenging investment climate • Growing pressure emerging distribution centres e.g. Singapore, Middle East, China • Increasing capitalisation requirement e.g. Solvency II, ICAS • Insurers in unchartered territory – does discipline equate to growth?

  6. Broker Business Models • London market reforms beginning to make an impact • Regulators’ scrutiny and customer desire for transparency • Technology is allowing more business to be placed online – both small personal lines and also big ticket business • Strong historical knowledge base – 128,000 people in the UK and 8,515 general insurance brokers • Geographic customer needs are changing • But customer service will always be the differentiator

  7. Shifting Economic Pattern Globally The Global Economic Hierarchy is Changing Liberalisation Growth in Insurable Assets Boom in Commodity Prices

  8. Conclusion The Lockton view: • Go where the client is • Be able to deliver risk expertise – and do it at pace • Recognise new supply side segmentation • Make the most of latest technological initiatives • Embrace a transparent operational structure • Relentlessly improve customer service

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