Davies supports Broker access to the Lloyd’s market and showcases new claims technology at the BIBA Conference in ManchesterDavies supports Broker access to the Lloyd’s market and showcases new claims technology at the BIBA Conference in Manchester https://davies-group.com/wp-content/uploads/2019/04/BIBA2019-news-banner-1024x330.jpg 1024 330 Davies Group https://secure.gravatar.com/avatar/d0aa26dc093d061c174465ade6d109d3?s=96&d=mm&r=g
The Financial Conduct Authority (FCA) recently published its review of the use of wholesale brokers to access the London market.
Whilst it did raise some concerns, what the study highlighted is the benefits that accessing the London and Lloyd’s market can have for retail brokers who have specific requirements for schemes or clients. Lloyd’s has also announced its prospectus for the future in which six new options are set to be put to the market in an effort to provide greater access for intermediaries and reduce the costs of doing business in London.
Chris Butcher, Director – Intermediary Services said “Our cost efficient service enables retail brokers to directly access markets. As M&A activity continues there remain brokers who are looking at how they can best leverage their expertise and market contact via either direct access or alternatively through the creation of an MGA.”
He added “As a well-established incubator Davies Insurance Service delivers the full range of regulatory and back office support that is required in both intermediary access and MGA creation. In addition we also match capacity with those who are seeking insurers and reinsurers with a similar risk appetite.”
Davies broker services incorporating Ambant and Requiem is a longstanding partner for retail brokers in facilitating access to the Lloyd’s market including regulatory support to gain the permissions in order to smoothly become a Lloyd’s Broker.
Davies Claims COO, Kath Mainon, joins other industry leaders in the team of judges for this year’s BIBA Hackathon event. The event sees eight teams comprising more than 60 representatives from insurers, brokers and Lloyds and will be competing to develop and present innovative ideas.
Kath commented “I’m excited to be part of this inspiring event, helping to develop innovative solutions for brokers. In Davies we’ve just completed the second year of our Disruptive Thinking innovation lab and I’ve been able to see at first-hand how powerful these kinds of events can be in helping to bring new, exciting ideas to fruition. I’m privileged to have been invited to join the team of eminent judges and looking forward to using my experience to make a contribution to this great event”.
For the first time Davies will be showcasing its new policyholder app, Davies Connect. Davies Connect is an iOS wallet card that guides the policyholder through the stages of their claim. Developed as part of its Disruptive Thinking innovation lab, Davies Connect gives policyholders real-time updates in a way and at a time that’s convenient for them.
Senior executives from Davies will be available throughout the two days to discuss how the business can offer brokers, insurers, MGAs, captives, reinsurers and large businesses solutions spanning insurance services, claims solutions and customer solutions.
Visitors to the Davies stand (B50) will also be able to enter a virtual reality table tennis competition, and enjoy complimentary refreshments throughout the two days.
Davies Group is a multi-award winning operations management, consulting and digital solutions provider to organisations in highly regulated markets (including insurance, financial services, utilities, communications, and to regulatory bodies) and to global businesses. Davies’ core service lines include: Claims solutions, Insurance services, and Customer solutions (incorporating Cynergie, ServiceTick, Ember & Veriphy). Davies has a 1,700-strong team of professionals across the UK, Ireland, Bermuda, the US and Canada with headquarters in the City of London, and command centre operations in Stoke, Colchester, Birmingham, Peterborough, Witham, Dublin, Hamilton and Toronto. Beyond the core team, Davies operates a network of specialist consultants that are deployed within clients’ own operations, to execute regulatory and transformation projects. Davies’ investors are HGGC, AIMCo, acting on behalf of certain of its clients, and Davies’ staff following HGGC’s majority investment in January 2017 and AIMCo’s minority investment in January 2019. Davies’ programme of digital transformation has seen it successfully launch a range of technology-led solutions in to its insurance and highly regulated markets, including the use of video, drones, robotics and its “Disruptive Thinking” innovation lab that places the power of new ideas in the hands of its people. Over recent years Davies has consistently delivered double-digit organic growth through a combination of growing its solutions with existing clients, and adding new partnerships to its business. In the past year Davies has added more than 100 new accounts to its organic platform. In addition Davies has successfully broadened and deepened its operations and digital capabilities via targeted acquisitions. Since the start of 2017 Davies has acquired: Cynergie, CMSL, Ambant, ServiceTick, TLSS, R&Q’s insurance services business, Ember, Direct Group’s claims businesses, Veriphy, USA Risk Group and TMS. More information is available at www.davies-group.com.