Ernst & Young recently published the results of a survey of Chief Operating Officers (COOs) which provided an insight into the major issues affecting the London and Bermuda markets. The survey is an interesting read, and identifies certain strengths and weaknesses of both markets. It is certainly relevant to our overall market reform programme, which remains IUA’s top priority.
The COO position is defined as the person responsible for every operation after the underwriter has signed the slip. He or she therefore has a key role in implementing changes in process, technology and culture within an organisation.
The objective of our market reform agenda is for London to be seen as the market of choice. Much of this is about increased efficiency, with consequent reduced operational costs and most importantly high quality service to clients.
The report focuses on the strengths of both markets and their challenges. To my mind the key for London is to do all it can to improve those processes or areas which are within its control. We may not be able to influence fundamental changes in tax or regulation (areas where Bermuda is seen to be advantageous) but we can become more efficient through the effective use of technology and standards, where it makes sense. Let us not forget that London has many strengths of its own, e.g. talent, expertise, innovation and infrastructure but these seem to be a given and not often stated with pride.
Both London and Bermuda are already markets of choice, in many ways symbiotic, but there is no room for complacency. Continual reform/development of London’s practices and processes will remain our top priority for some while.
