We regard it as important to have a constructive relationship with client facing organisations. AIRMIC is one of the most relevant as it represents risk managers of large UK commercial clients of the insurance industry.
We were pleased therefore to host our latest Market Briefing this week which was given by John Hurrell, AIRMIC’s CEO entitled “A Buyers Perspective”.
John explained AIRMIC’s key priorities, many of which align with IUA’s current objectives; indeed, we have worked with AIRMIC on certain lobbying issues in the past.
AIRMIC have recently surveyed their members to identify issues which “keep their members awake at night”. Given the current financial crisis, not surprisingly, the most important issue is one of market security. In particular, risk managers are looking for better information about their insurer partners as the work of rating agencies continue to be challenged.
The second most important issue, which would normally be top of the list, is claims performance. AIRMIC has been working with many insurers to prepare a guide on claims best practice and other initiatives such as reservation of rights and speed of settlement. Our well attended member audience took note as claims performance is the key product being sold by our market.
AIRMIC clearly value the subscription market and the market reform initiatives to improve efficiency in contract certainty. They also noted that commission disclosure is not now a major issue, however, concern still exists over potential conflicts of interest within the broker business model.
This briefing was another in our successful programme which we run for members and the market as a whole. We look forward to continuing to work with AIRMIC on important market issues.
