A few months ago, IUA significantly enhanced its website with a key objective being for it to become the focal point of our communications strategy. We have been delighted with the interest shown in the new site and the positive feedback to our community feel which is now apparent. Websites cannot stand still and need constant attention and evolution. One of the enhancements is this Chief Executive’s blog. We see this as another effective way to communicate with our members and the wider industry. I hope you find this blog useful and become a regular reader.
Working for a market association in London offers tremendous diversity and variety. No two days are the same. The nature of the work includes meeting a range of people from the industry and becoming involved in many of the current and important issues of the day.
Meeting with representatives from Government, Regulatory Authorities, Member’s Underwriting or Claims Practitioners could all form part of your working week, not forgetting a range of Officers eg. CEO, COO, CFO etc.
The reason for these meetings is to discuss the current issues of importance to our wholesale industry. IUA is seen as a focal point for debate, information and a representative voice for its members. Our mission statement is “to protect and strengthen the business environment for international insurance and reinsurance companies operating in or through London”. This neatly explains what we are about.
In meeting the range of industry people one of the most common questions posed if not the first, is “what’s going on”? Obviously the response can vary week by week but much of the answer is to explain how IUA is responding to market issues. One of the reasons for this blog is to enable people to know “what’s going on”.
Just this week my diary, like other IUA colleagues, contains a series of meetings, in which aspects of IUA’s work to support its business priorities will be discussed and hopefully advanced. We have, for example, the last Market Reform Group (MRG) of 2007, which will look to agree the 2008 workplan. Market reform is our top priority and will feature regularly in future blog entries, however, I must take this opportunity of recognising and thanking Dane Douetil, outgoing Chairman of MRG. Dane has led MRG with remarkable dedication and skill and should be proud of the many reforms which have been achieved under his tenure. All of us at IUA look forward to working with Steve Matanle as he assumes the Chair this week.
One of IUA’s other top 5 priorities is to develop and maintain a purposeful relationship with FSA. This takes many forms but includes quarterly meetings with FSA wholesale representatives, one of which is this week.
The week also includes contact with member companies, my counterparts at LMBC and LMA (we seem to be now known as the 3 D’s!) and an introductory meeting with a broking house CEO.
As I said earlier, regulators, underwriters, CEO’s, brokers etc – a typical week for a market association.
My wife often says to me that you don’t get anything done at all these meetings to which I have to correct her, not always to her satisfaction! I guess her job as a Sonographer is more tangible and it is sometimes difficult to demonstrate forward movement in a complex debate, (witness my 10 year involvement in the US credit for reinsurance lobbying effort) – But we do get things done. My next entry will look back on the MRG achievements and predict 2008 changes. Other subsequent entries will focus on more aspects of IUA’s work. We have successfully lobbied regulators on many issues which have materially helped our members’ business. AND we now have in place a dedicated and substantial resource to assist underwriting and claims personnel with their day-to-day work.
Writing the first blog entry is in some ways like starting an essay – a time for reflection and striving to summarise the many ideas in your head and notes in a readable manner. There is a lot going on in the market and gradually I will look to cover as much as I can in future entries. In this week of Christmas celebrations I will need to plan accordingly to maintain momentum!
