20 March 2024
The current market conditions have meant that more risks are needing support from Lloyd’s and London Market Insurers. We would like to share some helpful tips to enhance your knowledge on working with your Lloyd’s and London Market Broker to enable you to achieve the best outcomes for your clients.
Here are 5 steps to get the best out of working with us on problematic risks:
Understand How Lloyd's & London Market Insurers Work
We offer many ways in which you can build on existing knowledge of working within the London Market and how to enhance this knowledge. We can offer training sessions for colleagues and arrange tours of Lloyd’s so that you can get a better understanding of how the market operates – Just ask one of our specialists if there is anything you would like to know. Remember, we are here to assist with the placement of difficult risks, not those that fit the everyday composite/MGA market.
Build Your Relationship
Building a strong relationship that prioritises regular and effective communication with your Lloyd's broker is key. Discussing potential risks, market trends and client needs will help you to develop this partnership that is built on trust. Our regular London Market Insights aim to showcase real life scenarios on how we have helped other brokers with tricky risk placements. Click on the links below to see our Insights #1 & #2 in case you've missed them.
Provide Detailed Risk Information
Your presentation is the key to success. It is imperative that your risk presentation gives comprehensive and accurate information. This includes detailed risk assessments, loss histories, financial data, and any other relevant information that will help our discussions with underwriters so that they can understand the risk better and provide a good outcome for you and your client. It’s important to note that we are broking the risk on your behalf.
Be Open & Honest
Transparency is crucial. The more we know, the better we can propose a placement structure for the risk. This helps us provide the best possible solutions and manage expectations effectively.
Mutually Agreed Expectations
Set clear expectations with your clients regarding timelines, coverage terms, pricing, and service levels. Remember, it takes time for us to speak to the market and carry out a thorough exercise on your behalf. Many Lloyd’s/London Market policies do not carry the ‘bells and whistles’ often available on bespoke facilities and schemes, so it is important to manage your client’s expectations accordingly. Clear communication and an agreement on timescales and cover reduces the potential for any misunderstandings and ensures a smooth process for all parties involved.
At Verlingue London Markets, we are here to assist you so please contact our team if you have any questions on how to get the best out of working with us.
