Beyond Insurance – The Client View, a 65-page joint report based on input from 45 clients, has been released by the London Market Group (LMG) and Boston Consulting Group (BCG).
“The objective of this study is to listen to the customers who place business in London, hear their views around the disruptions their businesses are facing, and consider the relevance of traditional insurance products to those changing needs,” said Lloyd’s Market Association chief executive Sheila Cameron, who sponsored the report, in a launch release.
“What is clear from the research is that businesses are increasingly reliant on others for their success – and that brings with it risks which are not entirely within their control. It is no longer just about physical assets and services that a company can see, manage, and protect.”
LMG chair Matthew Moore highlighted the same things in the report’s foreword, in which he pointed to new business models involving a wide range of new risks for which companies need products and services to help mitigate them. The document is available for download on the LMG website.
Created in partnership with BCG, the report examined the key trends disrupting the patterns of risk by collating information from clients across the industries of information technology, financial services, consumer & retail, and energy. The goal is to provide a thorough analysis of the recent transformations incurred by the London Market’s clients.
BCG managing director and partner Paul Clark noted: “Through our research we spoke to banks concerned about fake news, tech companies worried about the liabilities for artificial intelligence, start-ups wanting to protect the value of their intellectual property, and investors in renewable energy struggling with the increased unpredictability of the weather.
“None of the challenges identified are easy to address, but the clients’ needs are clear and the opportunity for London significant.”
