What changes will likely impact London Market brokers as a result of Blueprint One? Will integrated MGA solutions compete for wholesale broker business? Or will the broker’s role simply vanish in the new Lloyd's world?
As part of our 5-video interview series with Paul Evans, CEO and founder of Definitive InsureTech and Chris Carney, managing director of Verticalised Consulting, these two experts frankly assess the changes are in store for London brokers.
“Brokers need to think how to evolve their own product strategies to meet challenges,” says Evans. “Small and medium-size brokers may need to think about how to consolidate, and we can expect much more consolidation in the broking space this year and into 2021.”
Carney agrees and sees changes coming primarily along three pathways: via regulation, innovation and competition. And much of the required adaptation ahead will be around data. Lloyd’s has a “right-the-first-time” mandate for data for brokers wanting to participate in the new platform. That means brokers must evolve to provide clean data in a standardized format. While data quality has previously been more of a downstream responsibility, brokers will now be accountable.
Learn more in the latest installment of our “Through the Lens” series. Then discover how automating your agency with Novidea puts rapid change, data-driven decisions and continual innovation within reach for any brokerage.
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