10:00 - 10:05 Welcome to BrokerFest 2020
Welcome Speech from the Chair Matt Scott
10:05 - 10:25 Broker Service Survey Results 2019/2020
The Broker Service Survey is the biggest and most comprehensive broker survey in the industry and powers Insurance Times’s new Five Star Ratings. This presentation will give you an opportunity to find out about the results of this year’s survey and what they mean for brokers and insurers.
This year’s report will be made available for all attendees on the day!
10:25 - 11:00What do the results of the BSS show?
A panel of broker & insurer C-suite industry experts share their views on the outcomes of this year’s Broker Service Survey. What do the results say about the future of the market and the business lines that will be growing? Which insurers do brokers favour when looking to grow personal or commercial lines? What developments can we expect in the relationship between insurers and brokers in the next five years?
Speaker: Janthana Kaenprakhamroy, CEO & founder, Tapoly
11:00 - 11:30 What does Brexit and the state of the economy mean for the market and for our clients?
Brexit will have a huge impact on the market, whether it’s the issuing of green cards for motor clients or insuring High Net Worth clients’ homes in the EU. Get an insight on how to make it through the current uncertainty. Depending on the outcome of the negotiations, whether there is a deal passed by Parliament or there is no-deal, there will be consequences for motor and home insurance and other lines of business. How will Brexit restrict the ability of brokers to trade and do business on the continent?
11:30 - 12:00 Networking Break
12:00 - 16:00 Streams
Cyber Broking Stream
12:00 - 12:25 The Cyber Risk Landscape in 2020
While ransomware and phishing are still the leading cyber threats, the cyber landscape is changing extremely fast. What are the emerging cyber risks, agents and trends and how well prepared is the industry? Stay informed so you can educate clients, with an update from an industry expert about the most common cyber threats.
12:30 - 13:00 Selling cyber insurance
How to overcome the most common objections
Despite the huge hype around cyber insurance, according to recent reports UK SMEs are still largely cyber uninsured or underinsured even though 61% of them have recently experienced a cyber attack. There are still common objections that brokers encounter as a lot of companies are sceptical or unsure of the need to purchase a cyber policy. This session will explore the objections and how they are best handled in order to tap the growth opportunities of the cyber market.
Speaker: James Burns, Cyber Product Leader, CFC Underwriting
13:00 - 14:30 Lunch & networking
14:30 - 14:55What is the role of Breach Response Teams in handling and recovering from cyber incidents?
Breach response teams have a key role to play in handling cyber attacks. Access to instant response teams is a vital part of cyber cover, as they are the ones customers first engage with and who help clients to navigate the first moments of a cyber attack. Most importantly breach response teams help clients recover from cyber incidents, which is key to surviving in the current cyber landscape.
15:00 - 15:25 Calculating Cyber Business Loss
Calculating cyber business loss is currently a contentious topic for brokers. There are different metrics which can be used depending on the industry and the organisation, as well as which part of an organisation is affected. However, there are still a lot of issues such as lack of comprehensive historic claims data and other types of data.
15:30 - 16:00A Targeted Attack
Cyber criminals are always ahead of the game and it is vital for brokers to be aware of their newest techniques. Targeted attacks are of particular concern to corporates and SMEs due to their sophisticated design to capture sensitive data and target specific organisations. In this session you will hear about a specific attack from a cyber broker, helping you to better educate clients about the intricacies of targeted attacks.
Motor Broking Stream
12:00 - 12:25The latest on telematics
Telematics has been driving the evolution of the motor insurance market for the past decade. With global telematics shipments projections expected to rise above 80,000 by to 2024, is telematics going to move from the younger driver segment to older drivers? Hear the latest trends and developments in the telematics space.
12:30 - 13:00Managing risk in a mixed vehicle market
Autonomous and semi-autonomous vehicles are predicted to be on roads by the mid-2020s and there will be a period when a mixture of different types of vehicles are in use. There are questions around the future co-existence of vehicles on the roads, such as the creation of new types of transportation systems and rules. What will the implication be for motor brokers?
13:00 - 14:30 Lunch & networking
14:30 - 14:55Trucks and small vans claims management
There has been a rise in the cost of van insurance claims due to more technologically advanced vehicles requiring higher repair costs. Brexit uncertainty and the higher cost of importing parts combined with a rise in thefts have also contributed to the rise of claims costs and thus premiums. With more complex claims, it is important that the industry gets a better understanding of the nature of claims, scenarios and best practices.
15:00 - 15:25Can commercial motor insurance move to price comparison websites?
Price comparison websites have revolutionised the distribution of personal lines motor insurance during the last decade. Distribution has evolved to be nearly all digital with less than five percent of personal lines customers buying their motor insurance through an agent. Will the distribution of commercial motor insurance follow and become digitalised in the next decade, or will brokers and their specialised knowledge and expertise still prevail?
15:30 - 16:00The future of auto insurance distribution
As the automobile industry is headed for a swift transformation in the upcoming decades, is motor insurance distribution going to follow suit? With new players like Tesla, other motor manufacturers and software providers entering the motor insurance market, with a data advantage, what will be the role of brokers in motor insurance distribution in 2020s?
High Net Worth Stream
12:00 - 12:25Latest Security Technology
HNW clients typically have higher security concerns because of the distinctive risks associated with their lifestyles and possessions. Each HNW client has unique security needs and requires an individualised security solution. Security technology has been advancing at a fast pace in order to respond to these unique needs. Hear examples of the latest cutting-edge gadgets designed to protect your clients.
12:30 - 13:00 Property Market Update
What are the latest trends and developments in HNW property spending and how are Brexit and changing markets affecting property prices? Hear more about the recent performance of the UK housing market and the general outlook for the market.
13:00 - 14:30 Lunch & networking
14:30 - 14:55 Escaping Water Claims!
Water escape claims are the most common ones in the HNW arena. Recently there has been an increase in water escape claims which has subsequently pushed up rates. What are the latest technologies in preventing water escape claims? Except for water leak detectors, what other technological advancements can help reduce water escape claims?
15:00 - 15:25Emerging Wealth: How do we sell insurance to the next digitally savvy generation?
There is a pool of clients with inherited wealth or new tech and stock market entrepreneurs who have yet to be accessed. They might not see HNW insurance brokers as the obvious ones to look after their needs. Reaching and acquiring new customers is always important and this pool of new and inherited wealth seems an obvious target. What are the strategies and marketing channels to reach this new pool of clients? How do you convince them of the need for HNW insurance broker advice and expertise?
Speaker: Steve Smith, Managing Director, Smith Greenfield
15:30 - 16:00How to advise HNW clients on their cyber security
According to research more than one quarter of ultra-high net worth families have been targeted by cyber attacks and more than thirty percent of them lack a cyber policy. What is the role of brokers in understanding and advising HNW clients on their cyber security? Should cyber training and educating clients be part of the HNW insurance service or should there be new personal HNW cyber insurance?
Speaker: Richard Hodson, Director Insurance Broker, UKGlobal Broking Group
16:00 - 16:20 Networking break
16:20 - 16:45Digitalisation: How far are we as an industry?
With the brand-new AI world just around the corner and mounting amounts of big data, brokers have been slowly adapting to the new environment. With competition from the price comparison websites and reinsurers entering the market directly, digitalisation is key for brokers if they want to stay competitive. How are brokers using chatbots and other digital channels to reach customers?
Speaker: Nick Pester, (former) Partner, Capital Law
16:45 - 17:15Brokers should never use unrated insurers to place their business
Is it ever appropriate to use an unrated insurer? It is certain that it is less risky to do business with rated insurers, however sometimes due to unforeseeable circumstances, some brokers work with unrated insurers. Despite the real risks of using an unrated insurer, it is still an accepted option and it might be appropriate in a number of circumstances. Should brokers avoid working with unrated insurers, due to the high risk they pose, or could brokers work with unrated insurers under unique circumstances?
Speaker: Sam White, CEO, Pukka Insure
17:30 Closing remarks from the Chair