10:00 - 10:05 Welcome to BrokerFest 2020
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.
Speaker: Savan Shah, Head of Research, Insurance Times
10:25 - 11:00 What do the results of the Broker Service Survey 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?
Chair: Tim Potter, Managing Director, Newsquest Specialist Media
Speakers: Mark Cliff, Non Executive Director, Ivernia Insurance, Janthana Kaenprakhamroy, CEO & founder, Tapoly, Bundeep Singh Rangar, CEO, PremFina
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. Whatever the outcome of the trade negotiations, there are likely to 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?
Chair: Matthew Francis, Insurance Director, KPMG UK
Speaker: Tom Bartleet, CEO, Erskine Murray, Mark Bower-Dyke, Chairman, Be Wiser Insurance, Ian Clark, Director, Bravo Group
11:30 - 12:00 Networking Break
12:00 - 16:00 Streams
Cyber Broking Stream
Chair: Julie Donkin, Director, Cyber + Insure
12:00 - 12:25 The Cyber Risk Landscape in 2020
General Overview
While ransomware and phishing are still the leading cyber threats, the cyber landscape is changing extremely fast. What are the emerging cyber risks 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.
Speaker: Davis Kessler, Head of Cyber Risk, Travelers
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.
Speaker: Richard Breavington, Partner, RPC (on behalf of NMU)
15:00 - 15:25 Estimating Cyber Business Loss
Estimating cyber business loss is currently a contentious topic for brokers. There are different aspects to consider depending on the industry and the organisation, as well as which part of an organisation is affected by the type of incident. Additionally, there are issues around lack of comprehensive historic claims data on types of incidents and industries impacted.
Speaker: Adrian Scott, Head of Cyber Liability, Pen Underwriting
15:30 - 16:00Silent Cyber
Insurance and reinsurance marketplace, Lloyd's, has mandated that from 1 January 2020 all insurers are required to provide clarity about cyber coverage by either excluding or providing affirmative coverage. Silent cyber will be eliminated. How will this impact the cyber insurance market and what should we be saying to our clients to help them understand this change?
Speaker: Brett Warburton-Smith, Partner, Lockton
Motor Broking Stream
Chair: Tim Potter, Managing Director, Newsquest Specialist Media
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 projected to rise above 80,000 by 2024, is telematics going to move from the younger driver segment to older drivers? Hear the latest trends and developments in the telematics space.
Speaker: Mike Brockman, CEO,ThingCo
12:30 - 13:00Future Trends in the Motor Insurance Market
What are the trends which will shape the motor insurance market in the upcoming decade? From the impact of the Ogden rate and other regulatory changes, to telematics and other new technology, how will all of these changes affect brokers?
Speaker: Ian Hughes, CEO, Consumer Intelligence
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
Speaker: Richard Howe, Head of Engineering, Markerstudy Insurance Services
15:00 - 15:25Regulatory Environment for motor brokers in 2020
The FCA regulatory agenda is full-on for the insurance sector with various initiatives having a direct impact to broker's business model. Michael will go through the key priorities and share his thoughts on how Brokers can be best prepared for the upcoming changes
Speaker: Michael Sicsic, Managing Director, Sicsic Advisory
15:30 - 16:00The future of motor 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 the 2020s?
Speaker: Bundeep Singh Rangar, CEO, PremFina
High Net Worth Stream
Chair: Katie Scott, Associate Editor, Insurance Times
12:00 - 12:25Latest Trends in the HNW Broking Market
What have been the forces driving the change in the high net worth broking market and what can we expect to see in the 2020s? Hear a comprehensive overview by an industry expert.
Speaker: John Lumley, Chairman and Managing Director, Lumley Insurance,
12:30 - 13:00Market Update
How has HNW insurance broking been developing during the past few years? With the continuing wave of digitalisation and new technologies permeating every aspect of life, how will customer expectations and service change in the upcoming decade? What other factors will impact the HNW market? How will Brexit impact the HNW property market? Hear from some of the industry's most well-known names.
Speakers: Richard Daws, Head of Private Clients, Omnyy LLP, Tony Parker, Client Service Professional, Borland Insurance, John Sims, Managing Director, Vizion Insurance Brokers
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?
Speaker: Adam Shaw, Strategic Director Key Clients - Claims Solutions, Davies Group
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: Tony Parker, Client Service Professional, Borland Insurance
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, UKGlobal Holdings
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?
Chair: Yannick Guerry, Editor, Insurance Times
Speakers: Brendan McCafferty, CEO, Brightside Group, Nick Pester, General Counsel, Zego, Joe Sultana,Managing Director, Applied Systems, Christian Young, CEO, BrokerSure
16:45 - 17:15Under what circumstances can brokers use unrated insurers?
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?
Chair: Yannick Guerry, Editor, Insurance Times
Speakers: Roger Flaxman, Executive Chairman, Flaxman Partners, Peter Hughes, Founding Director, Litmus Analysis, Steve White, CEO, BIBA
17:30 Closing remarks from the Chair
