Callum Wade, our London Market specialist, recently caught up with us to give his inputs and ideas about the London Market and also an insight into what the future may look like for Insurtech.
What is the most interesting thing about the London Insurance Market?
"The most interesting thing is the history behind the London Market and the way it has developed over the past 300 years. It's particularly exciting currently due to the uprise of Insurtech."
What makes a good London Market Specialist?
"The London Market is extremely incestuous, so I constantly search for new talent with industry experience. I also keep my ear to the ground for significant changes taking place in the market, such as IFRS 17, the new Financial Reporting Standards. These types of changes create a massive demand for specialists in the market. I pass this information onto candidates so that once they have identified where the demand is, they can take action to ensure that their services meet those demands, and when they're ready, I present them to clients to create a solution for both parties."
What would you say is your greatest achievement whilst working at Bowers Partnership?
"When looking back on my time at Bowers Partnership it’s difficult to identify the greatest achievement because there are many things that I’m proud of. But placing my first candidate tops the list. Bowers Partnership is the only recruitment business that I have worked for, and I’m particularly proud of that because the team has moulded me into the specialist that I am today. I've had the benefit of learning how to manage the recruitment process in the correct and most efficient way and have not been exposed to the bad habits that the recruitment industry has a reputation for practising. Candidates and clients that I work with will never be on the receiving end of these bad habits, and will always be treated with respect, as well as receiving a stellar service." If you're looking for a fresh start in the London Market then register on our website to receive regular updates.
What do you think will be the biggest trends for Insurtech during 2019?
"In my opinion, the biggest three trends for Insurtech during 2019 will be the Internet Of Things, Big Data and Chatbots. They all have the potential to increase revenue or save costs on a large scale. If I had to choose the singular biggest Insurtech trend for 2019, I’d say big data because I think this has the most potential to increase revenue and is the most controllable from the perspective of the organisation. It’s the insurance provider that would be analysing the data and utilising this to target the customers most likely to buy. However, the success of the internet of things and chatbots both depend on the number of customers that choose to use that service."
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