The Sub­scrip­tion Mar­ket – Fuelling In­no­va­tion in Lo­cal Mar­kets

RISK, OR THE LEVEL OF RISK, IS AN IM­POR­TANT FAC­TOR TO CON­SIDER WHEN IT COMES TO IN­SUR­ANCE. WHETHER YOU’RE A BRO­KER, IN­SURER, OR THE IN­SURED, THE EL­E­MENT OF RISK IS PRESENT. LLOYD’S, A SPE­CIAL­IST IN­SUR­ANCE AND REIN­SUR­ANCE MAR­KET, IS COM­MIT­TED TO THE SUBSCR

Insurance - - FEATURE - In­ter­vie­wee

Matt Can­nock and Ju­lian Franz­man

Matt Can­nock, man­ag­ing di­rec­tor of Markel Sin­ga­pore and a marine un­der­writer with over 15 years of ex­pe­ri­ence in Sin­ga­pore, agrees. He ex­plains, “A sub­scrip­tion mar­ket is where a pol­icy is un­der­writ­ten by a panel of un­der­writ­ers, with one un­der­writer as the lead. The lead un­der­writer is some­one who is an ex­pert in the class of busi­ness and un­der­stands the risk and ex­po­sures bet­ter than any­one else.” He adds that the sub­scrip­tion model makes it eas­ier for an in­surer to ex­pand. Since it is not al­ways vi­able to have a lead un­der­writer in ev­ery field, in­sur­ers can ben­e­fit from the ex­per­tise of a lead un­der­writer by writ­ing a por­tion of the risk. Of course, they trust the terms and con­di­tions the lead sets. For bro­kers like Ju­lian Franz­man, man­ag­ing di­rec­tor of Marine and Avi­a­tion Asia Pa­cific for JLT Re, the sub­scrip­tion mar­ket al­lows him to cre­ate the best so­lu­tion for his client. “At JLT Re, we iden­tify which mar­kets we want to tar­get, and have ca­pac­ity lined up so that we are ready to place a risk for a client. I will then ap­proach a lead un­der­writer and we will agree on the terms.” Franz­man uses his ex­ten­sive knowl­edge and re­la­tion­ships in the in­dus­try to iden­tify the best un­der­writ­ers for the busi­ness. “When choos­ing an un­der­writer, I look for lo­cal ex­per­tise and lo­cal tech­ni­cal knowl­edge in my time-zone, and be­ing able to get that from Asia speeds up ser­vice de­liv­ery for us. When

Matt Can­nock

Ju­lian Franz­man

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.