Coffee, Conversation, and Collaboration: The Lloyd's and the London Market

Transforming Broker/Underwriter Collaboration through Automation

The Lloyd’s and the London Market have a rich history, founded over coffee and conversation. Thankfully, this tradition continues today, despite the shift from quill pens and scratches to electronic trading and data transfer. What better way to start the day than with engaging discussions among peers? Recently, Appian hosted a Camelot Executive Breakfast focusing on the topic: Streamlining the Underwriting Process – Transforming Broker/Underwriter Collaboration through Automation. This discussion was popular, attracting 18 attendees from both broking and insurance to explore how the market is evolving to better serve insureds through new technologies.

The Value of Open Discussion

The breakfast provided a thought-provoking atmosphere, often described as a form of therapy. It emphasized the importance of bringing the right people together in a relaxed setting over food. The Camelot Executive Breakfasts are not sales pitches; they are genuine conversations aimed at tackling real challenges through practical experience. For Appian, this event was an opportunity to gather underwriting and broking leaders to not just share ideas but also to listen. Understanding where friction lies, what solutions are being trialled, and how firms envision the future of broker and underwriter collaboration in a rapidly changing market is crucial.

To kick off the breakfast, attendees enjoyed delicious meals while listening to a case study. This presentation explored how automation between brokers and underwriters for singleton risks is driving 20% year-on-year business growth. The true power of automation lies in improving decision-making rather than merely speeding up existing processes.

Evolving Needs in Underwriting and Broking

Attendees discussed the growing need for forward-looking strategies in underwriting and broking as insureds adapt their technology implementations. Relying solely on historical data is no longer sufficient. Underwriters and brokers face pressure from increasing data complexities and uncertainties. One theme that emerged was the challenge of unlocking internal and external data—both unstructured and structured. Many shared frustrations regarding how to translate data and AI investments into operational effectiveness.

The challenge of adopting new solutions became a central discussion point. Participants highlighted the disparity between the data needed to place the risk and the data required for broader organizational needs and reporting.

Key Questions for Transformation

No simple answers were presented for this digital and human transformation, which underscores the importance of these breakfasts as safe spaces to ask complex questions:

• What’s stopping us from fully operationalizing our tech investments?

• Is it the data, the tools, the people, or all three?

• Are we dedicating enough time to prepare underwriters and brokers for the future, or are we just asking them to adapt?

• How do we train, retain, and empower talent in a market where manual rekeying remains a daily challenge?

  
  

Peer-to-Peer Insights

What made the session exceptional wasn't just the informative content but the open peer-to-peer discussions. Attendees candidly shared lessons learned, challenges faced, and best practices that wouldn’t typically arise at conferences or panels. Hearing from others grappling with similar hurdles offered unparalleled value. There was consensus on several points, particularly that we cannot tackle all issues at once. Instead, small, meaningful progress is how true transformation is achieved.

Why Attend a Camelot Executive Breakfast?

If you're contemplating joining a Camelot Executive Breakfast, I encourage you to do so. Attend not to pitch but to learn. Build deeper relationships and better understand your clients, peers, or market stakeholders. For Appian, this experience provided genuine insights and reinforced the belief that the most valuable ideas often emerge over coffee and conversation, rather than through PowerPoint presentations.

This ethos reflects Edward Lloyd's original vision—a community grounded in meaningful dialogue and collaboration.