Technology and pricing main concerns of brokers
Flaspöhler, part of NMG Consulting, conducts an annual, global survey of brokers and insurance executives designed to illustrate reinsurers’ competitive positioning and respondents’ main concerns in a rapidly changing industry. Here, we reveal the top challenges reported by reinsurance brokers across Asia-Pacific.
As part of their most recent study, Flaspöhler | NMG Consulting asked reinsurance brokers across Asia-Pacific to provide their view of the “greatest challenges” facing their industry (and their organisations) today.
The results showed that in Asia-Pacific, reinsurance brokers report similar environmental challenges as insurers (see SIRC Today day 2). Falling reinsurance premiums in the aggregate increase the pressure on the fixed cost bases of reinsurance broking operations.
As expected, innovation is seen to be a key challenge for reinsurance brokers in Asia-Pacific, being the key to competitive strategy, disintermediation, increasing retentions and also importantly generating new sources of revenue.
The word cloud (shown below) provides a unique high-altitude perspective that draws out common themes in an aesthetic which is easy to digest. The more often a word/phrase is used by respondents, the larger it appears in the cloud.
While word clouds can never provide the statistical accuracy of coded and counted responses, they can illustrate subtle differences between answers of similar but different responses, as well as provide helpful insights into the overall tone of responses.
For readers who prefer a more traditional way of viewing the information, we have also supplied a bar chart.
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