Xuber’s second executive roundtable in Hamilton, Bermuda brought together a group of insurance and reinsurance industry leaders based on the island to discuss market conditions such as innovation, technology change and regulation.
Richard Clark, business development director at Xuber said that technology was identified at the roundtable as the most powerful tool as it tries to navigate through a storm of modern business challenges.
The continuing soft market, increasing competition from third party capital such as insurance-linked securities (ILS), and the ongoing wave of mergers and acquisitions (M&A) were identified as obstacles besetting the current re/insurance industry. M&A, which involves the complex integration of business cultures, staff and legacy IT systems was seen as a challenge – but also a golden opportunity for smart businesses to use the best available technology to smooth the transition toward a more efficient way of doing business.
Despite the various challenges facing the re/insurance industry, Clark said that he found the mood of the executives spoken to in Bermuda to be upbeat and even ‘buoyant’.
“The tailwinds facing the industry are undoubtedly complex and formidable, but as a technology provider, we were delighted to hear that the industry really grasps the fact that better IT and systems can be a lifesaver in this current fiercely competitive market,” said Clark.
The roundtable members were appreciative of Bermuda’s regulatory environment, which contributed to the island’s flourishing re/insurance sector and acceptance of new forms of risk transfer to the capital markets, such as ILS.
According to Xuber Bermuda’s full compliance with the EU’s Solvency II capital standards regime was also a major vote of confidence for the island, which is already beginning to bear new business.
Xuber, Insurance, Reinsurance, Bermuda, Technology, ILS