Changes – a favourite topic of former US President Barack Obama – are afoot here at Endeavour Insurance Services, changes which we hope will help drive progression in the market as a whole.
We’re very proud of both the growth trajectory we are on, and the company culture of teamwork and support that we have all worked hard to foster. We are moving away from linear, hierarchical structures towards an environment that supports fluid idea sharing from everyone in the company. And we are keen to support work/life balances by offering our employees remote working and flexibility wherever possible.
Digitisation of processes is also a key driver of change, and we actively embrace innovative technology such as the Advantage claims system, which significantly streamlines the claims handling process for Coverholders, we are playing a proactive role in bringing fresh ideas to our market.
We strive to be proactive rather than reactive, not least when dealing with claims, but in every area of our business. We are also exploring how we can better serve areas of new risk, including looking at new solutions for cyber coverage. In fact, we have launched a new online Cyber Facility, designed to provide multiple opportunities for MGAs, producing brokers and clients in the USA and Canada to generate new business streams in the Specialty Lines space.
At the same time, we also support industry-wide technology and efficiency initiatives such as the PPL platform, which is designed to speed up the placement of business at Lloyd’s.
Change can also be disconcerting, and sometimes disruption seems inevitable. As we continue on our positive and upward trajectory, we would also like to recognise and thank our team for their hard work, dedication, and good ideas in continuing to help us build Endeavour into a valuable and innovative insurance intermediary businesses.
The market must work harder
But we can’t rest on our laurels – there is so much still to do. As we have noted, the insurance industry has something of an image problem, with recent headlines ranging from insurers burying price rises in renewal letters to a wide-ranging Financial Conduct Authority investigation into wholesale insurance brokers, to name just two. We are committed to changing this market from the ground up, but this can only be achieved if others act with us.
The pressure is on brokers, in particular, to demonstrate that the role they are undertaking is key to the process, and not simply going through the motions of bygone years. At Endeavour Insurance Services, we came to a firm conclusion that our role within claims must change fundamentally.
Moving towards what could be
As an industry, brokers need to take a long hard look at the value they offer and rework this from the inside out. At its heart, progress is about moving towards what could be, not what already is.
As President Obama said not that long ago; “Change will not come if we wait for some other person or some other time. We are the ones we’ve been waiting for. We are the change that we seek.”
Watch this space for more exciting changes here at Endeavour.