Accountability
Corporate responsibility report
Marketplace
The value of the Group’s brands is enhanced by the extent to which Amlin is perceived as a high integrity organisation. It is therefore an important business need, as well as desirable in itself, for Amlin to act with the highest possible integrity in dealing with brokers and clients. This goes with aiming for high levels of service, as poor service fails clients. Commentary on our client relations is provided in the review.
In 2008, Amlin has continued to research broker and client relationships with a view to improving our understanding of their expectations of us. We have also engaged in a number of initiatives, some involving the wider Lloyd’s market and some on a bilateral basis with our key brokers, aimed at removing inefficient market processes and improving client service. One such initiative is our claims response to Hurricane Ike, click here for details.
Amlin Underwriting Limited operates a client complaints policy with procedures for reporting, investigating and responding to complaints relating to all business placed with Syndicate 2001. Complaints are logged centrally, their resolution is monitored and their nature and frequency is reported to relevant boards. Of the 96 complaints received in 2008 or brought forward (2007: 127), 34% were settled within 4 weeks, 21% within 4 to 8 weeks, 28% in more than 8 weeks and 17% (16) remained outstanding at the year end (2007: 16).
Amlin Bermuda, Amlin Singapore and Anglo French Underwriters operate complaints procedures which are compliant with local regulations. ABL and ASP received no complaints in 2008. AFU is a new acquisition.
Supporting Lloyd’s worldwide
Amlin is one of the largest participants in the Lloyd’s market and 69% of Amlin’s 2008 gross written premium was written through Lloyd’s. As such, Amlin seeks to contribute positively to all aspects of the Lloyd’s community, including the sound governance and operation of the market so that it remains attractive to brokers and clients for the placement of their risks.
In 2008, Amlin representatives participated on the Lloyd’s Market Claims Group, Claims Service Review Board, and on the board of the Lloyd’s Market Association and on many of its committees, including its Marine, Motor, US Casualty Reinsurance, Aviation, Finance and Risk committees.
Amlin professionals continue to work with the Lloyd’s market and its associations to drive forward market reform technologies, both as early adopters and by encouraging all our peers and broker counterparties to use them. Amlin also encourages and supports Lloyd’s in its own community and corporate responsibility activities, including making an annual donation to the Lloyd’s Community Programme.
In July 2008, Amlin was the first Lloyd’s agency to establish a representative office in Chicago, to work within the existing Lloyd’s infrastructure and to use the Lloyd’s licence in Illinois to write admitted business which might not otherwise reach the London market. Amlin Illinois specialises in property, casualty, auto and marine cargo business and other agencies are now following our lead.
Amlin Singapore, formed in late 2007, is part of the Lloyd’s Asia platform and in addition to sourcing new regional business to the market, it participates in reviewing risks from Lloyd’s China Reinsurance Co Ltd. Such initiatives are driven by commercial considerations but, where mutually beneficial, strengthen Lloyd’s as well as Amlin. During 2008, local staff engaged with the General Insurance Association, by speaking at their “Profiling Talks” aimed at educating university students as to the potential of a career in insurance. Amlin Singapore is also a sponsor of their Global Internship Program and hosted a summer intern in both Singapore and London.
Developing our industry
Amlin, together with several market peers, has committed to support the Insurance Intellectual Capital Initiative for a period of three years at a cost of £25,000 per annum. This project is also supported by Lloyd’s Tercentenary Foundation, the Society of Lloyd’s and the Worshipful Company of Insurers. Its purpose is to co-operatively fund research into areas of interest to the broader insurance industry, that will improve the industry’s effectiveness and public image. Research will be undertaken in conjunction with government research councils, seeking to benefit from their commitment to co-sponsor research with private sector organisations. Results will be made publicly available through seminars, publications and websites.
Two research projects are planned for 2009. The first is an anthropological study into the working and operational practices of reinsurance underwriting operations in London and Bermuda and the implications for the training and development of staff in the London market. This project is to be jointly funded by the Economic and Social Research Council. The second project is to develop a generic approach to the measurement and technical pricing of large commercial risks such as oil rigs, petrochemical and large industrial property.
In October, Amlin’s Chief Executive Charles Philipps was elected President of the Insurance Institute of London, the body which represents the interests of insurance in the cap ital and which is affiliated to the national Chartered Insurance Institute. His theme is “Redefining Insurance” – a call to raise awareness of the economic value and business integrity of our sector and to redefine insurance as a profession in order to attract the necessary talent to grow in the future.
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