By Glenn C. Clark, CPCU
CHART’S Earliest Adopter
In 2015 we introduced the concept of the CHART (for CoverHolders And Risk Takers) Exchange. Our goal was simple: to grow the U.S./ London marketplace through the surfacing and pursuit of new business opportunities. We looked at some rather non-traditional methods to accomplish this objective. In our opinion, business relationships that span long distances are best initiated through inter-personal contact. Our meetings provide a forum conducive to dialogue and interaction between domestic insurance brokers and London Syndicates.
As we enter into our third year of existence, it is fair to ask the question: Are we on a path to accomplish our goal? Let’s take a look at the results we’ve seen so far for the answer.
CHART has hosted two national events in the United States so far. The inaugural meeting – our “Declaration of Interdependence” – was held at the Pennsylvania Convention Center. Last year’s session was held at the Marriott Baltimore Waterfront Hotel. In 2016 we also took our message on the road, traveling to the U.K. to hold our “CHART Goes To London” (CGL) event.
Nearly 800 representatives from U.S.-based insurance agencies, London Syndicates, and select Vendor Partners have participated in our sponsored meetings. These sessions are characterized by informative general sessions (with industry leading keynote speakers), workshops addressing a number of relevant insurance topics, and ample networking opportunities.
Duncan Dale, Chief Executive of Lloyd’s Syndicate Dale Underwriting Partners, described his experience at the 2016 Baltimore meeting this way: “CHART is refreshing because we are having lots of conversations with people that have an interest in the London market. It is quite dynamic.”
The 2017 Event will be held October 8-10 at the Four Seasons Hotel in Baltimore MD. This elegant venue serves to reinforce the notion that we are an exclusive organization. The Hotel has a total of 246 guest rooms. Unlike previous years, CHART has reserved every one of them as a means of guaranteeing a more intimate setting for the meeting.
INTERACTION BETWEEN AGENCIES AND RISK TAKERS.
The Market Finder Facility was introduced in 2015 and has become a significant feature within CHART. This initiative was designed to match program proposals submitted by domestic insurance agents with the risk appetites of the London Syndicates.
Our Broker Partners are tasked with the responsibility of assisting domestic insurance agents in preparing the presentation to the London market. They are uniquely positioned to fill this role, as they possess the necessary expertise, industry contacts, and access to the value-added services.
CHART – in collaboration with its Broker Partners - has facilitated over 620 different appointments amongst agents, risk takers, and third-party specialists. In addition to the scheduling logistics, the Broker teams also put in a great deal of preparation work prior to the event. These activities included producer interviews, identifying Syndicates with compatible risk appetites, and preparing meeting presentations.
Simon Hall (Director, C.J. Coleman) offered these insights after the Baltimore session: “We were delighted to attend our second CHART Conference and our team of seven people attended the event of one-to-one meetings and networking, well attended by both U.S. agencies and syndicates which we helped to recruit. We organized multiple appointments for agencies with the sole aim of bringing new premium into the Lloyd’s market rather than churning existing business, the beauty of the CHART concept, and, one of the key selling points for Lloyd’s syndicates”.
BRINGING NEW BUSINESS TO LONDON
All of the work CHART has done promoting Lloyd’s within the domestic insurance agent community is beginning to pay dividends. To date, there have been 57 different new program opportunities surfaced through our efforts. The vast majority of these would never have been presented to London without CHART. The estimated fully matured premium production through this business: $173 million. We do not expect all of this premium to successfully move to London but we DO think that we have “scratched an itch” that has previously not been addressed by the traditional ways new business has been generated between these two groups.
Our team believes CHART is beginning to make an impact on the U.S./London marketplace. We fully expect the magnitude of the organization’s involvement to increase as we continue to promote the benefits of doing business with the world’s oldest insurance brand.
Positive feedback from new members offers proof that CHART is on the right track. For example, consider the input provided by Daniel Ginden, Managing Director of SLB Professional:
“After putting a great deal of thought into it, I finally decided to join CHART. In the insurance industry, my feeling is that your relationships are the key to growth and survival. With that being said, CHART’s number 1 principle is to help “foster direct relationships between coverholders and risk takers. With such a competitive marketplace, solidifying your partner relationships is key and I feel that CHART can help accomplish that.“
“Not only will CHART help enhance my network and solidify my current relationships, but I believe it will help broaden my knowledge with their monthly publications as well as keeping me up to date with current industry happenings, networking events, and skills workshops. I would recommend anyone in our industry to consider joining this organization to help assist themselves in growing and adapting to the marketplace”.
If you are a U.S. producer, we can help you to connect face to face with the expert decision makers who attend our event. If you are a London syndicate we can help you to “hunt” for the new opportunities that will fuel your future growth. If you are a vendor partner with a unique strategy that is aimed at the U.S.-London marketplace we can help you to get your message out via the success stories of agencies you have helped to grow.
Become part of our growing movement by joining us at the 2017 CHART Exchange Event! The next meeting will be held October 8-11 at the Four Seasons Hotel in Baltimore MD. Visit our website (www.chart-exchange.com) for more information.