Staying competitive in today's crowded insurance market means taking advantage of every tool available to you. This includes everything from online resources and open data to the latest AI software.
Today, we've compiled a list of publicly available resources that all insurance professionals can use to improve the service they offer to customers and streamline their working processes.
Each of these resources can add huge amounts of value to insurance broking or underwriting teams if properly utilised; remember that many of your competitors will be making the most of resources like this, so you should too.
If you work in commercial insurance in the London market or internationally, check out these essential resources for forward-thinking insurance professionals.
Below is a list of websites and other online resources that can be invaluable to insurance professionals working across all sectors of the market. These websites contain details of events, training and development, networking opportunities, and datasets that can prove useful to insurers working in the UK or internationally.
AIRMIC is a UK association for risk and insurance management professionals. As well as industry news, the AIRMIC website contains details of events and training courses that can aid professional development.
Chartered Insurance Institute (CII) is a global professional body for insurance professionals. Joining the CII can open up a wealth of resources to you, including good practice guides and mentorship schemes.
Electronic Claims File (ECF), the central resource for all information on Electronic Claim File (ECF). On the ECF website, you can access information about market groups and keep on top of the latest electronic claims news.
Insurance Institute of London, an association for members of the CII who are living or working in London. The IIL website can support insurers in London looking for networking opportunities nearby.
Lloyd's, the world's biggest specialist insurance market, offers a number of online resources including information about professional development and learning. The Lloyd's Wordings Repository records vetted policy wordings and clauses that are used most regularly in the London market.
LMA Academy specialises in providing training to insurance professionals specialising in every sector of the market. The LMA Guide to Claims also includes invaluable information about claims activity within the Lloyd's market.
London Market Group
If you work in the London market, you can also benefit from a number of online resources targeted at London insurance professionals in this market.
Lloyd's Market Association (LMA)
The Lloyd's Market Association offers comprehensive training and support to insurance professionals working in the London market. LMA professionals work across all sectors of the London market, including marine, motor, and aviation insurance, to support research and work in the interests of market stakeholders.
Members of the LMA can make use of a range of online resources available from the website, including a Legal & Compliance Activity Tracker, Finance & Risk Activity Trackers, and a Claims Activity Tracker.
The LMA Academy is also the source of highly respected training courses that can help insurers working in the London market to develop their professional skills and experience.
London & International Insurance Brokers’ Association (LIIBA)
LIIBA is an association created to represent the interests of insurers and reinsurance professionals working within the London market. LIIBA works hard to protect and promote the interests of its members in liaisons with the government, the FCA, and other international regulatory bodies.
LIIBA is also an invaluable source of support for insurers in need of help navigating the complex framework of regulations that the London market is bound by; LIIBA can provide brokers with expert guidance on operating within both the UK and a wider international marketplace.
International Underwriting Association of London (IUA)
The International Underwriting Association of London (IUA) is an association that represents the interests of specifically non-Lloyd's insurance and reinsurance professionals working in the London market. The IUA works hard to reform the London market with a view to modernising processes and encouraging insurers to adopt electronic interfaces where possible.
As well as this, the IUA seeks to influence public policy in a way that favours its members, as well as providing support to insurance professionals working in the London market in the form of expert guidance and best practice recommendations.
How the Lloyds market works: An interactive video
How the Lloyd's market works is a 360 interactive video published by Lloyd's. The video showcases an average productive day working at the Lloyd's market, using 360 technology to allow viewers to look around within the video. If you want to know more about how the Lloyd's market works, this video is a great introduction for people who learn better by doing.
It's a valuable insight into the Lloyd's market and the wide variety of factors that are considered by insurers working in this market on daily basis. This video can also serve as a valuable training resource when working with fresh graduates and professionals new to the industry.
The Visual Display of Quantitative Information
The Visual Display of Quantitative Information by Edward R. Tufte is a collection of statistical display methods, including graphs, charts, and tables, with accompanying analysis and recommendations on how best to display data. This book is not just for insurance professionals, but it is a valuable tool for all professionals working in sectors where statistical analysis is key.
Originally published in 2001, this offline resource is one for insurers to add to their collection. The insights into data presentation within can be used to analyse and structure data in both internal and external communications, proving to be an essential asset when presenting to clients, delivering training, and even when making important underwriting decisions.
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If we've missed off essential resources for insurance professionals - online or offline - why not get in touch with us and let us know?