Transforming problems into opportunities

The insurance broking industry is clearly not immune from the contagions infecting the global economic system. Speaking at the 44th annual seminar of the International Insurance Society in Taiwan, Julian James, chief executive of Lockton International, argued that the insurance broking industry must do more than just survive. Mr James said that if brokers respond intelligently to the challenges they face, and learn to see these challenges as opportunities rather than problems to be overcome, the industry will grow stronger and thrive. But for the industry to succeed, there can be no ‘subprime-style’ lag between realising what must be done and acting. Mr James believes that there are five main factors affecting the insurance industry at the macro level and that these have key implications for both brokers and insurers.