Innovation a top concern of brokers
Flaspöhler, part of NMG Consulting, conducts an annual, global survey of brokers
and insurance executives to illustrate their competitive positioning and concerns.
Here, we reveal the top challenges for reinsurance brokers across EMEA.
As part of its most recent study, Flaspöhler
| NMG Consulting asked reinsurance
brokers across Europe, the Middle East and
Africa (EMEA) to provide their view of the
‘greatest challenges’ facing their industry (and
their organisations) today.
Innovation emerged as the top concern,
an answer likely prompted by the insurtech
revolution the industry is grappling with. Many
innovations have the potential to cut brokers
out of the loop in some instances, perhaps
explaining this concern.
Innovation is clearly top of mind for
respondents but in addition, reinsurance
brokers are experiencing margin reductions.
“Across EMEA, reinsurance brokers report
similar environmental challenges as insurers,
but overall, innovation is top of the list for
reinsurance brokers,” said Rick Flaspöhler,
partner and co-author of the research.
“The areas of focus included new solutions
for clients, new product offerings (keeping
pace with changing needs and demands), and
the potential for new analytical models and
“In addition, reinsurance brokers are
experiencing margin reductions due to
declining premium-based revenues, and
reductions in the current and potential client
universe as a consequence of consolidation.
“As a result, they are also very concerned about
excess capacity, the soft market, and pricing.”
The word cloud shown below provides a
unique high-altitude perspective, that draws
out common themes in an aesthetic which is
easy to digest. The more often a word/phrase
is used by respondents, the larger it appears in
“Reinsurance brokers are
experiencing margin reductions
due to declining premium-based
While word clouds can never provide the
statistical accuracy of coded and counted
responses, they can illustrate subtle differences
between answers of similar but different
responses, as well as provide helpful insights
into the overall tone of responses.
For readers who prefer a more traditional
way of viewing the information, we have also
supplied a bar chart. n
Leading challenges identified by
brokers in EMEA
Shrinking insurance market
Low interest rates
Evolving customer demands
General economic outlook
% of respondents
Reinsurance brokers in EMEA focused on the need for innovation and excess capacity
30 | MONTE CARLO TODAY | DAY 3: Tuesday September 12 2017 www.intelligentinsurer.com | www.bermudareinsurancemagazine.com