“At CHART-Exchange insurance agencies generated new business opportunities with Lloyd’s syndicates and domestic Coverholders,” said Glenn Clark, president of Rockwood Programs and the “earliest adopter” of CHART.
Philadelphia, PA (PRWEB) October 21, 2015
More than 320 insurance professionals gathered in Philadelphia last week to participate in the inaugural meeting of CHART-Exchange. CHART (Cover Holders and Risk Takers) was established to grow the U.S./London marketplace, providing a forum for Risk Takers, Coverholders, and U.S. insurance agencies to interact. A Coverholder is an insurance broker or underwriting agent that has been delegated underwriting authority by an individual or group of Lloyd’s syndicates (Risk Takers).
“We are very pleased with the overall result of our first meeting,” said Glenn Clark, president of Rockwood Programs and the “earliest adopter” of CHART. “The atmosphere was nothing short of electric. Insurance agencies from all over the country were given a unique opportunity to discuss new business ideas and concepts with decision makers from various Lloyd’s syndicates as well as domestic Coverholders. Informative workshops and panels – moderated by industry experts – were made available for all participants. Just as importantly, the attendees were able to network and interact with each other.”
“I have been involved with Coverholder business all my life,” said Steven Ahern, broker at Iris Insurance Brokers. “In my experience, it has been rare to see the level of innovation that CHART has introduced into the U.S./London marketplace. Giving risk takers and insurance agencies a venue to freely exchange ideas resulted in the identification of potential new business opportunities. Iris is proud of its status as a CHART early adopter and will continue their involvement with the group in the future”.
“Novae deeply values its long-standing U.S. Coverholder business," added Ross Louden, Deputy Divisional Head of Casualty at Novae Group PLC. “The opportunity to develop new relationships through CHART was not to be missed. The entrepreneurial spirit of many in attendance has mirrored that of Lloyd’s syndicates such as Novae. The ability of agents and producers, who are closest to their business, to spot niches and under-served market places is something that is almost impossible to replicate from London, and it is that expertise that Novae appreciates having the opportunity to support and develop”.
A highlight of the event was a Shark Tank competition – known as the Dragon’s Den in the U.K. - where insurance agencies presented new ideas for insurance products and services. The competition reflected the entrepreneurial spirit of Lloyds’ tradition of product innovation. The winner of the “The Iris Insurance Innovation Challenge” competition was Connecticut-based Sloan & Rak Insurance Group. The firm presented a new system for evaluating property values, so they can be insured more accurately. Sloan & Rak not only won $10,000 toward product development, marketing and other costs, but also will get support to help them bring their idea to market.
“Our team took great lengths to solicit feedback on every facet of the conference,” concludes Glenn. “Each participant has been given an expansive questionnaire to provide input on the value of the Exchange and what they would like to see us do in the future. Personnel from Wilson Elser will be following up with each attendee during the month of November. Participant feedback (U.S. distributors, vendor partners and London Risk Takers) will be the building blocks for the future of the CHART-Exchange.”
Visit http://www.chart-exchange.com for more information about CHART and the recent event in Philadelphia. Interested parties are also invited to contact Glenn Clark directly at glenn(dot)clark(at)chart-exchange(dot)com.