It’s an accepted fact that the most successful business deals are based on relationships between the parties, and it’s especially true in the insurance industry. But often, coverholders and risk takers don’t have the opportunity to be in the same location to build those relationships, creating challenges to finding new business.
To meet some of these challenges, Glenn W. Clark, CPCU, owner and president of Rockwood Programs, has started an organization called CHART-Exchange ("CHART" stands for Cover Holders and Risk Takers). Its main purpose is to create new business opportunities between the U.S. and London market by facilitating contacts with producers and offering a forum for the exchange of ideas.
The inaugural CHART-Exchange Summit, titled the “Declaration of Interdependence,” will take place Oct. 12–14 in Philadelphia, at which Clark hopes to bring together 500 attendees including 250 current coverholders, 100 potential coverholders, 100 risk takers from London syndicates and 50 vendor representatives.
More than 1,000 U.S. coverholders “hold the pen” with London syndicates, Clark notes. He’s been doing business in London since 2003 and has only met seven of the 93 syndicates; he believes there’s room for improvement in making connections, which was the genesis of the CHART-Exchange. He notes that 40% of Lloyd’s business is in the U.S. with 55% of Lloyd’s global cover holder business written here, and he believes that CHART-Exchange can improve those percentages.
“There are huge cultural differences between the way business is done in the U.S. and the way it’s conducted in London,” Clark points out. “The inaugural CHART-Exchange summit is intended to help both sides understand each other a bit better.”
(Photo: Shutterstock/stockstudio)
Face-to-face meetings still best
London has been doing business in many of the same ways for more than 300 years, says Clark. Brokers are the intermediaries who have brought business to the syndicates, and “that works fine but we think we can add a few concepts that can add value and even enhance today’s process.” Now, Clark wants to bring a different skill set to both sides of new business acquisition by adding an element of “hunting” into the mix and creating a forum in which producers who hunt for business will meet face-to-face with risk takers who “hunt” for new producers to work with. “U.S. agents employ many different mechanisms to distribute their products," he says. "We are hoping the risk takers will be receptive to adding a new weapon to their arsenals to ‘hunt’ for new distribution as well."
Clark believes that personal meetings are the best way to build relationships for the long term. “The CHART-Exchange summit is intended to facilitate meetings among groups that might otherwise never get together,” he says, adding that he maintains relationships in 2015 that were started in 2003.
The summit agenda includes two keynote speakers, 40 workshops, panel discussions, an incubator and testing lab for new ideas and products, networking events and venues for private appointments. “We’re also hosting a 'Shark Tank' (or "Dragon’s Den," as it's known in London) competition for the best new product or marketing idea,” Clark says. For more information about the summit, visit CHART-Exchange’s website or contact Clark directly at [email protected] or [email protected].
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
