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A LOW-CODE LONDON MARKET – THE KEY TO INDUSTRY FUTUREPROOFING

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By Richard Farrell, Chief Innovation Officer at Netcall

 

Aged 332 years, the London Market isn’t new to the need to modernise. For many years, the insurance market has been cautious regarding change and technological advancement, whilst facing mounting pressure to radically transform and keep pace in the digital world. The pandemic, however, has amplified this need for change. Following a year of economic instability, London Market firms risk becoming obsolete if they do not take immediate and urgent action to modernise.

In September 2020, the London Market reported a half-year loss of £400m, compared with a £2.3bn profit in the first half of 2019, and expects to pay out around £5bn in COVID-related claims. With further turbulence and financial uncertainty ahead, the corporate body must keep its sights firmly set on cutting unnecessary costs and transforming internal processes to facilitate this.

Whilst throwing the sector into chaos, the pandemic was a true eye-opener for the Market. Relying on systems and processes built years ago, which were centred around people doing business in a City office, left the London Market at a crossroads and facing once-in-a-lifetime challenges and opportunities. Lockdown created an urgent need for new systems to support a new hybrid workforce, and within this need now lies the opportunity for London Market firms to rejuvenate – building greater efficiency into systems and processes to enable agility and future growth, as well as long-term digital ways of meeting and working. Intelligent automation technologies such as low-code platforms, when combined with robotic process automation (RPA) and powered by artificial intelligence (AI), will be pivotal to this transformation. With these platforms, London Market business users can collaborate and build new applications with IT teams without the need for costly and time-consuming traditional coding methods.

As a result of redesigning processes, London Market businesses can identify where efficiencies can be made and then rapidly develop optimised systems that keep both technology and people at their core. This will be crucial to achieving significant long-term cost savings and maintaining the London Market’s current position on an international level.

 

Using 2020 challenges as inspiration to evolve

The last year has seen a range of hurdles for both the London Market and individual businesses: a shift to remote working, the need to optimise costs, and the imperative to maintain status in the global order. These have not been easy, and these challenges are likely only the start of greater change that we will see in the coming months and years.

Businesses have proven in the last 12 months that they can adapt and shift when needed with the Blueprint plan, Lloyd’s of London’s ambitious plan to create the world’s most advanced insurance marketplace. Blueprint Two, which was released in November 2020 and built on March’s Blueprint One, established new ways of doing business, underpinned by the need for digital channels that enable advanced data collection and management. The right tech and tools can enable brokers, insurers and partners with delegated authorities to operate at a materially lower cost, estimated to be at least £800m as part of this evolution.

As John Neal, Lloyd’s of London CEO, states, the London Market needs to make itself ‘more relevant, more innovative and much more cost-effective’. Solutions that enable rapid digital transformation, whilst boosting efficiency and lowering costs, will be crucial to achieving this goal.

 

Future-proofing the London Market 

Due to its ease-of-use, low-code platforms can empower London Market teams to collaborate to build new applications in the fastest way possible and speed through application backlogs. Rather than taking a rip-and-replace approach to innovation, the technology can enable London Market organisations to stitch legacy systems together with new applications – effectively building upon existing investments to provide a better user and customer experience.

With the right technologies, the London Market can rapidly reduce inefficiencies by automating manual or broken processes, whilst also integrating with a number of different systems. This will enable organisations to provide a central platform that can give visibility across all parties – and in turn enable better decision-making through richer data and the use of AI.

Perhaps one of the more pressing London Market processes brought into the limelight during the pandemic has been the process of claims management – which intelligent automation solutions can help with too. With so many stakeholders involved, managing the claims lifecycle can be extremely complex, and the sheer number of claims being processed means that teams face huge pressure to provide swift service, and to keep claims pipelines moving. By consolidating data and processes under one platform, the lifecycle management can be improved to provide real-time information relating to a company’s claims exposures, including aggregates, and other elements such as supplier management. Greater visibility of these elements will, in turn, drive greater sector efficiencies.

 

Reshaping the London Market once and for all 

The next few months will bring myriad challenges and opportunities around reshaping how London Market businesses work and trade for the benefit of its clients and people. There are considerations for all organisations, including new ways of employee and trading partner engagement. A one-size-fits-all strategy simply won’t work in such a complex environment, but using the right software can unlock business benefits and growth potential for London Market firms large and small.

Fundamentally, London Market firms must invest in and prioritise the technologies that will enable their workforce to save time and drive value back to the organisation – as well as work how they want to work. Whilst the social nature of the London Market, which is largely based on personal networks, indicates a strong return to office work when lockdown restrictions are lifted, there is still likely to be some level of remote working moving forward.

Flexible and agile intelligent automation technologies can empower the London Market to join data together across numerous back-end systems to provide an easy-to-use workflow across complex process requirements. By enabling employees to make better-informed underwriting and claims decisions, based on better access to enriched information, organisations can not only drive greater efficiencies, but keep up with the demands of a digital-first future.

 

Business

A new beginning for financial services B2B marketing

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Financial services B2B marketing is dead. A bold statement with B2B ad spend set to pass $30bn next year in the US alone. But it is dead, or at least, it’s dead boring.

B2B marketing has long carried a reputation for being dull, lacking emotion, heart or guts. Indeed, the same could be said for financial services, with its technical jargon, long-winded T&Cs and an array of complex services and products to promote. Put the two together and you have a considerable marketing challenge on your hands.

Michael Richards

But there are green shoots of change springing up on the beige horizon, as financial services businesses begin to recognise that they deserve better and start to see the lessons to be learned from their B2C peers. For example, many financial services B2B brands moved to digital to refine client experiences and grow relationships during the pandemic, meaning they could connect with businesses in a more accessible way through tailored and creative solutions. But it’s not enough to just convince a business to buy a product or service with a smattering of data and a selection of charts. There needs to be a focus on provoking the truth about these progressive brands; giving them what they deserve: intelligence, imagination and emotion to provoke their truths and tell their stories in ways that just can’t be ignored.

There are so many financial services B2B brands that are missing the mark on creating provocative work and telling their stirring stories. The industry is full of inspiring stories but needs to adopt the techniques of B2C (and fast) to avoid being left behind.

Below, I’ve outlined three approaches B2B financial services marketing should take from B2C:

 

Be 100% brand and 0% product

Let’s look at the lessons we can learn from one of the biggest brands in the world. Coca Cola used to advertise on a single poster with simple descriptive messaging that didn’t make a lot of sense … but that was in the early decades of the 20th century. Coke is now one of the most instantly recognisable brands in the world. It has evolved so much from that early uninspiring product messaging that some Coke ads today feature nothing more than a red background, a white glass bottle silhouette and the message ‘Open Happiness’. 0% product, 100% brand.

Financial services business brands can learn a lot from this. Very few are tapping into the vocabulary of emotional marketing. They sell their product in line with industry jargon, expecting their ever-changing audience to understand what they mean. When really their product or service should be learning to speak a new language. One that showcases the brand over the product, communicating to their audience with a personality and values of their own.

No company can rely solely on their product features because no product is unique anymore. The power of a brand can generate that differentiating value that will set it apart from the competition.

 

Use data to personalise your offer

Data is the beating heart to personalisation. It gives businesses the foundation to build a product that is bigger and better than its competitor. One that entices new audiences while maintaining loyalty.

Consumer brands are obsessed with collecting data to better their product and reach audiences far and wide. In fact, nearly 90% of UK shoppers will hand over their personal information for improved online customer experiences.

B2B businesses also use data, but on a much narrower scale. In a survey of B2B companies, only 25% of B2B businesses use data weekly to understand customer needs, while 9% admitted they never use data at all. This is evident given that 47% of B2B buyers who need a new financial service go straight to their existing bank, and 75% of those who claim to shop around also end up with their current bank. Most buyers don’t even consider more than two brands. Meaning lots get left behind.

This is where B2B marketing shouldn’t just rest on its laurels of tedious white papers and limited data. It should inject its own personal touch and emotion by undertaking its own research and data collection to produce insightful pieces of research and showcase its unique findings. This can include specific consumer trends and behaviours in the financial services space, so they can really understand their audience and further improve their product.

 

Be audience aware

Audience Blindness is a condition that hinders B2B brands from seeing that business decision-makers have changed. They have become younger; they’re millennials. The content they consume is worlds apart from what their predecessors consumed and is constantly evolving – particularly as we enter Web 3.0 and the metaverse.

Even in the finance sector, B2B marketing is still about appealing to ‘people’ and their needs. B2B isn’t a machine and shouldn’t just cater for a computer. It needs to connect to real life audiences – those with feelings, thoughts and emotions. Because behind every business partnership is a room full of people interacting, debating and sparking ideas.

The B2C financial services sector has progressed significantly, understanding changes in audiences and catering to new needs and desires. The rise in neo-banking, investment made easy and services specifically for young adults and children looking to save is testament to this. They’ve introduced digital-first approaches, influencer techniques and new ways of improving the shopping experience through buy now, pay later (BNPL).

We’ve seen glimpses of B2B’s new beginning, but its future is to live in the present, and inject it with the power of B2C. Only then can B2B see the new audience, hear the new market and feel the new world.

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Business

Need a business broadband package? Here’s what you need to know

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Author: Kerry Fawcett, Digital Director at Radius Payment Solutions

 

Does your business have a broadband supply that is speedy, cost effective, and most importantly, reliable? If not, now is the time to put that right. Online is king in this day and age, and no matter the size of your company, a good business broadband supply is vital to allowing staff to work as they need to. Here are some tips to find your organisation a business broadband package that fits it like a glove.

 

  1. You need to choose the right business broadband package

There are a number of reasons why your business might need a business broadband deal. Such reasons can include email which helps you stay in touch with customers and suppliers, social media access so that you can communicate with your customers and provide support, research and web browsing that your employees may need to do as part of their jobs, and general marketing tools which are nowadays more often than not web-based and require an Internet connection.

Also, let’s not forget that the people who want your products and services are online too—they use the Internet and search engines to find what they need. If this is your product or service and you do not have an online presence, their business will go to your competition.

That said, the decision on which broadband package to opt for is far more complex than simply choosing the deal with the fastest speed, or the cheapest price. Depending on the business, things to account for include data management, other services like email, and backup options.

With any package, however, it is important to look closely at the services being offered and whether they match up with what you are looking for. Also, check to make sure that they are built with business use in mind and have not been designed solely for consumer-grade activity.

To ensure your business chooses the right broadband package for its needs, make sure that you account for these three things. By doing so, you end up in a much better position to begin comparing options:

  1. Before choosing a broadband package, be sure to look at and understand how your business uses the data it is creating and storing. This will ensure that your broadband package can handle the data loads your business produces.
  2. Make sure to read and study service level agreements (SLAs). Every single half-decent business broadband package will have one of these—if they don’t, avoid the supplier—and looking closely at the clauses helps you avoid nasty surprises.
  3. Look for a broadband provider that has a bandwidth utilisation of below 50%. This will avoid bottlenecks and make your website and general broadband services a lot faster, enabling more data to be processed more quickly.

Price is certainly a factor, though. Whether comparing the price of business broadband, business mobile phone tariffs, or anything else, it makes solid business sense to make sure you are getting the best deal possible for your ideal product.

 

  1. Be aware – business broadband is not the same as home broadband

It is wrong to assume that business broadband is the same as the broadband that the vast majority of us have at home—it’s not. Business broadband packages include features that are specifically designed for business customers.

Generally speaking, a business broadband connection is set up and optimised to meet the increased demands of a business. Therefore, the features that are often found in a business broadband deal include prioritised customer support on-hand to provide immediate relief should something go wrong, faster upload and download speeds that can cope the bandwidth demands of a commercial office, better security features that protect your assets and data, and static IP addresses that allow you to run CCTV, host your own website, and authenticate intranet users.

What’s more, business broadband packages will usually come with generous—often unlimited—usage limits and competitive price points that aren’t too dissimilar to home broadband packages and plans.

 

  1. Explained: Business Broadband vs Home Broadband

For any readers still wondering about the most important differences between home and business broadband, here are four things that you don’t tend to get with a home broadband deal.

  1. Guaranteed service levels
    Returning to the point made about SLAs, business broadband providers will offer customers a guarantee to keep the broadband service up and running, and to do all they can to bring it back online should things go wrong. If a situation occurs where a provider is unable to do this in a pre-agreed timeframe, your business will often be compensated.

It is rare for home broadband packages to come with such a guarantee.

  1. Prioritised traffic
    Some of the best-known business broadband providers such as TalkTalk and BT prioritise traffic for their business customers over non-commercial home broadband customers.

This of course means that the speed and quality of your Internet connection will not be negatively affected by other customers’ usage patterns during peak times, such as when HD media and games are being streamed and played.

  1. Business-centric customer support
    As a business, it is vital that your broadband connection is restored as soon as possible should it go offline. If you don’t, you run the risk of losing revenue and having your reputation harmed. Business broadband providers know this all too well, and for that reason they typically offer around-the-clock, UK-based customer support.

This is in contrast to home broadband where customer support operatives are only available at select times, usually during business hours.

  1. A static IP address
    Most business broadband deals provide you with a static IP address. This type of IP address enables you to use your business broadband for some very useful business-critical operations, such as:
  • The hosting of your own server (vital for CCTV, file transfers, client services);
  • The hosting of your own website and domain name servers;
  • Enabling remote connections by your employees to their work desktops; and
  • Making available systems that require authentication, such as intranets.

Instead of a static IP address, home broadband packages include a dynamic IP address which changes each time a new connection to the Internet is established.

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