Business Analyst Seminar on the Introduction to the Lloyd's of London.

Hey Everyone,
“Let’s Talk Business” would love to invite you for a Webinar on Lloyd’s of London.
Lloyd’s is considered to be Mecca of Insurance and is a distinctive Insurance market in many ways.
This Webinar will cover the following:
• What is Lloyd’s of London and how it works?
• Understand the various business processes around underwriting, claims, accounts, and settlements.
• Its various modernization initiatives like TOM and the future at Lloyd’s program.
This Webinar shall be useful for Insurance, Insurance IT Professionals, Students pursuing insurance certifications, and all those who are curious to know about this market.

[@SunilcpSunny]

Excellent presentation and knowledge sharing forum, thank you Ravi👏

[@avantijazz]

Ravi I love your channel. Since 1985 I've worked in the London Market, including 10 years across 3 Syndicates and time with the Corporation and always recommend your videos to younger colleagues for a clear explanation of how this marketplace. Thanks very much, I even pointed our current management towards your recent vid on Blueprint 2. Very much appreciated you are clearly a subject matter expert and your employer is lucky to have you on board.

[@LetsTalkBusiness]

Thanks.

[@amitarora9881]

Thank you Ravi & Amit for such a wonderful session ..I always wanted to know more and more about LLOYDS and it’s related terminologies but I had been always running from pillar to post in getting the required info..but your channel “LetsTalkBusiness” helped me a lot in understanding related terms and concepts ..many thanks once again ..god bless

[@LetsTalkBusiness]

Let’s understand what the London Insurance Market is first. The London Insurance market is subscription market in which various entities participate: • Lloyd’s syndicates (backed either by individual Names or corporate capital) • Marine P&I Clubs • UK subsidiaries and branches of US, European and international insurers and reinsurers. • UK-domiciled insurers and reinsurers companies Almost all insurance companies in the London market are members of either the Institute of London Underwriters (ILU) or the London International Insurance and Reinsurance Market Association (LIRMA) or both organizations. What is ILU? Institute of London Underwriters (ILU) is the trade association for insurance companies writing Marine, Aviation and Transport (M.A.T.) business and it is the oldest body of the two, incorporated in 1884. What is LIRMA? London International Insurance and Reinsurance Market Association (LIRMA) is the trade association for the international insurance and reinsurance companies writing primarily non-marine insurance and all classes of reinsurance in the London market

[@LetsTalkBusiness]

Q6. What is the difference between Service Company and Coverholder? 1. Managing Agents: Managing agents work on behalf of syndicates, overseeing their day-to-day business affairs. They hire and supervise underwriters, claims adjusters, accountants, and other essential staff. A managing agent may oversee more than one syndicate. 2. A Service Company is an Approved Coverholder which is a wholly-owned subsidiary of a Managing Agent or its holding company. 3. “Coverholder” means a company or partnership authorized by a Managing Agent to enter into a contract or contracts of insurance to be underwritten by the members of a syndicate managed by it. 4. So basically, the Service company is Managing Agent’s own company whereas coverholders are those who are having permission to write business on behalf of the Managing agent

[@yogibrother5017]

Great

[@LetsTalkBusiness]

Q3 Who employee underwriters? Managing agents hire and supervise underwriters, claims adjusters, accountants, and other essential staff.

[@LetsTalkBusiness]

Q5. What is the difference between co-insurance and risk syndication in Lloyds? In principle, both co-insurance and syndication of risk are the same i.e its situation in which two or more parties share a risk. But there is a difference in the way business is conducted. 1. Co-Insurance term mostly used in company setup whereas risk syndication is mostly used in Lloyd's between the syndicates. 2. Co-insurance is basically a mutual agreement between two or more companies where the broker may or many no play a role, whereas in the risk syndication process broker plays a central role. 3. In risk syndication, the lead syndicate will choose the agreement parties from the follower who will evaluate the claim along with lead whereas in co-insurance there is no such concept of agreement party.

[@sirsandeepmaurya4157]

Markel is present in India through their Lloyd's platform

[@sumantabag9507]

Brokers in London market are regulated by FCA. Financial Conduct Authority

[@LetsTalkBusiness]

Q2. Who employee Managing Agent? Managing Agent "Tokio Marine Kiln" belongs to "Tokio Marine Group". Tokio marine group is a member. Managing Agent "Tokio Marine Kiln" is managing 4 syndicates i.e. Syndicate 510,557,1880, and 308. So basically, member Tokio Marine group is setting up a managing agent called Tokio Marine Kiln to manage its 4 syndicates in Lloyds.

[@LetsTalkBusiness]

Q4 Eligibility to become a broker in Lloyds? You can find the requirement here “www.lloyds.com/about-lloyds/joining-lloyds/how-to-become-a-lloyds-registered-broker”