Daily Insurance Industry News
 
 
Daily Insurance Industry News
Monday 24th of September 2018
January 11, 2011

Northdoor identifies key factors for start-ups

by Gill Montia

Story link: Northdoor identifies key factors for start-ups

Northdoor has identified three factors that it says will shape insurance start-ups in the year ahead, naming the demand to meet regulatory compliance, increased pressure on profitability and the internationalisation of insurance business.

The IT consultancy and solutions provider is predicting a number of new entrants to the market in 2011, with the firm’s director of consultancy, Rob Stavrou, honing in on the challenges of compliance and regulation, particularly Solvency II.

He explains: “In order to comply, insurance companies must be able to ensure that their data is reliable, controlled and accurate, that financial reporting practices are being introduced to improve internal risk management and that the technology is enabling the management to make informed decisions based on trusted and quality data.”

Despite the demands, Mr Stavrou believes that start-ups have an advantage because, without legacy issues, they can use regulatory demand to create value in their businesses from day one, by getting processes and technology right.

Northdoor also expects pressure on profitability to drive stronger focus on process improvement and cost reduction, and sees increasing opportunities in the global market for insurers.

Mr Stavrou comments: “We’re really starting to see increased awareness of the need to accommodate the international nature of today’s insurance market among those start-ups we’re talking to.”

 

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