Lloyd's North America President Hank Watkins on the Proposed New York Insurance Exchange

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Insurance organisations today are no more effective at delivering on large-scale data management initiatives than they were 10 years ago. In a recent survey, 70% of the companies said their data management initiatives did not deliver the expected results. That success rate was unchanged from similar surveys conducted in the 1990's. And the environment for data management is only getting more complex..... Read more

Consulting Expertise

Insurance organisations today are no more effective at delivering on large-scale data management initiatives than they were 10 years ago. In a recent survey, 70% of the companies said their data management initiatives did not deliver the expected results. That success rate was unchanged from similar surveys conducted in the 1990's. And the environment for data management is only getting more complex.....

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Our People

At Scyllogis Consulting all of our consultants have significant experience gained from within the Insurance market. Our people and our culture are our greatest assets. We only select people with relevant experience, intelligence, integrity, passion and the ambition to make a mark and deliver to our Customers the Scyllogis brand values of practical, results based consultancy. Our Consultants are pragmatic and open minded. That is why we deliver solutions that others dont..... Read More

Lloyd's North America President Hank Watkins on the Proposed New York Insurance Exchange

Written by Colin Whickman
Tuesday, 26 January 2010
What are the possible technology implications of New York Governor David A. Patterson's announcement regarding a planned New York Insurance Exchange modeled after Lloyd's of London? With the governor's announcement still fresh in everyone's mind, it came as no surprise that the subject came up on Tuesday during a 2010 Property/Casualty Insurance Joint Industry Forum panel discussion that included Hank Watkins, president of Lloyd's North America. Prompted by a question from the audience, Watkins said that Lloyd's is willing to help the NYIE effort in any way that it can. In addition, he says the organization has been intimately involved in discussions with past and present insurance commissioners and that it hopes to become involved in NYIE working groups. "It's not something that is totally new to us," Watkins said. "We welcome the competition. Who wouldn't?" I wonder whether this help will extend to technology advice and guidance. If it does then if I were NYIE I would ‘beware Greeks bearing gifts’. Even if this advice were given in good faith the result may be that the NYIE would be saddled with inefficient, outdated, legacy systems for decades to come! I guess that would be one way of ‘leveling the playing field’.
Last Updated ( Wednesday, 27 January 2010 )