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Technology debate - Everybody play with a single set of rules.
(From Reinsurance)
Alex Letts of RI3K Ltd stakes his claim to become the Google of reinsurance.
Ever since Edward Lloyd opened his coffee house in 1688, the reinsurance industry has determined its own pace of change and agenda. But change never suits the status quo, hence the lack of modernisation and reform.
However, for the first time in three centuries, control was taken out of the hands of the owners of the status quo in 2004, and this triggered a period of creative destruction never previously experienced by the industry.
The first tremor had come earlier with the Silverstein Twin Towers case.
This coincided with the shock waves from Sarbanes Oxley, and the process of preparing for regulation of Lloyd's. But the real quake was Eliot Spitzer's aggressive assault against the brokers.
Now, instead of sub-committees working on commercial efficiencies, the spotlight has fallen on how business is actually being conducted. Agenda-setting has fallen into the hands of non-industry parties, driving change irresistibly into the heart of the market.
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