BI SIG Conference Feedback
The general feedback received from the conference has been very positive.
International Comment
Stavros Dimopoulos, of VRS adjusters in Greece, found the conference worthwhile, ‘because it gives the opportunity to:
• Understand the particular operation of the UK/London insurance market
• Gain Technical knowledge, which is useful to anybody interested in either taking the CILA exams, or working within the UK /London insurance market
• Network with other professionals and share professional and technical experience.
It is gratifying that the programme was sufficiently attractive to invite overseas attendance specifically for the conference.
The Broker’s View
John Bell of AON provides us with a broker’s perspective:
“The BI sessions were very informative and the discussions were of a very high technical standard. There is clearly a wealth of experience in the adjusting profession, and it is pleasing to see that there is a willingness to engage opinions and views from both insurer and policyholder representatives. Adjusters should constantly remind themselves that they are there to agree the equitable solution, not the lowest cost.
It is disappointing that definitive guidance cannot be issued on the usual thorny subjects of depreciation and ICW with benefit outside the indemnity period. If accountants can issue definitive notes on stock valuation, we should be able to publish persuasive guidance notes. There will always be areas for discussion, as each case has its own subtle differences. At least the exchange of views allows greater understanding of the principles and issues.
It was good to see such a well attended event."
John’s call for more definitive guidance will hopefully be reflected in the technical guidance notes that will be forthcoming after technical feedback from attendees has been digested.
The Assessor’s assessment
Jonathan Samuelson from Harris Balcombe commented:
What an excellent day. I found the whole event thoroughly interesting, educational and informative. It was also good to see all of the Loss Adjusters, with whom I spend so much of my working life, together in one place in a different setting to that which we usually encounter.
I am pleased that I was able to let you have my views on some of the issues raised. I hope I was not too controversial.
Next year I am going to suggest that a much larger Harris Balcombe LLP contingent attends this event. It is absolutely "on point" for the issues that we face every day and it will become, I think, an fundamental part of our FSA T&C program.
I will let you have my thoughts on BI wordings and I would be happy (keen even) to attend the conference in February 2009 that was mentioned - or is that for CILA members only?
I hope that you both and your CILA colleagues who worked on the conference feel very satisfied with what you have achieved. I am sure that everyone who attended will have found the event a "top" day.
Jonathan refers above to the proposed BI wording conference planned for February next year, further details of which will follow shortly.
A Development Opportunity
Tom Caffrey of Teceris, who is learning the ropes on BI claims, offered the following thoughts:
From my perspective as a new adjuster I found the SIG very informative and it was beneficial to hear first hand experiences from the speakers which explained some of the unknown’s and uncertainties which I had in my mind.
On a technical level I managed to keep up with the talks from Mr Glynn and Mr Roberts which were well presented and at a level that I understood. I was not previously aware of the issues of duplication of indemnity between stock and business Interruption and this was explained excellently during the talk by Mr Holland
As the day progressed I found that the subject became more difficult from a technical level, and during the debate about time management between John Thompson and input from Barlow, Lyde & Gilbert) I found that It seemed to be geared to the more experienced adjusters in the room.
To summarise the day was excellent in providing a better understanding of business interruption claims and I found it very helpful as a new adjuster finding his feet with BI claims.
Tom identifies an issue with the varying technical level of the sessions, a point made by others attending the conference. This is something that will be considered by the committee in advance of next year’s conference.
I trust that everybody attending took something away with them form the conference. From a networking perspective, it was a great opportunity to see old friends and make new ones – the gala dinner laid on by the sponsors was well supported, and I would urge everybody to consider attending this next year.