NMU Executive Director, Nick Limb, talks 2017 and looks into the future at NMU
2017 was an exciting year for NMU and one full of challenges and opportunities.
We have continued to work far closer with our parent company Munich Re Syndicate as part of their wider International Distribution network, looking at ways to both improve and strengthen our business model and ultimately to deliver an even more inclusive customer experience.
During 2017 we successfully integrated the Marine Trade book, launched at the annual BIBA conference and Exhibition. The account from our sister company has not only fitted exceptionally well into our business but it has also shown healthy growth.
Our recent sponsorship of the “Marina of the Year Awards” at the London boat show was a particular highlight and something we were very proud to be associated with.
We also relaunched our stand-alone terrorism insurance product to include non-damage business interruption extensions. The evolving nature of terrorism incidents brings a whole new set of risks and exposures not previously considered or catered for by the market, particularly in relation to BI losses. Recognising this, our new terrorism product was updated to specifically include the critical protection that policyholders need.
An enormous amount of work has gone into what we do and how we do it, but never once have our key client relationships suffered and the year ended on the most exceptional note when we won an unprecedented three awards at the Insurance Post Magazines 2017 Underwriting Service Awards dinner in December.
To win the marine/transport category for the 4th consecutive year was a clear validation that our business remains strong, successful and market leading but to then also win the Engineering & Construction award in our first year of nomination, swiftly followed by the overall Underwriting Team of the Year was truly amazing and very much the icing on the cake. We were delighted to be joined by so many colleagues to celebrate this huge success.
There are many challenges ahead to meet the demands of the ever changing Insurance Industry. Digitisation is everywhere, across all businesses and platforms, however, we must remain true to our belief in “technology in support of people” being key to how NMU operates, both now and always.
Our marketplace remains competitive, risk is either not being managed away or digitalised into non-existence. There is clear and present danger everywhere from terrorism to wildfires and cyber ransom, so we will continue to forge our own path of success, innovate to the best of our ability and to deliver an NMU for the future.
NMU is driven by providing exceptional customer service and improving our existing products and developing new ones is key to our future. We will ensure that the NMU of 2018 and beyond looks different but that our core values of service and expertise remain at the heart of what we do.
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