<p><strong>Speaker 0</strong>: <span>the economy is still playing a significant part in what other people are regarding about the state of the insurance market, the way that feeds into inflation the way that feeds into people's adjustments to inflation. The way that rates need to</span></p> <p><strong>Speaker 0</strong>: <span>make its way through having seen the claims inflation affecting people's back books. What that means for our clients, of course, and explain the basis on which that needs to be. Rep. Priced all the factors that influence that inflation, of course, and the fact that as a result, it's actually a hard market for obvious reasons because of that inflation. But also it's a hard market because it makes for bloody hard trading within a market that is actually still reading from the effects of covid</span></p> <p><strong>Speaker 0</strong>: <span>service as well. On top of that is something that keeps coming back as a constant theme from brokers. They reflect the way in which their clients are asking the questions of them in a very different working environment, and that feeds on through to the expectations of insurer and offer the service to the brokers that meets the customers. Expectation allows them to meet the customers. Expectations,</span></p> <p><strong>Speaker 0</strong>: <span>I think is something which will take a while to adjust to, because the way in which people have changed their working patterns as well, I guess the final thing is the way in which the environment generally and the conversations going in the environment are starting to make their way more obviously into some of the conversations we're having on what is over here for all is a very green stand</span></p> <p><strong>Speaker 0</strong>: <span>we've launched over the course of the last couple of months. A new segmentation philosophy. Last year I said we were going to pivot to deal with more of our smaller brokers. A as an organisation in the UK has grown from pretty humble origins and there's no pomposity or piety in the way we approach the market. We try to deal with as many friends as we can, but in dealing with friends with whom we trade actively, you tend to ignore the new friends you could be making. And the whole reason why we went down the route of additional segmentation</span></p> <p><strong>Speaker 0</strong>: <span>is to try and work with just a few more partners that we've not been in a position to support over the course of the previous years as we grew. We've just launched two segments. Two statement propositions one is a broker partner. Proposition one is a prime partner proposition</span></p> <p><strong>Speaker 0</strong>: <span>the broker, part of Proposition is really about getting to know you supported by an arrangement more broker support that we put in place in the last months and that seems to be working very well in providing more support. A lot more brokers are talking to us, and actually, we've just been through a bit of a transformation on our digital trade proposition, which is also supporting that activity</span></p> <p><strong>Speaker 0</strong>: <span>and on the prime partners side. Well, that's rather more making sure that the friends that are already decent partners and certainly very squarely in the middle are still having a kind of rich dialogue with us with good support on all aspects of what they receive from us. That allows them to continue to be good partners but also thrive and grow above the typical market rates. So things like support for training and their apprenticeships that sit within their operation is typical. The sort of example that would be rolling out and have started rolling out across that segment</span></p> <p><strong>Speaker 0</strong>: <span>is a member of the Net asset Owner Alliance and the Net zero insurance alliance. Now we've made a commitment to be carbon neutral by a given date. We are committing to be carbon neutral because, of course we deal with some very large customers and some very large suppliers who are themselves making those same declarations</span></p> <p><strong>Speaker 0</strong>: <span>to their customer base and to their stakeholders. And the reality is that unless we're all on that same and I hesitate to use the word journey because I'll shoot myself, we're on that same path, then we're absolutely sunk. I think it's just starting to dawn on a lot of people that large organisations are demanding of their customers and indeed, of their suppliers, that they are themselves on a path to net zero. And as a result,</span></p> <p><strong>Speaker 0</strong>: <span>because of the way in which that accelerates to that cascade of requirements, all companies ourselves as a supply of insurance services to our customers, have to be on that same path. Otherwise we won't be purchased as an insurance provider by those customers in the very near future.</span></p> <p><strong>Speaker 0</strong>: <span>Now it's an odd consequence of the way in which this is feeding through into corporate behaviours, but actually it's the right kind of consequences. As an example. NHS, England, as I understand it has made a demand just of late that its 80,000 suppliers have to be clearly declaring their plans to be on a net neutral path by 2026.</span></p> <p><strong>Speaker 0</strong>: <span>The consequence of that is they as Tier one. Providers to the NHS must also be asking that same of their suppliers to also be on that same net neutral path. Therefore, anybody providing insurance services, whether it's a broker or an insurer, so those suppliers of services to the NHS or suppliers suppliers must also be able to evidence their credentials to be on a neutral net zero carbon path. Otherwise the whole thing falls apart. This cascading requirement is relatively new, but I think it's probably here this day.</span></p> <p><strong>Speaker 0</strong>: <span>I was delighted to sit through a presentation just recently about Chat GPT. It was in the context of a I and the way in which a I figures within the insurance world now chat. GPT is just a large language model, one of several that are making their way into sort of the lexicons of business and the way in which businesses behave. In recent time, for obvious reason. Chat GBT has now got a capability that beggar belief. We're probably in the UK later doctors of this sort of large language model technology</span></p> <p><strong>Speaker 0</strong>: <span>in the States. They've been using it for a good few months now, and the impact upon all aspects of business, not just insurance, is profound. Now the reality is that is all our futures. You've got a number of different choices. Either you deal with it up front or you wait for it to be dealing with you.</span></p> <p><strong>Speaker 0</strong>: <span>And I think for all of us over the course of the coming months, and certainly in the next 2 to 3 years we are going to have to get used to the idea of large language models a. I being prevalent in many more parts of our trading, dealing with customers the way in which we broke the way in which we underwrite and the way in which we process business, even the way in which we pay claims and the things that support the payment of a claim will be affected by this technology.</span></p> <p><strong>Speaker 0</strong>: <span>All is all together here at Beaver Bieber. Today, I have to say, is buzzing buzzing. Yesterday It's buzzing today and our stand is buzzing. If you walk over to the stand, you'll see it's actually a</span></p> <p><strong>Speaker 0</strong>: <span>recycled and recyclable will stand. That's full of people from a reason why it's full of people and other guests who are popping in because we're all together as a on the stand for the first time. A in the UK is a number of different companies. We have traded separately but been great friends. We are now largely trading more or less under the same house we brought together just recently, a commercial in the UK and a global cor and specialty in the UK into an organisation which great name Allan Commercial</span></p> <p><strong>Speaker 0</strong>: <span>under the leadership of Nadia Coti. She's the newly appointed regional managing director for a commercial working for Colum Homes, who is our CEO of Allan here in the UK and indeed a guy called Joe Muller, who is the CEO for Allan's Global Corporate and Specialty, which is a company based in Germany. We have always been great at doing the bits that we deal with, but we've left business on the table by not being able to address the gaps that sit between these businesses. This is the way by which we address the gaps</span></p>