An interview with Becky Bennett: Insights from TIN Tech London Market 2024

GreenKite’s Marketing and Communications manager Nadia Timmer sat down with Becky Bennett, our Client Solutions Partner at GreenKite, to discuss her recent experience at the TIN Tech London Market conference. Here’s what Becky had to say:

“TIN Tech is one of the premier events in the London Market, bringing together industry leaders, innovators, and experts to explore the latest trends and technologies shaping our industry. As the Client Solutions Partner at GreenKite, staying informed about advancements in technology and industry best practices is crucial for my role. So, attending TIN Tech was a great opportunity to gain valuable insights, network with peers, and explore how we can drive positive change within our clients.”

Nadia: “What key themes or topics stood out to you during the conference?”

Becky: “One of the standout themes at TIN Tech was the pervasive influence of AI within the London Market. From discussions on business transformation to the future of delegated authority, AI was a recurring topic throughout the conference. It was fascinating to hear about the diverse approaches companies are taking to embrace AI and the potential impact it could have on our industry.

Another key theme was the governance of open AI with firms taking a variety of approaches to address concerns. Despite these concerns, there is a compelling business case for integrating AI, whether to drive enhancements in analytical underwriting supplemented by AI decision-making, streamlining slip creation, or removing the manual burden of checking every received document. The overall sentiment was that AI is not just a passing trend but a transformative force that lasts.”

Nadia: “It sounds like there was a lot to digest! What specific insights or moments from the conference have left an impression on you?”

Becky: “One discussion that stood out to me was hearing from Gemma Andrews, Head of DA at Convex, as she discussed enhancing data integrity throughout the bordereaux management chain and reimagining our approach to due diligence. Her insights into the challenges across these areas and the need for innovation really resonated with me as it is an ever-present challenge across a number of our clients.

The role of the delegated operations function has evolved over the past 3-5 years from an administrative support function to a business-critical first-line assurance role managing the DA risk to the business. Despite the encouragement of Lloyd’s to move to a more risk-based assurance model, outdated processes are still present in a lot of our organisations, yet the volume of due diligence checks demanded by both Lloyd’s and the regulator has surged. And despite this increasing demand, DA teams are expected to deliver more robust risk management processes with minimal technological support.”

Nadia: “There is always talk of bordereaux data standards, or lack of adherence to standards when considering DA, was this discussed?”

Becky: “Data standardisation has long been talked about, progress remains slow, and many firms are waiting to see what Blueprint 2 means for delegated business. These projects have been ongoing across firms for years and have experienced numerous challenges.

Where I would like to see more attention from firms is in improving DA processes to include risk-based thinking as this could gain traction. However, it is dependent on centralised data capture and robust technology solutions to support continuous re-evaluation of risk. To do this, firms need to be willing to change existing mindsets, so instead of thinking about risk assessment at the onboarding or renewal stage, risk assurance needs to be continuously managed throughout the contract’s lifecycle.

If firms can do this right, they can gain a competitive advantage as not only can they speed up their onboarding or renewal processes, but they will also have a much greater understanding of their partners, which should lead to better decision-making.”

Nadia: “Thanks, Becky. sounds like TIN Tech has been a great experience for you. What would you say are your key takeaways from the day?”

Becky: “My key takeaway from TIN Tech is staying informed, embracing innovation, and driving positive change within our organisation. It’s about making use of the insights and learnings from the conference to explore new opportunities, drive innovation, and deliver even greater value to our clients at GreenKite.”

Nadia: “Thank you for sharing your insights from TIN Tech, Becky – it was lovely speaking to you.”

Becky: “Thanks for having me!”

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