The past few years have seen a significant rise in demand for insurance policies and several initiatives undertaken by the government in the area of insurance policies are driving the market growth. However, several major players and consumers are still not familiar with the latest technologies used for instance, cloud computing and artificial intelligence, making it difficult for organizations to handle multiple large-scale insurance solutions. Driven by the mission to help organizations with effective and efficient management of insurance services, Lockton Companies the world’s largest independent insurance brokerage and consulting group with its Singapore office–is one of the top insurance brokerage firms for enterprises in the region.
Incepted in 2006 with the International office, Lockton Singapore has since managed to successfully establish a name for itself in the industry, courtesy its focus on client-centric solutions and trustworthy advisory. Frederic Boles, CEO of Lockton Singapore highlights how following a client-focused approach to design & providing product and service has been a key factor to retain and attract clients towards Lockton. Shedding light on the current growing insurance market in the region and how Lockton is striving to address some of the market gaps, Frederic mentions, “With insurance market projected to witness significant growth in the forthcoming decade, broker-mediated insurance solutions are set to clock in significant growth as well. However, enterprises still struggle to manage insurance solutions due to lack of understanding and proper guidance throughout the process.
At Lockton, clients are front and centre of everything we do, and our entrepreneurial culture empowers our associates to deliver on this. With our unique independence, we free ourselves from quarterly pressure of the financial markets and put our focus and efforts into providing the best advice and services to act in the best interest of our clients. We are investing and reinvesting more resources to help our clients’ interests".
Bringing together Technology & Experience
In the journey spanning more than 50 years in the industry, Lockton has cemented itself as the world’s largest privately-held global insurance brokerage and consulting groups growing 26 percent in 2021 to reach $2.6 bn of revenue.
This tremendous growth can be attributed to their relentless commitment of providing the best service to their partner organizations. In Singapore, as Frederic highlights, Lockton has managed to accomplish similar growth level through effectively leveraging technology to enhance and stream line processes for all the stakeholders. Frederic says, “Technology enables us to streamline processes and integrate with insurers, providing one-stop solutions, at the same time offering competitive rates for clients.
We are not a software or development company, so we are free to identify the best technology suitable for our clients. Currently one of our technologies offering is a web-based employee-facing platform for flexible benefits allowing employees of our clients to manage their benefits anytime anywhere; yet also provide an easy-to-use, customisable and highly configurable technology platform for our clients to store, analyse and report worldwide employee benefits program information. We also deploy other customer-facing portals and solutions for clients to effectively manage insurance products and services".
Though innovation & technology do help streamline the processes, the credible team at Lockton realizes the importance of experienced insurance advisory through personal communication. Hiring and nurturing an experienced team, Lockton focuses on honing their expertise in helping companies identify and manage risk by looking at their businesses and operations. By risk identification, risk mitigation and risk transfer, Lockton identifies risks that are outside of their clients’ risk appetite and transfer these risks to insure. Through this approach, companies can protect themselves from potential losses and create a more stable and secure business environment. Acting as their clients’ strategic partner, Lockton works hard to understand the pressures the clients face; the need for financial security and identify the best possible insurance cover that suits their needs. Lockton also offers dedicated and specialist services to help businesses make informed decisions about their insurance coverage.
An Inspirational Growth Journey
Having had humble beginnings, Lockton is now a global enterprise with over 9,500 employees associates doing business in over 125 countries, focusing primarily on clients’ risk, insurance and people needs. For 14 consecutive years, Business Insurance Magazine has recognized Lockton as a ‘Best Place to Work in Insurance’. Moreover, Lockton was named among the 2021 Best Managed Companies by Deloitte and the Wall Street Journal, a programme that recognizes excellence and honors private companies for their strategy, execution, culture, and financials. Currently, the firm is focusing on enhancing their service solutions for the Singapore and more markets in the Asia region.
Having had humble beginnings, lockton is now a global enterprise with over 9,500employees associates doing business in over 125 countries, focusing primarily on clients’ risk, insurance and people needs
Looking forward, Frederic mentions, “Our recent acquisition and full integration of Lockton Edge in August 2022, along with other resources reallocation, boosted our capabilities to service the Maritime/ Shipping industry. We have also hired an entire team to the Healthcare and Education sector in Singapore and SEA/Asia. In addition, our recent hire who has expertise in Renewable Energy will lead the delivery of related capabilities in Singapore and support other markets. Moreover, we are also looking to significantly enhance our operational efficiencies by deploying new tools to service our clients better".
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