Sustainability, technology, and geopolitical challenges are top supply chain risks for $9.7 trillion transport and logistics industry: Lloyd’s and WTW report
Lloyd’s Futureset’s ‘On the move: Rethinking transport and logistics supply chains’ – highlights supply chain challenges and insurance opportunities for the $9.7trn transport and logistics industry
The report examines the sector’s supply chain risk landscape and outlines steps that (re)insurers and transportation and logistics companies can take together to build long term resilience against supply chain risk, supporting an industry which underpins $89trn of global trade
The analysis is based on surveys and interviews with over 175 global practitioners operating in the transportation and logistics and insurance sector, and aims to spark product innovation through outlining the opportunities to develop new supply chain solutions
Lloyd’s, the world’s leading marketplace for commercial, corporate and specialty risk solutions has today published a new report – On the move – which explores the biggest threats to supply chains in transportation and logistics – an industry which underpins $89bn of global trade and has a market value of $9.7trn USD.
The supply chain disruption experienced during the COVID-19 pandemic and more recently in relation to ongoing geopolitical conflict, has highlighted the fragility of supply chains to global impacts, and the importance of building resilience into risk management solutions.
The report, delivered in collaboration with WTW found that whilst over 90% of transport and logistics companies surveyed agree that insurance for supply chain risk is critical, 77% said a lack of access to supply chain insurance solutions, and a lack of data to understand these risks was among the greatest challenges to their businesses.
Transportation and logistics companies have heavily invested in risk management practices and integrated technology solutions. This growing focus represents a significant opportunity for increased collaboration and innovation between transportation and logistics companies and insurers to strengthen recovery capabilities, improve resilience and use new data sources to improve the visibility of supply chain related exposures.
“We will continue to work with our market and global partners, supported by convening platforms such as Lloyd’s Futureset and Lloyd’s Lab, to provide innovative, sustainable insurance solutions that support our customers in the key challenges they face today and tomorrow. Through this report series we hope to promote greater collaboration between customers and insurers to build better risk resilience across sectors and minimise the impact of supply chain threats that hold up global trade.”Rebekah Clement, Corporate Affairs Director, Lloyd’s
“This report offers real insight into the supply chain challenges facing the industry in today’s uncertain economic and geopolitical climate. Transportation and logistics companies are taking steps to mitigate these challenges – whether that’s sharing assets or collaborating with technology companies – and further opportunities to collaborate must be identified to reduce risk, maximise efficiencies and minimise disruption within the supply chain. For the perceived insurance gaps, they are looking to the insurance industry to partner with and resolve. There are clear opportunities available for insurers, transport and logistics operators and brokers to enhance understanding of changing business models, and partner on insurance and risk management solutions that meet the sector’s needs.”Anthony Monaghan, Transportation Leader GB, WTW
WTW appoints Head of Climate Analytics and Exposure Management for Insurance Consulting and Technology business
WTW has announced that it has appointed David Singh as Head of Climate Analytics and Exposure Management for its Insurance Consulting and Technology business. In his new role, Singh will be based in London and is to join the company in early March 2022.
Singh served as the Group Head of Exposure & Portfolio Management at global insurer MS Amlin, where he was responsible for the Group’s risk aggregation and reporting activities across all its legal entities. He most recently project managed the delivery of exposure, portfolio and underwriting performance solutions for natural and man-made catastrophe exposures in its European entity AISE.
Prior to MS Amlin, Singh worked for Lloyd’s of London with senior responsibilities that included managing the Society’s catastrophe risk appetite, managing multiple regulatory filings to and from the market, and ensuring Managing Agents exceed Lloyd’s expectations and exposure management standards. During his time at Lloyd’s, he devised and implemented a number of catastrophe model validation concepts and Solvency II returns that are still used in the market today.
Deutsche Bank announces two senior hires in Technology, Data and Innovation
Deutsche Bank today announced two senior appointments within its newly formed Technology, Data and Innovation division. Both individuals will join in December.
Dilip Khandelwal will join as Managing Director and Head of Technology Centres, based in Pune. Khandelwal will oversee the development of the bank‘s Technology Centres globally to create one, consistent strategy while continuing to work with our businesses on developing technology to improve the client experience. He will also become Head of Technology, Data and Innovation for Asia Pacific and Chief Information Officer for Human Resources, Legal and Communications. Khandelwal joins from SAP where he led large scale transformation to accelerate customers to the cloud. Under his guidance, SAP Labs India became one of the top contributing Technology Centres at the company, with highest employee engagement.
Gil Perez will join the bank as Managing Director and Head of Strategy & Innovation. Perez will oversee innovation strategy, thought leadership, and technology innovation partnerships, ensuring that the bank continues to evaluate and match business demand with appropriate third-party technology solutions. Perez joins from SAP, where he spent 8 years working with enterprise companies guiding them through their respective digital transformation journey.
Bernd Leukert, Head of Technology, Data and Innovation at Deutsche Bank, said: “The opportunity to transform technology at a global company like Deutsche Bank is a unique challenge for talented and ambitious technologists. With Dilip and Gil we are gaining two outstanding technology leaders who will help bring our IT strategy to life. They have built proven track-records within the technology industry for being innovative, transformative and focused on clients’ needs. I know they will complement the expertise we are fortunate to have at Deutsche Bank and help position technology at the centre of the bank’s activities.”