MARCUS PORTER-WRIGHT: Sure.Thank you. Definitely happy to. Thanks, Debs. Yeah, I think a lot of what Mark said was absolutely right. I think London market, we're in a unique position the way the market is structured, subscription market, Lloyd's companies, and the fact that the market is very used to facilities, I think that is a big differentiator for London market. So facilities, in our mind, are so key to attracting new business, new premium to the London market. And I think facilities are really focused around clear client benefits, providing some innovation, or different products, or something that is going to be harder for clients to get outside of facilities, so we can show that the administrative burden is taken away, that it's lined up capacity.
And I think that's something certainly that we're doing with our own facilities at WTW in FINEX. But yeah, I think it's such an important tool that we can use to track that global premium into London market and continue to do so. Look, I recognize that insurance markets globally are growing. They're strong. They're righting domestic business. So we need to do something different in London, whether that's on product innovation or the use of well thought-out facilities to make it easy for our colleagues and clients around the globe to come to us and to the London market.
And I think on the innovation piece, again, that's about thinking about doing things differently, thinking about how we can adapt product. We've got so much resource in the London market to tap into and ideas. Let's be using that to do and show that we can do things differently and continue to be the sort of leading global marketplace.
DEBORAH SAYNOR: Absolutely. Thank you. We look forward to seeing all that new business in 2024.
MARCUS PORTER-WRIGHT: So do we.
DEBORAH SAYNOR: Marcus, second question, what is your view on insurers offering cross-class solutions in our marketplace today?
MARCUS PORTER-WRIGHT: Yeah, look I think it's something we should be better at, frankly, as an industry. I think as an industry we are still quite siloed on product line, whether that's within financial lines, for next lines, or beyond property and casualty. The way insurance companies and brokers are generally arranged is in that sort of product silo. So I think we could do more as an industry.
I do think there is a certain set of clients who are probably very engaged with their carrier relationships. And if there are solutions or ability to bring capacity together across class, whether that's some different products in terms of catastrophe exposure, across class, or just be more joined up in terms of where they're putting the capacity, what their premium is to those markets. I think that's something we could get a lot better at as an industry. Maybe with some of this new technology that's coming through, that might make it easier.
And look, we obviously have to recognize that insurance companies have different treaty arrangements. And as brokers, we have the way we arrange ourselves. But I do think we have got to think a little bit more differently. And we've definitely had a couple of clients more recently who have moved insurers on the back of that more joined up approach. So definitely something I think we should be looking at more carefully.
DEBORAH SAYNOR: And what can our FINMAR partners be doing to maximize their chances of winning these cross-class opportunities?
MARCUS PORTER-WRIGHT: Yeah. I think in simple terms, it's just-- in terms of just for next lines just thinking about how they want to deploy their capacity for certain strategic customers. And think, OK, maybe we should sort of desilo that and come with a solution, a single chunk of capacity across all lines, or whatever it is. But I think, again, think outside the box if we can. Easier said and done, I know that.
But I do think we certainly got some clients out there who I think-- we know insurance is an administrative burden. There's a lot of work to do at each renewal. If we can prevent some of that admin, because there's a different way of deploying capacity or providing different access to capacity for clients, that will only help.
DEBORAH SAYNOR: Lastly, Marcus, and possibly more trickily, what are your current and future market concerns?
MARCUS PORTER-WRIGHT: Yeah, that was a big question. Look, I think, again, it's keeping London relevant. Running GP FINEX, we get premium from around the globe. But we recognize that we are competing more and more heavily with local insurers in territory. And we've seen some success, as I said earlier, with some other cities where we're offering something different. And therefore, our colleagues want to get those clients to benefit them.
So I think, again, doing things differently, thinking about that in terms of making London relevant. But in terms of threats, I guess it's technology, really.
DEBORAH SAYNOR: OK, Marcus. Thank you very much for sharing your thoughts with us today and spending time with us. That's all we have time for today.
MARCUS PORTER-WRIGHT: Thank you, Debs.
DEBORAH SAYNOR: We hope you enjoyed this episode. And please do join us again for further interviews with senior FINEX members in the future. Thank you for joining us.
