WBN CEO says technology levels playing field in broking market

Mr Basso, who leads the network of brokers located in over 100 countries with offices in more than 500 cities across the globe, spoke to Commercial Risk Europe from a stormy New Orleans where he was attending the annual RIMS conference. He had travelled to Lousiana from Washington DC where the network held a meeting of members attended by 250 people. WBN, which was founded in 1989, has enjoyed 'phenomenal' growth in the last three to four years in particular at a rate of 200%, according to Mr Basso. He said that this was driven by increased trade among its members in the US and Europe and especially the increase in trade across European countries and worldwide.hideThe WBN CEO said that he is bullish about the future of independent brokers such as WBN members, partly because the rise of sophisticated technology has 'leveled the playing field' with the big global brokers. "We have seen a big change in the sophistication of technology that has changed the competitive landscape. Risk managers expect access to a global information system that helps them manage their multinational business. But you no longer need to be a global broker with offices worldwide to support this," said Mr Basso. The network CEO said that organisations like his that bring together worldwide groups of independent brokers can use technology to take on the big boys in this new technology-driven world. "WBN has a global membership which is critical for customers who operate internationally. But also we have a global technology system and products to support property and casualty (P&C) and employee benefits instantly across the world. This technology supplements the networking and partnerships that the network provides, it is a great system that has arrived in the right place at the right time and gives us the ability to compete with the big global brokers very well," explained Mr Basso. The WBN system was first developed seven to eight years ago and provides brokers, risk managers and insurers with up to date policy information, payment and reporting information on a 24/7 basis at no cost to the network members or customers, said Mr Basso. The technology is provided as part of the network membership service and is currently being upgraded and tested for relaunch in the late summer, he said. The new version will be faster and offer a broader range of services and higher level of information, added Mr Basso. Asked what he thought would be the big talking point among risk managers, brokers and insurers during this week's RIMS conference, Mr Basso said that it would inevitably focus on insurance prices and availability of capacity. "The international market is soft and the high level of capital forces that. This is a concern for carriers, buyers are looking for ever better terms and brokers have to look for those improved conditions," he said. While the continued soft market is tough for insurers it makes them and the brokers work harder for customers, he said. This can deliver improvements in efficiency and service across the market, he added. In terms of emerging risks, Mr Basso said that cyber would clearly be a hot topic of discussion at RIMS. Risk managers are not sure that anyone is really capable of defining the risk yet and so exposures and pricing levels are also uncertain, he said.

WBN CEO says technology levels playing field in broking market

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