At r10 individuality matters, thus each employee helps shape the company rather the company shaping our employees.
In an insightful interview, Peter Mungeam talks about his story, the #r10story. His experience, passion and leadership has helped to shape the Advisory services at r10.
Peter discusses his interest in IT and e-commerce, the struggle of large companies to transform and how we can make the London market an easier place to trade.
Edited excerpts from the interview below.
Tell us about you and your experience.
I’m Peter Mungeam, and I’m the Managing Director at r10 Consulting responsible for Advisory.
I’ve worked in the international reinsurance and insurance market for over 30 years. My interest in IT and e-commerce put me in the unique position of not only understanding the business, but understanding how the business might get processed and placed, and how the operational efficiencies that you get from being able to use the latest technology.
Some of the larger companies tend to want you to come in and deliver something to your clients in a particular manner. For me having the ability to go into r10, structure r10, and to build r10 in the way that I wanted to for our clients, was a compelling reason to go and work there.
What are the challenges of Market Modernisation?
It’s making our clients think “Actually London is the first place on my mind, that’s where I want to trade. That’s where I want to be”.
There’s a whole breadth and depth of knowledge that exists within the square mile. We’re not very good at sharing that around the world.
How do we go about doing that? Well, we’ve got a number of projects going on, a number of initiatives across the market. These are primarily about making London an easier place to trade.
One of the challenges with larger organisations is that they don’t have a joined-up strategy, they have so many people across their networks it’s very difficult to get people aligned with the same vision. It’s a bit like an oil tanker going ahead, and you switch off the engines. Although you switch off the engines, it takes a long time to be able to respond and turn the ship.
One of the challenges is being able to articulate to the senior executive the benefits of e-commerce for example. If you’re able to do that then you can have a very successful organisation.
What does r10 offer to support the Market Modernisation?
r10 can help the London market in their journey because we have experience in the front-end of the business. We need to make the London market a more efficient place to do business. We need to focus on the benefits for the client.
Part of that is placing business electronically. I mean, people in this day and age would be surprised to understand that in the London market, there are still brokers going out today placing most of their business on paper. It’s a very inefficient process. What we are moving to, slowly, is business being placed electronically and that business is then accounted electronically as well. So, you could save more money in the mid-stream and downstream activities and the operations of a company that potentially what you could bring in at the front-end of the business as well.
That’s one of the things we do at r10. We go in and we talk to our clients. We don’t go in to tell them the answers. We go in to listen.
What are r10’s aspirations?
So, I started at r10 in November 2017, and I can tell you that it’s been an awesome journey so far. We’ve had a lot of clients knocking on our door. They understand we have the experience across the market.
Over the next few years at r10 I’m going to grow out the Advisory side of the business. Personally, I’m going to make sure that we have the right people in front of our clients.