Insurance Business UK 2.03

INSURANCEBUSINESS.CO.UK ISSUE 2.03

YOUNG GUNS 2017

ENVIRONMENTAL MINEFIELD Environmental risks and regulations

Meet the rising stars of the UK’s insurance industry SEEING BEYOND BORDERS AIG’s Carol Barton on multinational coverage and the future

BUSINESS RISK The top risks faced by businesses

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UPFRONT

EDITORIAL

www.insurancebusiness.co.uk EDITORIAL Editor Paul Lucas Journalists Sam Boyer, Lucy Hook, Bethan Moorcraft, Heather Turner Editorial Researcher Hannah Go Production Editors Jo Crichton, Roslyn Meredith

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The changing face of terror

“

Terrorism (noun): The unlawful use of violence and intimidation, especially against civilians, in the pursuit of political aims.”

The official definition of terrorism doesn’t seem to do justice to the extent of the mayhem, devastation and tragedy its actions can cause. June alone saw eight people killed and 48 injured in the London Bridge attack in the UK; one killed and three injured in Melbourne, Australia, during a hostage-taking and shooting; one dead and 10 injured in the Finsbury Park attack in London; a failed attack in Brussels, Belgium, in which a bomb was detonated but caused no injuries; and a police officer seriously injured when stabbed at Bishop International Airport, near Flint, Michigan.

These examples, of course, come on the back of the explosion in Manchester, England, in May, which killed 22 and injured 120.

With the leap in lone-wolf-style attacks, it’s clear terrorism has changed from the days of the IRA and even from the 9/11 plane hijackings. It’s no surprise, then, that with the rapid development of terrorism has come the need for terrorism insurance to similarly evolve.

In an analysis published on Out-Law.com, Pinsent Masons’ insurance law expert, Nick Bradley, described how terrorism insurance is widely still stuck in the past.

“Insurers continue to view terrorism risk as the risk of an organised plot or threat for doing damage to property,” he wrote. “The result is a recognised ‘insurance gap’ for business interruption arising for non-property damage.”

“Insurers continue to view terrorism risk as the risk of an organised plot or threat for doing damage to property” It’s a gap that needs to be addressed, with the Manchester Arena attack being one such example. While the real loss was to the families involved, there were cancelled tour dates involving huge expense, and the cost of business interruption was likely to be far more significant than that of property damage.

There is a need for the insurance industry to react to the changing face of terrorism – to offer a genuine solution that prevents clients from slipping through the cracks as they attempt to rebuild their lives. The emphasis is on brokers, too, to stress the importance of this cover to clients who naively assume it “can’t happen to them” – and help them find real-world solutions to the worst of real-world events.

The insurance industry has often been criticised for being slow to change. This is one time when it needs to prove it can move with the times – and quickly.

The team at Insurance Business UK

Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as the magazine can accept no responsibility for loss.

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UPFRONT

STATISTICS

Risky business

NORTH AMERICA 1. Cybercrime 2. Damage to reputation/brand 3. Failure to attract or retain top talent

When it comes to business risks, nothing’s more dangerous than a headline-grabbing brand misstep

THE INTEGRITY of a brand’s reputation is the top-ranked risk for businesses globally across numerous geographies and industries – and unlike many other threats, it is insurable. Cyber risk is also gathering pace as a top concern.

Although it only entered the top 10 in 2015, cybercrime was ranked by risk management professionals surveyed by Aon as the fifth most pressing issue faced by businesses today.

93%

Companies with revenue of US$1bn or more that have a risk management department

54%

Companies with revenues of less than US$500m that have a risk management department

Business interruption also made the top 10, following a year in which economic losses from natural catastrophe events topped US$210bn and business interruption costs from such disasters have grown proportionally higher than they were a decade ago. Political uncertainties also re-entered the top 10 after a tumultuous year that saw volatility pervade typically stable developed nations.

71%

Companies that engage in cross-functional collaboration of risk management

76%

Companies that have adopted an approach to risk management at the board level

4. Regulatory/legislative changes 5. Economic slowdown

Insurable Uninsurable

Partially insurable

TOP 5 RISKS BY REGION The top-ranked business risk globally – damage to reputation or brand – was the primary or secondary concern for business leaders in almost every region of the world. Reputational risk also cuts across industries; it was named as the number-one risk for fields as varied as beverages, hotels and non-aviation transportation manufacturing.

Source: Global Risk Management Survey, Aon, 2017

THE GLOBAL TOP 10

LACK OF PREPARATION

High-profile scandals, product recalls and the viral spread of news on social media helped catapult reputational risk to the number-one spot.

Aon found that, overall, businesses are less prepared to face their biggest risks than they were two years ago.

The average readiness for the current top 10 risks has exhibited a significant downward trend, dropping from 58% in 2015 to 53% in 2017.

Damage to reputation/brand Economic slowdown/slow recovery Increasing competition Regulatory/legislative changes Cybercrime/hacking/viruses/malicious codes Failure to innovate/meet customer needs Failure to attract or retain top talent Business interruption Political risk/uncertainties Third-party liability (including E&O) Source: Global Risk Management Survey, Aon, 2017

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% OF COMPANIES PREPARED FOR THIS RISK 100% 2015

2017

Failure to Failure to Business Political innovate attract or retain interruption uncertainties top talent

Third-party liability

80% 60% 40% 20% 0

Damage to reputation/ brand

Economic Increasing Regulatory/ Cybercrime slowdown competition legislative changes

Source: Global Risk Management Survey, Aon, 2017

ASIA-PACIFIC 1. Damage to reputation/brand 2. Regulatory/legislative changes 3. Increasing competition 4. Failure to innovate

EUROPE

5. Economic slowdown

1. Economic slowdown 2. Damage to reputation/brand 3. Increasing competition 4. Regulatory/legislative changes 5. Failure to innovate

MIDDLE EAST AND AFRICA 1. Economic slowdown 2. Political risk

LATIN AMERICA

3. Failure to innovate

1. Damage to reputation/brand

4. Failure to attract or retain top talent

2. Business interruption

5. Damage to reputation/brand

3. Economic slowdown 4. Third-party liability 5. Social responsibility/sustainability

Source: Global Risk Management Survey, Aon, 2017

REGIONAL READINESS

RISKS OF THE FUTURE

In regional terms, the level of risk preparedness has gone up in Asia-Pacific, in contrast to all other regions, which reported lower levels of readiness than they did two years ago.

By 2020, risk management professionals believe reputational risk will drop significantly in importance.

% OF COMPANIES PREPARED FOR THE TOP 10 RISKS

2017

2015

2013

Change from 2017

PROJECTED TOP 10 BUSINESS RISKS, 2020 Economic slowdown/slow recovery

Asia-Pacific

Increasing competition Failure to innovate/meet customer needs

North America

Regulatory/legislative changes Cybercrime/hacking/viruses/malicious codes

Europe

Damage to reputation/brand Latin America

Failure to attract or retain top talent Political risk/uncertainties

Middle East and Africa

Commodity price risk 0%

10%

20%

30%

40%

50%

60%

70%

80%

Source: Global Risk Management Survey, Aon, 2017

Disruptive technologies/innovation Source: Global Risk Management Survey, Aon, 2017

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UPFRONT

HEAD TO HEAD

Is the insurance industry overly regulated?

Regulation is a familiar and widespread bugbear for the industry – but has it gone too far? Here’s the world view

Daniel J. Kaufman

Peter J. Staddon

Alan Merten

Senior vice president H.W. Kaufman Financial Group

Managing director Managing General Agents’ Association

Financial services partner Deloitte

“Insurance industry regulation varies widely across the globe. With regard to the US, the federal government has mostly opted out of regulating insurance, with each state responsible for regulation based on local needs. It is a responsive and accountable system that relies on the expertise of individual state regulators, and it has worked well for more than 70 years.

My expectation is that the federal government will maintain a policy of minimising unnecessary regulation. While some regulation provides important consumer protections, over-regulation has the potential to limit product development or stall innovation. We will continue to advocate for a balanced approach.”

“Many would say yes, but I think there is a little more to this question. I do not believe the industry is over-regulated.

Many of the rules handed down relate to good business practice. These allow us to stand on a global stage and say that our industry is among the best in the world, and both investors and clients are protected.

Perhaps the more pertinent question is: Are we paying too much for regulation?

The answer to that is, emphatically, yes.

Intermediary costs can be equivalent to employing an additional member of staff – and in some cases, two.”

“The increased attention on conduct is placing resource pressures on the industry as it works to demonstrate the value of creating safe, sustainable products and services that highlight the industry’s duties to policyholders and are fit for purpose for the longer term.

The long-term nature of insurance relationships and the transformational changes in the industry, together with the regulatory constraints on changing insurance contracts, do create complexity for both regulators and insurers. However, both parties are determined to ensure that products, practices and behaviours maintain the best interests of policyholders, not just for today, but also into the future.”

RULES OF ENGAGEMENT Regulation has been a matter of tremendous concern to the global insurance industry in recent years, according to PwC’s Insurance Banana Skins Index, a survey that tracks the greatest risks (or ‘banana skins’) facing the industry in the near to mid-term future. However, the latest survey was the first in four years where ‘regulatory risk’ wasn’t present among the top five concerns. PwC attributes its absence to a ‘business as usual’ mindset setting in as recent regulatory upheavals – including the EU’s Solvency II initiative, which was implemented last year – become the norm.

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UPFRONT

OPINION

GOT AN OPINION THAT COUNTS? Email editor@insurancebusiness.co.uk

Blending generations As one generation retires from the industry, a quality transition is the key to professional survival, writes Scott Rogers IN 1969, Neil Armstrong and Buzz Aldrin walked on the moon, Concorde made its maiden flight and the internet was born. In 2019, scientists aim to send humans to Mars, Star Wars IX will be released, and one fourth of insurance industry professionals are predicted to retire.

Most industries experience evolutions, but are we prepared? Without a plan in place to blend generations within the workplace – and to do so quickly – the quality of an insurance agency will greatly decline.

As your workforce continues to mature in the coming years, one of the most critical business moves you can make is to focus on an effective generational transition strategy. It can be difficult to create an agency culture that is both attractive to young agents and comfortable for senior staff, but that is what we must all do in order to keep our businesses thriving. We may have been able to rely on the same great broker types for the last several decades as the pillars of our business model, but what happens when these pillars no longer exist?

If the insurance industry does not modernise, become appealing to the next generation of professionals and develop a plan to make this transition go smoothly, the years of time and effort past generations have devoted toward our industry will have been for nothing.

It’s time to focus on what’s to come instead of dwelling in the past – corporately and culturally.

How can we do this? By finding what motivates each generation and leveraging it to produce greater output. While older

generations are motivated by proving themselves through their duties, I have found that younger employees find purpose in knowing their company serves the community.

Our agency is deeply rooted in helping the local community; we believe this contributes to our overall success. We encourage volunteering and regularly extend this option during working hours. This shouldn’t just be a company belief – to be successful, it should be a personal belief.

Antiquated tendencies skewed towards

generational knowledge and share skill sets.

Encourage mentoring – no, actually require it.

By imparting knowledge from prior successes or failures, mentors can pave the way for other team members. These moments encourage continual learning and personal development for both the mentor and the mentee. The mentor–mentee relationship also breaks down judgements and barriers bred by generational differences in work style.

On that note, the success or failure of an employee shouldn’t be judged by the hours they keep but by their ability to meet or exceed core objectives. This flexibility should carry over to management styles as well. I believe that being accommodating and flexible helps motivate employees, increase productivity, reduce turnover and lower acquisition costs.

At the end of the day, most of us want the same thing: the flexibility to work in a fashion and style that allows us to be most productive; and to receive praise from other employees and management for our contributions. Recognise that while we might all have different styles of working, when it comes to defining productivity or work ethic, embrace each of your employees’ journey to reaching their full potential.

It can be difficult to create an agency culture that is both attractive to young agents and comfortable for senior staff, but that is what we must all do older generations will only add to the difficulty of combining generations within an agency.

When an employment offer is made to a new team member, you must immediately recognise and identify the value they bring to the organisation. As a management team, we look for ways to encourage and reward the unique strengths each employee brings to the table. Differences shouldn’t be thought of as hindrances, but rather as traits that provide team benefits. Instead of making employees conform, they should be encouraged to be unique. This attitude fosters a more positive work environment.

It is equally important for managers to build relationships within an agency to leverage

The insurance industry is experiencing this generational shift in an especially significant way, so it is critically important to focus on creating purpose, celebrating differences, developing relationships and remaining flexible. Being mindful of these tactics will help blend workplace generations and ensure that the insurance industry is able to continue successfully moving forward.

Scott Rogers is president of The Glatfelter Agency, a retail division of Glatfelter Insurance Group [GIG]. An employee-owned company, GIG is among the largest program managers and insurance brokers in the US.

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UPFRONT

NEWS ANALYSIS

Environmental minefield An intricate nexus of regulations around the globe is making coverage for multinational corporations increasingly complex – and under the glare of public scrutiny, the stakes are higher than ever

THE GLOBAL environmental regulatory landscape is a patchwork quilt of complexities, from the EU’s sweeping Environmental Liability Directive to the Comprehensive Environmental Response, Compensation and Liability Act (Superfund) in the US. For multinational businesses, operating in multiple countries is a balancing act that requires navigating an intimidating amount of legislation.

“From the multinational side, it’s incredibly important to make sure the policy is responding to local laws,” says Glenn O’Halloran, Chubb’s environmental risk manager for the UK and Ireland. He says

Regulation across various jurisdictions can be “wildly different”, says Neil Beresford, partner at Clyde & Co. Some markets, such as China, India and some countries in Europe, have compulsory insurance programmes in certain areas, and it’s no coincidence that those jurisdictions tend to see the highest claims activity.

Alongside this complex global landscape, there is an ever-increasing level of public scrutiny of companies – meaning the stakes are high when it comes to potential reputational damage resulting from an environmental incident.

“There’s increased pressure in how

“There needs to be a greater awareness that this is not just confined to manufacturing or oil and gas sectors – it is everybody” Neil Beresford, Clyde & Co. that at last count there were around 17,000 different pieces of environmental legislation globally. “So when businesses do have an event, it’s important to have a local contact point within the certain territory where these losses occurred and to ensure that the policy is structured appropriately for that territory.”

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[firms] operate and how they manage their environmental exposure,” O’Halloran says, explaining that this is driven in part by rising public awareness, as well as the ability of news to spread quickly in the digital age.

“Something that might have been a relatively benign issue can quickly become serious

from a reputational damage perspective.”

But despite the weight of the risks, clients typically don’t understand the extent of their environmental exposure, and among those that do, there is a common misconception that property and general liability policies will be enough to cover the majority of any losses.

“The market is in a very similar place to where D&O was, say, 15 years ago, or where cyber was five years ago, in that there’s not sufficient understanding of the generality of the risk,” Beresford says. While a great deal of work was done in the cyber market to help businesses understand that cyber exposures are not just limited to technology companies, he explains, there remains a lack of awareness in the environmental space.

“If you look at the claims data across

GLOBAL REGULATIONS AT A GLANCE

EU

The Environmental Liability Directive, which came into force in 2009, imposed new liabilities for environmental damage on many companies operating within the EU, requiring not only the prevention of damage but also restoration after an event.

US

Superfund liability legislates that any company potentially responsible for pollution may be held liable for the entire clean-up of a site, including all government costs, damages to natural resources and any human health concerns.

China

The country amended its Environmental Protection Law in 2014, heightening liabilities for wrongdoers and broadening the government’s power to crack down on noncompliance, including measures such as seizure of polluting equipment. industry sectors, you’d be surprised at how many claims are accounted for by real estate businesses, retail businesses and

environmental legislation – including the EU’s Environmental Liability Directive – the responsibility to remediate falls not just

“A multinational client must not rely upon a single master policy to appropriately insure their overseas exposure” Glenn O’Halloran, Chubb construction businesses – they’re all facing quite significant claims,” Beresford says. “So there needs to be a greater awareness that this is not just confined to manufacturing or oil and gas sectors – it is everybody.”

One aspect in particular that is not well understood is that under some

on the polluter, but the landowner, too.

“About half the cases that we see are cases where a landowner has been required to remediate for something that someone else has done,” Beresford says. “It’s the fact that the landowner is responsible for the acts of others that makes environmental

risk of such general application.”

With such a complex landscape to navigate, how are clients – especially those facing exposures in multiple territories – best supported? O’Halloran stresses that both brokers and insurers must recognise that the differing requirements in different territories create a need for local policies. Brokers should draw not only on multi­ n ational insurers’ knowledge of global environmental exposures, but also on their capabilities in providing local services to clients.

“The common theme here is that a multinational client must properly structure their environmental insurance policy to respond to unique risks in each territory,” O’Halloran says, “and they must not rely upon a single master policy to appropriately insure their overseas exposure.”

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PEOPLE

INDUSTRY ICON

SEEING BEYOND BORDERS Carol Barton, president of AIG Multinational, talks about protecting businesses as they expand their global footprint, and contemplates what’s ahead for underwriters A SEASONED insurance industry professional, Carol Barton is the global leader of AIG’s multinational division, charged with providing solutions for organisations whose business interests cross borders – an increasingly important focus in today’s rapidly evolving world.

“Twenty years ago, there were about 33,000 companies that did cross-border business globally,” Barton says. “Today, it’s probably 193,000-plus companies.

It’s almost a business imperative to be multinational, but the landscape in multinational is changing. In every country, there are different regulations, [a] different cultural environment, [and] there is different employment law. From an insurance perspective, staying current and being compliant is critical.”

AIG’s solution to these challenges, Barton explains, has been to focus on a few key areas: “What we have been doing is investing in people, processes and technology to drive insights, solutions with risk transfer and risk management capabilities, and service in a globally consistent and seamless fashion.”

The risk landscape On the subject of new and emerging risks, Barton mentions the word on everyone’s lips – cyber. “We’re seeing a huge uptick

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in take-up on [cyber insurance coverage].”

But she stresses that it’s not just about providing cyber risk transfer solutions. Also integral is assisting clients in preparing for a potential cyberattack – particularly in light of the escalation in cyber risk that’s been driven by heightened connectivity as a result of the internet of things.

“While it is a plus in many regards to have so much connectivity … it is also creating a

“For me, the biggest challenge in terms of helping our clients is to really look at some of these emerging risks, look at the fact that most of them are aggregate exposures, and then managing that in a way that we will be there for our clients when an event occurs.”

Another major challenge under Barton’s purview is contract certainty. “For multinational clients, it would be getting

“It’s almost a business imperative to be multinational, but the landscape in multinational is changing. From an insurance perspective, staying current and being compliant is critical” very porous environment where people can get in,” Barton says.

She adds that part of the challenge of cyber is the fact it’s an aggregation risk.

“It’s not just about an individual company; it’s about how many potential companies might be impacted by the same event. It’s similar to supply chain risk, which is getting ever more complicated as well as a result of the internet of things.”

Barton considers global aggregation exposure to be the greatest challenge facing the insurance industry today.

policies out in a way that gives them contract certainty when the loss occurs, and that has historically not been done,” she says. “We are very focused on a new multinational, end-to-end process where we have actually taken the work and lifted it ahead of the effective date so that we end up with policies issued on or before the effective date. We rolled that out last year, [and] we are starting to get traction.”

It’s a work in progress, Barton adds, but it’s an effort to reshape the way business is conducted. “We are very excited about

PROFILE Name: Carol Barton Company: AIG Title: President, AIG Multinational Based in: New York City Joined AIG in: January 2012 Fast fact: Prior to her role at AIG, Barton was senior vice president, chief underwriting and reinsurance officer at FM Global, where she had global leadership responsibility for all underwriting and reinsurance activities.

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PEOPLE

INDUSTRY ICON

it because it will give our clients contract certainty and meet their governance objectives as well,” she says.

Tomorrow and beyond Barton expects the role of underwriters to change in the coming years, thanks to the proliferation and exploitation of information.

“The availability of data and our enhanced ability to start to collect data and use it in a way that can inform underwriters should really help with the risk selection and underwriting process,” she says. “One of the trends we are seeing is the ability

will work more as a team to provide holistic solutions versus staying in their product silo.”

In times ahead, Barton also foresees underwriters will have increased interaction with clients. “I think underwriters will be interacting more with brokers and clients … and [there will be] a lot less focus on administrative, transactional, non-valueaccretive-type activities. I think it will be a lot of fun – it will be even more interesting than it is today.”

In looking towards the future, Barton also emphasises the ongoing importance of the broker channel to AIG.

“We obviously see our broker partners as very critical and important, and we are always looking for continuous improvement opportunities and for feedback from them” to take claims data and use that for both underwriting risk selection and to help the client understand exposures that threaten their business, thereby allowing them to drive down their long-term cost of risk.”

She also emphasises the significant role data can play in helping underwriters – and their clients – learn from losses. “The ability to share knowledge and understanding is critical, and insurance carriers are uniquely positioned to deliver … I think more and more, with technology, we will be able to do a better job at that.”

Barton also anticipates that the future will bring greater appraisal of risk from a holistic perspective.

“I think we have grown up as a very productoriented company – you had property people, casualty people, financial lines people … and now I see that coming together in a more holistic view,” she says. “You will still have your expertise, but I think underwriters

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“We obviously see our broker partners as very critical and important, and we are always looking for continuous improvement opportunities and for feedback from them on how we are doing [and] what we can do differently … and then how they can support us, because a relationship is two-way.”

As for the year ahead, Barton is focused on AIG’s global goals, including delivering on the two-year targets the company set in its January 2016 Strategic Update.

“We are well on the way to delivering on that plan,” she says. “We have released $18bn to our shareholders. Our goal is $25bn over the two-year period, and we have every intention of returning the rest and achieving that target, as well as the other goals that we publicly stated.

We are committed to continuing to really sharpen our focus and being sure to work with clients where we can add the most value.”

AIG BY THE NUMBERS

1919

Year when AIG was established by Cornelius Vander Starr, who started an insurance agency in Shanghai, China, under the name American Asiatic Underwriters

1953

Year when AIG’s first office opened in the UK

90 million

Number of AIG customers around the world

56,000

Approximate number of AIG employees worldwide

US$11.31bn

AIG’s revenue for the first quarter of 2017

UPFRONT

SME

Helping SMEs avoid underinsurance Whether it’s professional indemnity or cyber, SMEs need brokers to highlight the real dangers they face THE SME sector is exploding in the UK. Statistics from the Federation of Small Businesses show there were 15.7 million people employed by small and medium-sized enterprises in the UK in 2016, and they now make up 60% of all private sector employment.

However, while there has been a rush to establish new SMEs, there hasn’t always been an accompanying dash for SME insurance – many businesses are seriously underinsured in a host of key areas, most notably professional indemnity (PI) and cyber.

In an increasingly litigious world, businesses must be prepared when it comes to the potential of facing PI claims, which can be costly and time-consuming. PI cover will protect SMEs against claims for financial loss arising from negligent advice, designs, or specifications given in the course of their business. However, while some professions are obliged to take out PI cover as part of their industry body’s regulatory requirements, many aren’t – and those that don’t take out insurance risk leaving themselves exposed.

“There’s often some confusion over whether a public liability policy might cover professional indemnity exposures – which it doesn’t,” Jim Gaskin, financial lines manager at Zurich UK, told Insurance Business.

Cost can also be an important factor leading to PI underinsurance, as SMEs facing rising costs in many areas look to cut corners.

“They either don’t recognise that they have an exposure, or perhaps they think it’s

a one-in-a-thousand-year event and it’s not worth the cost,” Gaskin continued. “For those individuals, particularly one-man operations or very small businesses, they may not recognise that they have this threat, because it hasn’t yet happened to them. But it only takes one complex issue to take up all the management time for a small SME, which typically doesn’t have sophisticated resources, or legal and compliance departments like

businesses the worst hit at 23%. And 21% of the affected SMEs said the breach cost them more than £10,000, while 11% reported costs of over £50,000.

However, not all SMEs are planning to allocate a lot for cybersecurity, even with the heightened risk of being attacked. The survey of more than 1,000 UK SMEs found that 49% intend to spend no more than £1,000 on their cyber defences in the next 12 months. Some (22%) don’t even have an amount in mind.

“The results suggest that SMEs are not yet heeding the warnings provided by large attacks on global businesses,” said Paul Tombs, head of SME proposition at Zurich. “It’s important to remember that small and medium-sized businesses need to protect themselves, too.”

The Borough Market terror attack in June left many small businesses in the area struggling as they were forced to temporarily close and were hit by reduced traffic in the wake of the event. Yet 43% of UK SMEs have no contingency plans for a crisis or don’t know what those plans are, according to a report commissioned by Arthur J. Gallagher.

“If you look at a lot of interviews following

“They either don’t recognise that they have an exposure, or perhaps they think it’s a one-in-a-thousand-year event” large companies have, and that can really threaten the business.”

Without PI cover in place, companies are left to handle claims on their own, and even where allegations are unfounded, the defence process can be lengthy and draining on resources. To help ensure that clients are adequately protected, brokers and insurers should encourage clients to weigh up the potential cost of facing a claim, versus the relatively low cost of a PI policy – for which premiums have come down considerably in recent years due to increased competition.

PI isn’t the only area brokers should be highlighting. The latest Zurich SME Risk Index found that 16% of British SMEs suffered a cyberattack in the past 12 months – London

[the Borough Market attack] … there are some small businesses there that are extremely stressed as a result of their lack of insurance or lack of knowledge of insurance,” Paul Bassett, managing director of Gallagher’s crisis management practice, told Insurance Business.

Some media coverage in the aftermath of the attack claimed that there were very few solutions on the market for small businesses – ignoring the coverage that was available – which Bassett said was not helpful. “That’s not as accurate as it could be. It proves the education point in my mind,” he explained.

Now the emphasis is on brokers to ensure their SME clients don’t fall through a similar education gap – and that they’re suitably insured when the unavoidable happens.

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FEATURES

SPECIAL REPORT: YOUNG GUNS 2017

YOUNG GUNS 2017

These 26 rising stars represent the vanguard of the UK’s insurance industry IN TODAY’S competitive market, remaining relevant in a pool of immense talent can be quite a challenge. Yet these 26 young professionals have risen above the pack by bringing a unique blend of 21st century moxie and old-school work ethic to the UK’s insurance industry. Whether they are a broker, underwriter or executive, they are calling the shots and taking charge of their careers even at their young age.

Nominations from companies and brokers around the nation were narrowed down to this list of young men and women who have already made their mark in the business. You will read about an industry innovator who developed the market’s next best flood product, a terrorism expert who has expanded her reach across nations and continents, and a millennial who is digitally transforming the way consumers purchase coverage. Collectively, these individuals – all aged 35 and younger – are inspiring peers around them with their expertise and passion for the industry.

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CALVIN GRAY Sales director, specialty and wholesale, global risk solutions RSA Age: 32

Calvin Gray is the sales director for a circa £300m-turnover specialty and wholesale division in RSA. Since he assumed the position early this year, the division is on pace to generate a significant underwriting profit for the RSA Group while achieving circa 5% top-line growth.

One of Gray’s aims while in this role is to achieve the success he had with RSA’s marine sales across UK and Europe from 2013, during which he was instrumental in turning around the sales strategy across all UK regions and five European markets, thus enabling the marine business to grow and perform strongly amid difficult market conditions. Gray also played an invaluable role in reshaping the marine business into a single cohesive unit – from having three different teams with their own specialisms and individual processes, the marine business is now identified internally and externally as a single London market marine unit and, subsequently, a single specialty and wholesale division.

As sales director, Gray has been key in driving a sales and relationship management ethos for RSA’s London market operations, which prescribes a holistic view of broker relationships and support across marine and specialty and wholesale units, and proper identification of portfolio penetration and appropriate leveraging. This has resulted in enhanced underwriter/broker relations and increased proactiveness on the part of RSA in seeking business with brokers.

Outside his regular work, Gray is a keen sportsman and has taken part in several fundraising activities, including the Great North Run and a Team Lifeboat Pull, where he and his RSA teammates hauled 37 tonnes to raise money for the Royal National Lifeboat Institution. As a leader, he is very supportive of RSA’s recently awarded chartered insurer status and encourages his team to take advantage of the training and study opportunities this presents.

YOUNG GUNS INDEX COMPANY

PAGE NAME

COMPANY

PAGE NAME

Admiral Insurance

21 Thomas Avon

Hiscox

16 Will Bales

Advent Underwriting

19 Laura Goldsworthy

International General Insurance (IGI)

14 Craig Curtiss

Allianz

14 Samantha Watson

Isca Barum Insurance Brokers

20 Jess Kingsland

AmTrust at Lloyd's

17 Jonathan Beer

Marsh

22 Oliver Ferrari

ArgoGlobal

15 Luke Birtwistle

Professional Insurance Agents

22 Ross Lewis

Asta

17 Clare Barley

R&Q Commercial Risk Services

21 Kieran Leaver

Asta

18 Richard Barke

RSA

13 Calvin Gray

Aviva PLC

22 Gavin Fraser

Stanmore Insurance Brokers

22 Jenny Hyde

CFC Underwriting

18 Lindsey Nelson

Swinton Business

21 Lauren Cooper

CLS Risk Solutions

16 Phil Jarvis

Touchstone Underwriting

14 Simon Bell

Covéa Insurance

16 Holly Rome

UK General Insurance Group

20 Ryan Gill

Ed

22 Rob Hough

Zurich Financial Services

17 Afshan Iqbal

Hiscox

20 Daniel Alpay

Zurich Financial Services

18 Matthew Clarke

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FEATURES

SPECIAL REPORT: YOUNG GUNS 2017 SAMANTHA WATSON Senior partnerships manager ALLIANZ Age: 33

Since joining Allianz in 2013, Sam Watson has played a significant part in a number of programmes and undertaken a variety of roles, having been promoted year after ADVICE FOR YOUNG PROFESSIONALS year. Watson first served as new business controller for the company’s direct SME “Be honest and be brave. Be honest business brand. She took on the role of enough with yourself about what you enjoy (and what you don’t), and operations manager in 2014 and led a be brave enough to keep pushing major transformation project that sought to forward. If we spend 80% of our deliver within 18 months new systems and lifetime at work, we had better enjoy it products, organisational structure, branding whilst we’re there...” and culture. In 2015 she was promoted to senior operations manager, which entailed increased FTE and revenue responsibilities and placed her in the midst of a project involving a business acquisition and merging of operational set-ups.

Watson became managing director of Allianz Business Services Ltd in 2016, and was nominated for the ‘business growth engine’ award. Currently, as senior corporate partnerships manager, she provides strategic oversight for the development of Allianz UK’s corporate partnerships across multiple product lines.

Watson started her career in banking in 2001 as trainer, specialising in anti-money laundering, suspicious transactions and high-volume transaction services. After leaving the banking sector, she went on to join a large outsourcing organisation and, by the age of 21, she was leading a 240-employee contact centre operation servicing a high-profile UK consumer broadband and network services brand. She also worked with companies engaged in debt recovery and in infrastructure design and manufacturing before finally becoming part of the team at Allianz.

CRAIG CURTISS Class underwriter INTERNATIONAL GENERAL INSURANCE Age: 30

Craig Curtiss has been working in the insurance sector since he was 18 and has gained over 10 years’ experience within the industry, covering UK property, marine liability and, most recently, political violence. He took over the book of business for the political violence line at IGI at age 27, and over the past three years he has managed a portfolio with an annual gross written premium of US$16–17m and oversees a team of eight staff in four different countries.

Curtiss greatly appreciates how IGI has demonstrated full trust in his ability and expertise, helping his progression and that of other young talent within the company. As a result, he has consistently shown commitment that goes above and beyond the call of duty. In order to maintain strong relationships with his political violence clients, Curtiss frequently travels to territories with challenging geopolitical conditions, ranging from Colombia to Pakistan and everywhere in between.

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SIMON BELL Senior underwriter, property and commercial TOUCHSTONE UNDERWRITING – SEVENTEEN GROUP Age: 34

After stumbling into the world of insurance at age 20, starting with the commercial motor and fleet sector in Ireland, Simon Bell moved to London to head up a new commercial underwriting team. Several successful years later, he leapt at the opportunity to move to Touchstone Underwriting.

Since joining Touchstone, Bell has played a pivotal role in the property and commercial team’s year-on-year growth, which has seen a 25% increase in gross written premium for last year alone. This is matched by bottom-line profitability, giving a combined operating ratio of 80% circa five years ago. His customer-centric focus, tenacity and willingness to explore all options to deliver bespoke solutions have contributed to Touchstone Underwriting being voted one of the top-rated MGAs in the country.

Bell is an active committee member of his local Insurance Institute, where he engages younger members and helps organise training and workshops for all fellow members.

Outside of insurance, Bell is an army reservist and keen gardener, and greatly enjoys following the Northern Ireland football team, having hung up his own rugby and sprinting shoes some years ago.

LUKE BIRTWISTLE Casualty treaty underwriter ARGOGLOBAL Age: 30

Before joining ArgoGlobal in 2016, Luke Birtwistle was with Canopius Group, where he served as assistant underwriter for international casualty treaty reinsurance. In this role, he worked on London market and international business across a range of classes, predominantly on an excess of loss basis, including professional and environmental liability, workers’ compensation, professional indemnity, D&O, financial institutions, medical malpractice, motor, retrocession and STXL lines.

Since becoming part of the company, Birtwistle has already made quite an impact across the business. He has been instrumental in the revamping of pricing models, and has developed a broader international scope to the established book and introduced a number of cross-class initiatives to provide clients with a more comprehensive offering. He has also expanded the team’s network of brokers, strengthened existing broker relationships and identified areas of potential growth.

Outside of work, Birtwistle is a participating mentor of the Tower Hamlets mentoring scheme, which provides guidance to young persons through monthly one-on-one coaching sessions. He is a keen cyclist and participated in a 360km bike race in 2015 to raise money for the children’s heart surgery fund, finishing as one of the top 5% of fundraisers on ‘Just Giving’ that year. More recently, he has started training for an Ironman triathlon in July 2018 in order to continue raising money for the fund and also for Mind, a mental health charity.

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FEATURES

SPECIAL REPORT: YOUNG GUNS 2017 WILL BALES Group digital manager HISCOX Age: 31

PHIL JARVIS Senior underwriter CLS RISK SOLUTIONS Age: 27

Phil Jarvis began his career in insurance in 2013 as an assistant underwriter for CLS, after graduating with a Bachelor of Laws degree. During his initial year at CLS, he developed a great understanding of the legal indemnity market. Jarvis also demonstrated a natural flair for underwriting the varying risks associated with property transactions. Combining the technical knowledge gained through his degree in law with his commercial acumen, he quickly developed into a highly skilled underwriter.

A key responsibility of Jarvis’s current role as senior underwriter is acting as a focal part of the underwriting team and the ‘go-to guy’ for complex matters from both his peers and clients, given his ability to create innovative and bespoke solutions.

He is also responsible for overseeing and managing the fast-expanding team of underwriters, as well as leading on all UK and Europe Contingency products.

Jarvis has been instrumental in the leading and progressing of the Rights of Light product at CLS, which is now a multimillion-pound book of business every year. He is always keen on embracing new ideas and not afraid to take on a challenge, which has resulted in the creation of new products, such as dispute and contingency solutions, which allow CLS to focus on applying new methods.

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As a member of the group digital team, Will Bales’s role is focused on driving digital transformation projects for the broker and direct businesses across Hiscox’s global markets. His role is incredibly varied, involving projects such as redesigning and rebuilding multiple websites, setting the digital strategies for areas of the non-retail business, and providing strategic advice and training concerning social media to people across the Hiscox Group.

Bales joined Hiscox in 2014 after working in digital marketing across a range of industries including FMCG, a tech start-up and the charity sector. He also had a stint running his own search engine optimisation (SEO) consultancy. Bales has been nominated for Marketing Society’s ‘Ones to Watch’, a programme featuring the next generation of marketing leaders. He advises young professionals like him to be eager to take the next step and move forward: “Never be afraid to branch out, take every opportunity to travel, gain extra experience and learn new skills that come your way.

Insurance is changing rapidly and the skills and the roles required by the business are too. Secondly, find a good mentor, be it within the company or externally. Learning from someone with those extra years in the industry can be invaluable.”

FUN FACT Bales grew up in rural Yorkshire Wolds and learned to ride horses from about the time he could walk. He has competed in cross-country and show jumping at a district level. He is also keen on trekking, and has completed the 100km Argentinato-Chile Trans-Andes Trek to raise funds for The Princes Trust.

HOLLY ROME Product owner COVÉA INSURANCE Age: 24

Holly Rome joined Covéa Insurance’s graduate programme in 2013 and found opportunity and fulfilling work within the IT department, where she was able to contribute to the successful launch of the company’s direct motor brand through the entire development process of the product’s customer-facing website. Rome became part of a small in-house web team, which allowed her to learn quickly and extensively about e-commerce and eventually led her to the role of IT business analyst.

Since then, Rome’s career has advanced rapidly. She was one of the first to adopt an agile style of working which helped the business develop and evolve at a faster pace. Of the various projects she has worked on, the most significant one thus far has been the implementation of a brand-new self-service feature that allows customers to make their claim online. At present, Rome oversees five degree apprentices in software and web development, and serves as product owner for two other teams.

AFSHAN IQBAL Intermediary account manager ZURICH FINANCIAL SERVICES Age: 29

JONATHAN BEER Underwriter – specialty reinsurance AMTRUST AT LLOYD’S Age: 26

CLARE BARLEY Chief risk officer ASTA Age: 34

Clare Barley is one of the youngest CROs in the London market and the youngest board member in Asta’s history. She worked as an actuarial consultant for eight years before joining Asta’s risk team in 2014 as a risk manager. Six months later, Barley was promoted to deputy chief risk officer, before finally becoming chief risk officer in 2016.

As an ambitious and talented actuary, Barley has found success through combining exceptional technical understanding with the ability to build in-depth relationships with clients.

She has worked across all areas of risk management at Asta, with particular focus on the Own Risk and Solvency Assessment process and internal model validation. She currently oversees and mentors a team of four, and is responsible for managing and developing Asta’s integrated risk framework and functions, as well as its nine managed syndicates.

Barley is chair of the Actuarial Profession Emerging Risk Working Party and is currently producing a paper for the profession, designing a pragmatic framework for managing emerging risks.

Beginning his career after studying economics and finance at Loughborough University, Jonathan Beer’s first insurance role was at ANV (later acquired by AmTrust) in November 2012 as an underwriting assistant for the specialty reinsurance team. He found the analytical and numerical aspects of insurance well suited to his skill set, while the face-to-face and relationshipdriven aspects of underwriting made the industry a more attractive option than other financial services.

Since Beer joined the specialty reinsurance unit, the team’s book has grown considerably, from being a predominantly marine and energy reinsurance business to covering terror, composite, space and engineering (run-off) businesses. It has also more than doubled in size since 2012 in terms of premium income. As a result of his contribution to the team’s success, Beer has been promoted twice, becoming assistant underwriter in October 2014 and underwriter in April 2017.

Beer completed his ACII in May 2015 and is a graduate of the LMA Academy. He is an active sportsman and is currently waiting for confirmation of his place in the 2018 London Marathon, during which he will be running for the National Autism Association.

After receiving a first class degree in psychology with honours, Afshan Iqbal went on to obtain an MSc in Management. She has worked hard to achieve academic success and hopes her career can mirror this success.

Iqbal began her career in financial services over six years ago and found it a fulfilling path to take: “I realised just how much I enjoyed interacting with various people across different levels of a business.

I was able to utilise my strong people skills in building relationships with my key stakeholders.”

Iqbal joined Zurich just over two years ago, initially providing platform support to intermediaries. She was immediately recognised as Consultant of the Year in her first year, having demonstrated extensive knowledge of the Zurich Platform and dedication to providing excellent service and support all around, whether for the intermediary accounts or the sales teams within. “Her approach was very open, friendly, and ‘can do’, with an ability to put across the more technical aspects of the platform to advisers without being patronising,” says a colleague.

Now an account manager, Iqbal has been able to create real interest in Zurich’s proposition for new accounts and remains thoroughly committed to supporting her customers by keeping to a fast learning curve, efficiently processing information and identifying areas and action steps.

“Afshan hit the ground running the moment she joined the business and has been a stand-out individual ever since.

She regularly receives high praise from clients and is an ambitious and bright star for Zurich UK,” says CEO Tulsi Naidu.

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FEATURES

SPECIAL REPORT: YOUNG GUNS 2017 LINDSEY NELSON International cyber team leader CFC UNDERWRITING Age: 31

Following university, Lindsey Nelson thought insurance would be a stopgap move before quickly realising it would be a fitting permanent career. Having worked for the likes of W. R. Berkley and Chubb Insurance in Canada over several years, she has since dedicated her career in the industry to writing technology and cyber risks, leveraging her international and teaching experience to educate the broker community about the risks industries face in these emerging sectors.

Since moving to the UK in 2016 and joining CFC as the international cyber team leader, Nelson has been instrumental in the growth of the company’s international cyber portfolio across Canada, the UK and Australia, and has positioned herself as a highly respected speaker and market commentator, involved in multiple industry events in the UK and internationally.

When asked about what contributes to her success, Nelson largely credits the teams she’s been surrounded with. “Being fortunate enough to work with a great group of professionals who are driven to do their best every day is highly encouraging, and having a company that supports growth and creativity in everything we do is a large part of that.”

When not travelling with friends or on business, Nelson is actively involved with several charitable organisations for breast cancer research and young mentorship programmes in Canada, and hopes to continue those efforts on this side of the pond.

MATTHEW CLARKE Head of digital distribution ZURICH FINANCIAL SERVICES Age: 33

Matt Clarke’s innovative and customer-centric approach has taken Zurich into new markets, as seen in early engagement and technical integration conversations with the new digital banks. He has forged close working relationships with strategic distribution partners and harnessed his experience and expertise to better align the cross-product communication strategy within the company, resulting in more and better opportunities to speak to customers across various products.

Through Clarke’s efforts, Zurich’s digital distribution footprint has doubled, and there has been a 70% increase in customer conversion and a 56% increase in APE year-onyear for 2015/16. The cross-pollination of best practice across all of Zurich’s verticals has generated opportunities outside of Clarke’s immediate remit, with direct marketing opportunities now being deployed across various channels in the business.

Clarke’s support in building Zurich’s customer journey has received tremendous external feedback: “It is superior to others in terms of technical capacity, customer engagement and ease of purchase, yet does not sacrifice rich underwriting capability. Truly market-leading and innovative.”

Clarke is also an active member of the Zurich Community Trust team and contributes to its fundraising efforts for charities by participating in activities such as the Great North Run.

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RICHARD BARKE Chief actuary ASTA Age: 35

Since joining Asta in 2011, Richard Barke has played a key role in developing the Solvency II processes for both the actuarial team and the wider business. To date, Barke has successfully implemented approved capital models for 12 syndicates and three SPAs, balancing an efficient and consistent general approach with the need to recognise and incorporate individualities of each syndicate under Asta’s management.

The key to Barke’s success is in balancing technical and mathematical expertise with effective personal judgement. He has proven his ability to make considered judgements and successfully communicate these to the wider management team, and has been key to cementing Asta’s position as the leading third-party managing agency in Lloyd’s.

Barke started his insurance career as a graduate actuary at KPMG in 2003 before moving to Aspen Re as a reserving actuary in 2007. He joined Asta in 2011 and was promoted to deputy chief actuary in 2013 and chief actuary in 2015. Barke’s current responsibilities include the full range of traditional actuarial activities such as pricing, reserving and capital modelling. He has built a team of 16 actuaries, student actuaries and technical specialists and was responsible for more than 125 major deliverables across the client base last year.

LAURA GOLDSWORTHY Head of political violence and terrorism ADVENT UNDERWRITING Age: 32

Laura Goldsworthy joined the insurance industry in 2007 as a member of Arch Insurance Europe’s Exposure Management team, before moving to terrorism underwriting a year later. In 2011, she was promoted to head of the division. Recognising the potential within the political violence market, she encouraged the board to broaden the parameters of its established terrorism book and move the portfolio into new territories before moving to Advent Underwriting in 2013.

Now the head of political violence and terrorism at Advent, after less than a decade in the market, she has consistently demonstrated her ability to recognise market trends, and to work with brokers, carriers and clients to break new ground in challenging territories. Goldsworthy has already created an immensely popular new product for the Middle East, launched a consortium in Latin America, and is opening up new markets in Africa by developing products to fill coverage gaps for SMEs, generating previously untapped streams of revenue.

Hers is already a remarkable career of innovation-inspired expansion that challenges the borders of insurability and she has firmly established herself as one of the market’s future leaders.

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FEATURES

SPECIAL REPORT: YOUNG GUNS 2017 DANIEL ALPAY Line underwriter HISCOX Age: 29

From the time he joined Hiscox’s graduate scheme in 2009, Daniel Alpay has quickly asserted himself as one of the company’s finest underwriters.

Beginning his career as a catastrophe modelling analyst, Alpay has progressed his way through the organisation to achieve his current position as line underwriter for flood and household.

He leads a team of five underwriters and has helped grow the flood book of business to a position in which Hiscox is now one of Lloyd’s ‘go-to’ markets for US flood cover.

Alpay was instrumental in spotting the opportunity from the recent lowering of barriers to entry to the US flood insurance market. He spearheaded the development of Hiscox’s FloodPlus product, which has already won a Lloyd’s Innovation award. Since its launch, FloodPlus has generated US$7.5m in new written premium, offering broader, quicker and often cheaper coverage than those available from the US National Flood Insurance Program (NFIP), while also being underpinned by a better claims process.

Alpay is a natural problem-solver keen on overcoming objections and bringing solutions, and has a talent for pulling together functions from within Hiscox, including catastrophe modelling, underwriting, claims, IT, as well as third parties such as brokers and modelling vendors, in order to come through with the best possible products for clients.

He is determined to continue expanding Hiscox’s offerings, working on plans to launch a commercial FloodPlus product and a dedicated product that’s broader than NFIP for coastal properties through FloodPlus Coastal.

JESS KINGSLAND Commercial branch manager ISCA BARUM INSURANCE BROKERS Age: 25

At just 25 years of age, Jess Kingsland has already accumulated eight years of insurance experience since joining Isca Barnum Insurance Brokers’ apprenticeship scheme in 2009. In just six years Kingsland became commercial branch manager with a team of four reporting to her, and today she is responsible for 80 clients as a broker and 220 clients as an account executive supporting the firm’s key client director.

Also, in the past six months, premium income for Kingsland’s clients increased by over £12,000, while her office experienced more than 6% growth in

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the first quarter of this year.

Kingsland has been instrumental in Isca Barnum’s Insurance Act compliance working party, utilising her knowledge to help guide team members to deliver the best processes for clients and staff. She has also committed herself to continuing education – she is currently working on earning her Dip CII. In recognition of her dedication to the industry, Kingsland received the David Grimley Award for Young Professional of the Year in 2015 from the Chartered Insurance Institute.

FUN FACT Jess participated in a 55-mile sponsored walk to raise money for the chemotherapy unit at her local hospital.

RYAN GILL Chief finance officer UK GENERAL INSURANCE GROUP Age: 34

Ryan Gill is chief finance officer at the multi-award-winning UK General Insurance Group, the country’s largest specialist managing general agent. In the course of his career with the company, UK General has grown its gross written premiums from £130m to £380m, and Gill has been instrumental in this growth, culminating in the recent acquisition by UK private equity house JC Flowers, in which he was heavily involved.

Within his first 12 months as CFO, Gill was able to raise £15m of external financing, which enabled the business to not only repay its long-term shareholder debt but also invest in growth initiatives, including technology and distribution capabilities needed to expand UK General’s product and multi-channel offering. He has built a reputation among colleagues, investors and stakeholders for his innovative and commercial approach to problem-solving and strategic vision.

Seeing the immense need for the insurance industry to embrace change and innovate, Gill has played a lead role in guiding UK General’s evolution to becoming a virtual insurer, challenging the traditional insurer model by removing unnecessary costs from the value chain, and driving better value for customers through combining underwriting excellence with first-class capacity and capital.

LAUREN COOPER Commercial account handler SWINTON BUSINESS Age: 27

While working at local broker Thomas & Co, Lauren Cooper dedicated her time and efforts to creating and maintaining schemes with insurers for specialised wheelchair-adapted vehicles. “My passion ADVICE FOR YOUNG PROFESSIONALS “Be ambitious and never give up on your goals. It may seem like you’re standing still at points, but these slow times are a respite before it all takes off again, but most importantly stay true to yourself, because this is what people respect and respond to.”

for this was fuelled by the unfair prices disabled people were forced to pay in order to insure an adapted vehicle, due to their disability,” she explains. Additionally, while at Thomas & Co., Cooper took time to learn the System Service Processor (SSP) computer system and worked with SSP to improve issues she identified. To this end, she arranged for Thomas & Co. to be placed on a separate server for piloting processing, which ultimately allowed the company to assist other brokers who were affected by major SSP outages.

Recently, Cooper joined Swinton Business as a commercial account handler, where she is already “exceeding expectations and is level with people who have been in a similar role for much longer,” says a peer.

When she is not working on insurance, Cooper enjoys outward bounds pursuits, and has previously travelled on missionary trips to Zambia, Angola, Madagascar and Mauritius.

KIERAN LEAVER Underwriter R&Q COMMERCIAL RISK SERVICES Age: 23

Four years ago at the age of 18, Kieran Leaver joined R&Q Commercial Risk Services as an administrative assistant, and he has since climbed the ranks to become one of the firm’s lead development underwriters with full underwriting authority.

As well as his advancement within the firm in a few short years, Leaver has also established new and existing market relations with brokers and insurers and helped develop and launch a number of schemes/products, including R&Q’s online quote and bind facility, Mi-Binder, for partner brokers – all of which have contributed to the company’s tremendous profitable growth and excellent loss ratios.

Also, earlier this year Leaver was selected for the MGAA Development Day at Lloyd’s of London.

THOMAS AVON Procurement officer ADMIRAL INSURANCE Age: 29

A former design engineer, Thomas Avon spent the early years of his professional career working on projects ranging from plastic factories in Southeast Asia to motion control performances at Olympic opening ceremonies and set control for West End musicals. This unique background has given Avon a strong foundation in “defining and rebuilding processes as well as delivering projects that must work the first time, on time”, he says.

Now as procurement manager at Admiral Insurance, Avon focuses on the modernisation of the firm’s supply chain that interacts with customers.

In the last year, Avon aimed to build strategic relationships with suppliers with proclivity for new technology as well as an understanding of Admiral’s progressive philosophy. “I have a firm belief that online methods of interaction and machine learning tools are of benefit to both customer and business,” Avon says.

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FEATURES

SPECIAL REPORT: YOUNG GUNS 2017 GAVIN FRASER Technical underwriting delivery and change manager AVIVA Age: 32

ROB HOUGH Divisional director – financial and political risk ED Age: 35

Having entered the industry in 2005, Rob Hough has proven himself to be exactly the kind of forward-looking, intuitive broker that the London market needs. He entered the industry through a broker’s graduate programme, and then spent five years running a mutual for Regis Mutual Management. Finding himself drawn to the political risk market, Hough partnered with a friend to set up a political risk operation at London broker NMB, which grew to a team of eight. When NMB’s parent company Cooper Gay was transformed into Ed, Hough took over the team after it was pared down to just two people.

Hough has been enthusiastically entrepreneurial in his leadership role, welcoming all the changes that have happened along the way. He has focused on bringing in new business, with much success, and on gaining traction through a combination of his own efforts and Ed’s reinvented approach to global broking. As a result of his vision, management approach and high-octane energy, the team is set to reach the same brokerage income that was once achieved by a team four times larger and is looking to achieve much greater profits this year.

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Starting his insurance career in underwriting with Aviva at the age of 20, Gavin Fraser has spent the past 12 years improving his trade and expertise, leading him to his role today as technical underwriting design and change manager within Aviva’s Commercial Digital Trading team. In this position, Fraser is responsible for the technical underwriting specifications that underpin the Aviva SME Digital proposition, while also being accountable for providing input and influence over the firm’s digital ambitions in commercial business, identifying opportunities to broaden digital offerings and enhance profitability.

“Where I see Gavin’s innovative strength is in his ideas to trade insurance differently.

Insurance can be a topic full of jargon and complexities making it difficult for customers to understand what they are buying and,more importantly, not buying. Insurance is designed to remove the fear of uncertainty for a customer ... the method in which they purchase it is therefore extremely important and has to be as easy as possible,” says a peer.

JENNY HYDE Scheme manager and account executive STANMORE INSURANCE BROKERS Age: 29

Jenny Hyde joined Stanmore Insurance Brokers in 2008 as an administrator, and throughout her time at the firm, she has taken an active role in her own personal development to progress to an account handler, account executive through to her most recent appointment as scheme manager for dot2dot Nursery Insurance. Following the transfer of the scheme to a new insurer, Hyde took a major role in developing a new policy wording alongside insurers, working tirelessly to devise a wording that fit the scheme’s nursery clients.

Since January 2017, Hyde has taken on the additional responsibility of managing the dot2dot staff, utilising her psychology degree and lessons learnt at her Zurich Leadership course to introduce performance profiling and 1:1 coaching, which has made a significant difference to staff performance.

OLIVER FERRARI Broker, Marsh Managing Agency Wholesale and North American Property MARSH Age: 27

Oliver Ferrari started out at Marsh as a graduate trainee within the Private Clients division where he was responsible for placing and managing fine art, classic cars, bloodstock, yachts and estate risks. In January 2017, he moved to Marsh’s International Wholesale Placement Division, specialising in North American business and placement for Marsh Managing Agency.

Ferrari was responsible for starting up the Marsh Young Professionals and was also invited to join BIBA’s Central Regional Committee where he was appointed as chairman, a position he held for two years.

Ferrari received BIBA’s 2017 Young Broker of the Year award.

ROSS LEWIS Managing director PROFESSIONAL INSURANCE AGENTS LIMITED Age: 25

In just the four years that Ross Lewis has been in the insurance industry, he has already earned two promotions within a two-year span, most recently promoted to managing director at Professional Insurance Agents Limited (PIA). At PIA, Lewis developed and implemented a strategy that grew a poorly performing book of business by over 500% in less than three years; something Lewis remains highly proud of as “it helped our clients access broader coverage and better rates”, he says. In addition, he developed PIA’s broker network in the UK and internationally, helping brokers initiate and expand their online trading capabilities.

Currently, Lewis leads a team through a fairly complex field and hopes to achieve ISO 27001 compliance for PIA. He also manages a newly introduced online referral scheme with an insurer, which has enabled more clients to purchase insurance online. As one peer describes, “Everyone in the business has nothing but respect and admiration for Ross and he is constantly contributing to turn our company into an industry powerhouse, managing to do it while earning respect in the industry.”

Outside of insurance, Lewis enjoys running and racing for charity events and travelling the world to watch major boxing events.

ADVICE FOR YOUNG PROFESSIONALS “Dismiss the common perceptions of the insurance industry being dull, boring and usually call centre related. If you work hard, always find the time to network and learn from your mistakes, and you will have the foundations in place for a long and successful career and will have a great amount of fun in the process.”

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GROW YOUR BUSINESS WITH PACKAGES DESIGNED FOR SMEs

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ZURICH INSURANCE. FOR THOSE WHO TRULY LOVE THEIR BUSINESS.

Zurich Insurance Plc is a public limited company incorporated in Ireland. Registration No. 13460. Registered Office: Zurich House, Ballsbridge Park, Dublin 4, Ireland. UK Branch registered in England and Wales Registration No. BR7985. UK Branch Head Office: The Zurich Centre, 3000 Parkway, Whiteley, Fareham, Hampshire PO15 7JZ. Zurich Insurance plc is authorised by the Central Bank of Ireland and authorised and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our authorisation by the Financial Conduct Authority are available from us on request. Our FCA Firm Reference Number is 203093.