Insurance Business UK 3.04

INSURANCEBUSINESS.CO.UK ISSUE 3.04

2018

YOUNG GUNS These 24 professionals are leading the industry toward a bright new future THE INDUSTRY’S NEW DISRUPTION

Do on-demand products represent the future of insurance?

MODERN CITIES, MODERN THREATS

From market crashes to cyber attacks, the biggest risks facing cities worldwide

RISK MANAGEMENT IN THE #METOO ERA

Help your clients navigate the new exposures the movement has brought to light

Practically every aspect of rail transportation is set to be transformed over the coming years.

Prepare your business with a combined policy from QBE. Tailored to your requirements

By Empowered underwriters With Specialist knowledge And Risk management as standard

QBE. Our business is knowing yours.

See the future of insurance at qbeeurope.com/innovation

UPFRONT

EDITORIAL

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EDITORIAL Editor Paul Lucas Journalists Alicja Grzadkowska, Lucy Hook, Libby MacDonald, Bethan Moorcraft, Heather Turner Editorial Researcher Hannah Go Production Editor Clare Alexander

CONTRIBUTORS Shawn Ram

ART & PRODUCTION Designer Joenel Salvador Production Manager Alicia Chin Traffic Manager Ella Dayandante

SALES & MARKETING Vice President, Sales John Mackenzie Business Development Director Luther Rahman Sales Manager Dane Taylor Mktg & Comms Manager Lisa Narroway Marketing Executive Emma Kemmery

CORPORATE Chief Executive Officer Mike Shipley Chief Operating Officer George Walmsley Managing Director Tim Duce Chief Information Officer Colin Chan Human Resources Manager Julia Bookallil

Editorial enquiries editor@insurancebusiness.co.uk Subscription enquiries subscriptions@keymedia.com Advertising enquiries luther.rahman@keymedia.com

Key Media International Limited Aldgate Tower, 2 Leman Street, London E1 8FA, United Kingdom tel: +44 20 7193 0935 www.keymedia.com Offices in London, Denver, Toronto, Sydney, Auckland, Manila, Singapore, Bengaluru

Insurance Business UK is part of an international family of B2B publications and websites for the insurance industry Insurance Business America john.mackenzie@kmimedia.ca T +1 416 644 874O Insurance Business Asia peter.smith@keymedia.com.au T +61 2 8437 47OO Insurance Business Canada john.mackenzie@kmimedia.ca T +1 416 644 874O Insurance Business Australia peter.smith@keymedia.com.au T +61 2 8437 47OO

The only constant is change

F

rom cyber attacks to terrorism to climate change, the ‘staid’ insurance industry has had to deal with plenty of modern and unconventional risks in recent years. For proof of this evolution, you need look no further than what is often seen as the most traditional insurance segment of all: marine.

Widely regarded as the earliest developed form of insurance, marine can trace its roots as far back as medieval times, though the first true marine market was established at Edward Lloyd’s coffee house. Today, however, marine insurance looks remarkably different as an array of new threats have emerged, from the extreme weather that has hit the so-called ‘new Bermuda Triangle’ (made up of the South China, Indochina, Indonesia and Philippines maritime regions) to the opening of new shipping routes as the polar ice caps melt and wildfires threaten the West Coast of the US and Canada.

The balance between the benefits and threats of new technology is tough for businesses to manage – presenting opportunity for insurance brokers New threats are emerging beyond the oceans, too. Shipping companies are being forced to ramp up their cyber defences in light of the NotPetya ransomware attack, which struck global shipping giant Maersk last year. Modern technology might be making ships more efficient, but it’s also adding risks.

“As we have more technology on board, we still have to look at what happens if that technology fails, either through a loss of power or a voltage spike on board through the generators, or through an outside influence from a cyber attack or a jamming of signals,” Andrew Kinsey, senior marine risk consultant at Allianz Global Corporate & Specialty, told IBUK. The balance between the benefits and threats of new technology is tough for firms to manage – presenting an opportunity for insurance brokers who are true experts in the field to become a trusted advisor to their clients by educating them on these developments and on methods to mitigate their risk exposure. Successful brokers know they can’t afford to stand still and rely on traditional approaches anymore, even in this seemingly conventional sector. Indeed, the message to the insurance industry at large is clear: The only constant now is change.

The team at Insurance Business UK

Insurance Business NZ peter.smith@keymedia.com.au T +61 2 8437 47OO

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

Risk city Being unprepared for catastrophic events could cost the world’s cities billions in GDP each year Cities are a hallmark of modern life: More than half the world’s population lives in a city, a dramatic increase from the 13% who did so at the start of the 20th century. By 2050, it’s estimated that more than two-thirds of people around the globe will be living in cities.

The concentration of people brings efficiency and prosperity, but with it comes an increased vulnerability to the impact of cata-

68%

80%

Proportion of the world’s population that will live in a city by 2050

Percentage of global GDP that cities account for

NEW YORK

$14.8bn

strophic events. For its latest City Risk Index, Lloyd’s looked at the GDP cities around the world would be likely to lose if exposed to an event such as a pandemic, hurricane or market crash. Of the European cities studied

by Lloyd’s, London had by far the most GDP at risk, and the entire region has US$70.33bn at risk annually. A market crash, cyber crime and flood are Europe’s top three risks.

$103.3bn

$123bn

Amount of GDP at risk worldwide each year due to man-made threats

Amount of GDP at risk worldwide each year due to extreme weather events

LOS ANGELES

$11.6bn

CITIES WITH THE MOST TO LOSE In calculating the amount of GDP it considers at risk for each city, Lloyd’s looked at both the size of each city’s GDP exposure to catastrophic events and its resilience to those events. The latter encompasses such factors as governance, infrastructure and access to capital.

The 10 cities with the highest amount of GDP at risk could lose US$126.8bn of GDP each year, or almost a quarter of the US$546.5bn of GDP at risk globally in all the cities studied. Lloyd’s estimates that if these cities improved their resilience, global GDP at risk would drop by US$73.4bn.

Source: United Nations; Lloyd’s City Risk Index 2018; all figures in US$

RISKIEST REGIONS

THE BIGGEST THREATS

Cities in Asia represent a disproportionate level of the global GDP at risk calculated by Lloyd’s, largely due to their exposure to extreme weather events and their status as emerging economic powerhouses.

Despite the growing severity of extreme weather events, man-made threats account for around 60% of cities’ total GDP risk, as calculated in the Lloyd’s report. A potential market crash is the biggest unprotected risk to cities’ GDP worldwide, exposing cities to the possibility of losing more than US$100bn on an annual basis. $120bn

PERCENTAGE OF GLOBAL GDP AT RISK 8% ($45bn)

44% ($241bn)

13% ($70bn)

Asia Middle East and Africa North America Europe Latin America

$100bn $80bn $60bn $40bn $20bn $103.3bn

$80bn

$62.6bn

$47.1bn

$42.9bn

$37.2bn

$36.5bn

Market crash

Interstate conflict

Tropical windstorm

Human pandemic

Flood

Civil conflict

Cyber attack

$34bn

$20.3bn

$18bn

$0

18% ($97bn)

17% ($93bn)

Source: Lloyd’s City Risk Index 2018; all figures in US$

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Earthquake Commodity price shock

Sovereign default

Source: Lloyd’s City Risk Index 2018; all figures in US$

SHANGHAI

ISTANBUL

$8.5bn

$12.7bn

OSAKA

$12.4bn

LONDON

$8.4bn

TOKYO

$24.3bn TAIPEI

BAGHDAD

$12.9bn

$7.9bn MANILA

$13.3bn

Source: Lloyd’s City Risk Index 2018; all figures in US$

MOST VULNERABLE EUROPEAN CITIES

REGIONAL EXPOSURES

According to Lloyd’s, European cities have a total of US$70.33bn worth of GDP at risk annually based on the size of their GDP exposure and their resilience to catastrophic events. London accounts for around 12% of that total, which Lloyd’s attributes attributes more to its huge GDP than the likelihood of a catastrophic event or its resilience level.

Three of the top five threats to European cities’ GDP are man-made. Lloyd’s estimates that improved resilience would reduce the region’s GDP exposure by US$2.6bn each year.

$9bn

GDP AT RISK ANNUALLY IN EUROPEAN CITIES MARKET CRASH

$23.51bn

$6bn

CYBER CRIME

$9.36bn

FLOOD

$3bn

$9.28bn HUMAN PANDEMIC

$0

$8.4bn

$6.3bn

$5.9bn

$4bn

$2.6bn

$1.8bn

$1.7bn

$1.6bn

$1.5bn

$1.5bn

$6.86bn

London

Moscow

Paris

Madrid

Barcelona

Milan

Munich

Rome

Dublin

Athens

COMMODITY PRICE SHOCK

Source: Lloyd’s City Risk Index 2018; all figures in US$

$4.75bn

Source: Lloyd’s City Risk Index 2018; all figures in US$

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UPFRONT

HEAD TO HEAD

How successful can on-demand insurance be?

Coverage that can be controlled by users via a smartphone app is here – but is it the future of the industry?

Alex Maffeo

Spiros Margaris

Danish Yusuf

CEO Boost Insurance

Venture capitalist/advisor Margaris Ventures/Wefox Group

Co-founder and CEO Zensurance

“There’s a fine line between gimmicky and convenient. As consumers continue to flock to on-demand/sharing economy platforms, the need for insurance products that can adapt quickly will increase.

Distribution of these products is the X factor. The modern consumer tries to think about insurance as little as possible.

Nobody thinks, ‘Hey, I should research a one-day renters’ policy after I book this Airbnb’, but they might buy coverage as they check out on Airbnb. Direct-to-consumer approaches will have a hard time scaling.

Insurance is an add-on feature of the on-demand economy, not the product, and it should be sold as such.”

“My opinion on on-demand insurance is biased since one of our Wefox Group insurtech portfolio companies, ONE Insurance, is currently expanding using this strategy: geo-triggered data gathered from mobile phone GPS, which allows customers

“Today’s insurance policies are based on traditional definitions of a business.

However, two major forces are changing these traditional notions dramatically. First, the growth of the gig economy – forecasts show that 50% of workers will be in the gig economy by 2020 and 80% by 2025.

Second, fewer people own assets; rather, they rent them as needed.

The demand for this is inevitable: Once significant portions of the economy don’t fit into traditional risk models, insurers will have no choice but to adapt. The biggest question is whether the insurers can accurately and profitably price on-demand insurance.”

to draw short-term conclusions about insurance modules in their lives.

While this may sound far-fetched to some in the insurance industry, I strongly believe that all insurance providers must provide on-demand insurance solutions to gain a competitive edge and even just survive. Thus, the main challenge facing the insurance provider is to assess the risk in order to provide on-demand insurance.”

MEETING THE DEMAND In July, XL Catlin announced a partnership with Slice Labs to create what they’re touting as the first on-demand cyber insurance product geared toward small and medium-sized businesses. The same month, insurtech firm Trov unveiled its first on-demand coverage for single items, which can be turned on and off by the user and is only paid for when in use. “Insurance lags way behind the expectations of today’s connected consumer,” Trov founder and CEO Scott Walchek said in a statement accompanying the product’s release. “What iTunes did to change the way people buy and enjoy music, Trov is doing for insurance.”

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10101001101010011101010010101010011010100111010100101010100110101001110101001010101001101010011101010010101 01110101001010101001101010011101010010101010011010100111010100101010100110101001110101001010101001101010011 10100110101001110101001010101001101010011101010010101010011010100111010100101010100110101001110101001010101 11010100101010100110101001110101001010101001101010011101010010101010011010100111010100101010100110101001110 10011010100111010100101010100110101001110101001010101001101010011101010010101010011010100111010100101010100 01010010101010011010100111010100101010100110101001110101001010101001101010011101010010101010011010100111010 01101010011101010010101010011010100111010100101010100110101001110101001010101001101010011101010010101010011 11010100111010100101010100110101001110101001010101001101010011101010010101010011010100111010100101010100110 10010101010011010100111010100101010100110101001110101001010101001101010011101010010101010011010100111010100 01010011101010010101010011010100111010100101010100110101001110101001010101001101010011101010010101010011010 01010101001101010011101010010101010011010100111010100101010100110101001110101001010101001101010011101010010 01001110101001010101001101010011101010010101010011010100111010100101010100110101001110101001010101001101010 01010100110101001110101001010101001101010011101010010101010011010100111010100101010100110101001110101001010 00111010100101010100110101001110101001010101001101010011101010010101010011010100111010100101010100110101001 01010011010100111010100101010100110101001110101001010101001101010011101010010101010011010100111010100101010 11101010010101010011010100111010100101010100110101001110101001010101001101010011101010010101010011010100111 01001101010011101010010101010011010100111010100101010100110101001110101001010101001101010011101010010101010 10101001010101001101010011101010010101010011010100111010100101010100110101001110101001010101001101010011101 00110101001110101001010101001101010011101010010101010011010100111010100101010100110101001110101001010101001 10100101010100110101001110101001010101001101010011101010010101010011010100111010100101010100110101001110101 11010100111010100101010100110101001110101001010101001101010011101010010101010011010100111010100101010100110 10010101010101001101010011101010010101010011010100111010100101010100110101001110101001010101001101010011101 00110101001110101001010101001101010011101010010101010011010100111010100101010100110101001110101001010101001 10100101010100110101001110101001010101001101010011101010010101010011010100111010100101010100110101001110101 11010100111010100101010100110101001110101001010101001101010011101010010101010011010100111010100101010100110 1001010101001101010011101010010101010011010100111010100101010100110101001 01010010101010011010100111010100 0101001110101001010101001101010011101010010101010011010100111001101010 00101010100110101001110101001 10100111010100101010100110101001110101001010101001101010011101010010 00111010100101010100110101 010100111010100101010100 10101010011010100111010100100110101001110101001010101001101010011 010100101010100110101001110101001010101001101010011101010010101 0101001101010011101010 1010011101010010101001101010011101010010101001101010011101010 1010011010100111010 1010100111010100101010011010100111010100101010011010100111 10100110101001110 01101010011101010010101001101010011101010010101001101010 101001101010011 1001101010011101010010101001101010011101010010100110101001 10101001101010011 100110101001110101001010100110101011101010010100110101001110 0101010011010100111 100110101001110101001010100110101001110101001010011010100111010 010010101001101010011 00101010100110101001110101001010101001110010101010011010100111010 010101001101010011101010

CYBER

1010001MANCHESTER UNDERWRITING MANAGEMENT’S CYBER0111010 10011010000010101011010 0010100110101001100101010 1010010PRODUCT IS DESIGNED FOR ALL TYPES OF BUSINESSES, 010100 1010100RANGING IN SIZE, INDUSTRY AND PROFESSION – 010010101010101 100101010011101010010100101 1001101INCLUDING RETAIL, TRADE, MANUFACTURING, 01001110101001010100110101001110101001010011010 0111100PROFESSIONAL SERVICES AND MORE. 10101001010100110101001110101001010100110100110101010 01010100110101001110101001001010010101101010010101001101010011101010010101001101001101010100 10101001101010010100100101001010110101001010100110101001110101001010100110100110101010011101 1001101WE WELCOME ENQUIRIES FOR RISKS OF ALL SHAPES 010011010101001010100110100111010100101 1001101AND SIZES AND WRITE WITH TOP QUALITY CAPACITY. 1001101010010101001101010011101010010101 10011010100111010100101010011010100111010100101001101010011101010010101001101010011101010010 1001101MUM ALSO PROVIDES VALUE ADDED BENEFITS WITH OUR CYBER POLICIES WITH 11001101010011101 1001101INDIVIDUAL RISK AND BREACH MANAGEMENT SOLUTIONS FOR OUR INSUREDS.00110101010011101010 10011010100111010100101010011010100111010100101001101010011101010010101001101010011101010010 01101010011101011010100111010100101010011010100111010100101010011010100111010100101010011010 TO FIND OUT MORE ABOUT MUM’S CYBER OFFERING 10011010110101001110101001010100110101001110101001010100110101001110101001010100110101001110 CONTACT CLIFF WHITE, HEAD OF CYBER INSURANCE ON 0207 933 9364 1010011101010010101001101010011101010010101001101010011101010010110011010100111010100101 010

UPFRONT

NEWS ANALYSIS

#MeToo opens up new risks As the #MeToo movement seeks to establish a culture of corporate accountability, organisations are facing an increased need for better risk management and more robust employment practices liability coverage THE #METOO movement has dominated international headlines since the hashtag first went viral last October, and it brings with it some significant business risks and insurance implications. Workplace issues such as bullying, discrimination and harassment have come under the microscope, presenting a far more significant concern to organisations than they did just a year ago.

Companies today face both employment and reputational risk as a result of these issues, says Eleni Petros, employment practices liability insurance practice leader at Marsh. While employment-related issues have traditionally been seen as the respon-

same way that cyber risk isn’t just about the IT department, it’s about the board too, this is another example of that.”

The #MeToo movement has already produced litigation, particularly in the US, including some high-profile examples that have involved significant financial damage. The Weinstein Company, whose disgraced ex-chairman Harvey Weinstein has been accused by more than 70 women of numerous counts of sexual harassment and assault, filed for bankruptcy in March as a result of the scandal.

In that light, employment practices liability insurance is becoming increasingly

“We are seeing more of an interest in EPL coverage … because defending these claims can be extremely costly” Eleni Petros, Marsh sibility of HR, the increased awareness in society means they are quickly climbing the risk agenda. “#MeToo is more than just an employment risk for companies – it’s also a risk facing boards,” Petros says. “This is no longer just an HR issue … it’s one of the many risks that a company needs to consider. In the

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important and is already seeing a growth in demand, Petros says.

“We are seeing more of an interest in that coverage from companies than we used to,” she says, “and I think the reason for that is because defending these claims can be extremely costly for companies.”

While the claims environment for EPL

has been benign in recent years, that is slowly changing. As a result, underwriters are beginning to take a closer look at companies seeking EPL cover to make sure they’re fostering the right kind of culture.

“From talking to underwriters … I definitely think that when they’re looking at EPL insurance, they will put more scrutiny on the kinds of questions they ask companies and will place more emphasis on the training programs that are in place at these firms,” Petros says.

That includes evidence that a company has diversity and inclusion policies in place and provides unconscious bias training to employees.

“If you have a situation where the culture isn’t right top-down,” Petros says, “then the danger for boards and directors is that the claims against them will be ‘you knew this conduct existed and you did nothing about it.’”

Reputational crises are increasingly a

#METOO BY THE NUMBERS

53%

Percentage of British women who say they’ve experienced sexual harassment at work

12m

Facebook posts that included the #MeToo hashtag during a 24-hour period in October 2017

329

Number of high-profile executives and employees accused of misdeeds in the six months after the #MeToo hashtag went viral threat to businesses in the post-#MeToo era as well. Thanks to social media, an incident inside a company can become a viral sensation overnight – and can directly impact that company’s bottom line.

Recent research from Aon uncovered

20% or lose up to 30%, depending on their risk preparedness and behaviour in the immediate aftermath of a crisis.

This points to a need for companies to carefully manage their risk in this area. A significant gender pay gap, for instance,

“Savvy companies that develop and use a robust risk management framework … can often see a net gain in value post-event” Randy Nornes, Aon that the direct impact of reputationrelated events on a company’s stock price has doubled since the introduction of social media. In times of crisis, investors often use information about a company shared on social media to reassess their expectations of future cash flow. Ultimately, Aon found, companies could boost their value by up to

could severely damage an employer’s brand and reputation, Petros says, potentially leading to disgruntled shareholders claiming that senior management failed to properly manage reputational risk.

“It will raise scrutiny,” she says. “If companies have a massive gender pay gap, I think there will be questions raised by

57%

Board members who say they haven’t discussed sexism at work or the impact of the #MeToo movement Sources: BBC, Boardlist, Temin & Co., CBS News

employees as to whether they are being paid the same amount of money as the person next to them.”

And although reputational risk continues to weigh on corporate executives as one of their leading concerns, says Randy Nornes, enterprise client leader at Aon, risk management tools have evolved, allowing companies to better meet this risk head-on.

“Savvy companies that develop and use a robust risk management framework can not only better navigate reputation events, but can often see a net gain in value post-event,” Nornes says.

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7

PEOPLE

INDUSTRY ICON

MAKING A DIFFERENCE Gallagher Bassett’s Scott Hudson reveals how the company is keeping pace with digital innovation and evolving customer expectations to ensure the claims process is as efficient as possible IN THE relationship between an insurer and a client, the moment of truth often comes at claim time. Whether the claim involves a medical malpractice lawsuit, an employee who gets injured on the job or a collision involving a company vehicle, loss comes in many forms.

As the president and CEO of global claims manager Gallagher Bassett [GB], Scott Hudson knows the importance of helping claimants navigate difficult situations.

Recently, one of GB’s clients experienced an employee fatality, and the resolution manager assigned to the claim took it upon herself to make sure the individual’s personal effects were sent home to the family. The client wrote to GB, praising the resolution manager’s action – another ‘go beyond’ moment that sets GB apart from other claims service providers.

“When I get notes like that, it’s proof that our people are living and realising the vision of who we are as a claims management company – having an impact on people’s lives, making a difference, putting people’s lives back together,” Hudson says. “Insurance is a promise, and we in claims are the fulfilment of that promise.”

Hudson joined GB in early 2010, after Gallagher CEO J. Patrick Gallagher Jr was scouting potential successors to lead the company’s claims arm and reached out to Hudson about the position. Hudson had already established a relationship with

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Gallagher while working as a consultant at Bridge Strategy Group, so he had intimate knowledge of the organisation, its culture and the industry as a whole.

Hudson admits that because he’d never worked directly for a risk and claims management organisation, Gallagher was taking a

captives. Despite their different needs, they all seem to agree that GB is doing something right. Advisen, a provider of speciality risk data for the commercial P&C insurance market, recently revealed that GB landed at the top of its claims satisfaction survey of more than 500 risk managers.

“Our people are living and realising the vision of who we are as a claims management company – having an impact on people’s lives, making a difference, putting people’s lives back together. Insurance is a promise, and we in claims are the fulfilment of that promise” gamble by bringing him on as the next leader of GB, but it was a bet that paid off.

“On day one, many people thought I was just a consultant and were wondering how I would lead,” he says. “But today I am proud to say that I am viewed as a ‘claims guy,’ and I love this business.”

Leading the pack GB’s clients are a diverse group, ranging from corporate and public entities to carriers and

Getting that seal of approval from customers was a meaningful moment for the company. “It’s really satisfying seeing the excitement in our people when they know that the work they’re doing is recognised by industry leaders and that we’re making a difference,” Hudson says.

Claims management is an area of the insurance business that is especially sensitive to customer expectations – a challenge Hudson knows well. Moreover, as digital innovation has

PROFILE Name: Scott Hudson Title: President and CEO Company: Gallagher Bassett Services Based in: Rolling Meadows, Illinois Years in the industry: 8 Career highlight: Witnessing the work of his team making a difference in the lives of Gallagher Bassett’s clients

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PEOPLE

INDUSTRY ICON

opened up lines of communication, customers expect faster results.

“Ten years ago, it was acceptable to return a phone call within 24 hours; now people expect a phone call to be returned immediately,” Hudson says. “So we’re innovating to ensure the interaction we’re having with people who have a claim is via technology that runs that communication in real time.

There’s a wealth of additional information available to our resolution managers that they can introduce into the claim handling process, so they’re given new tools and new data, and

announced it was acquiring WCD Group, which is headquartered in the US and focuses on managing and mitigating risk across several industries. GB was attracted to WCD Group’s risk mitigation components, which it hopes to develop further.

“Our clients are just as interested in the loss prevention side of risk and claims management, so this was a natural fit from that standpoint,” Hudson says. “They’re very strong in real estate, construction and property, which fits very well with our overall offering, so it’s always about building deeper

“Ten years ago, it was acceptable to return a phone call within 24 hours; now, people expect a phone call to be returned immediately. So we’re innovating to ensure the interaction we’re having with people ... is via technology that runs that communication in real time” they have to be able to quickly assess, evaluate and decide whether it has relevance in the handling of a particular situation.”

The rules for the insurance industry are also evolving, which means that GB has to stay on top of changing regulatory standards.

“The work that we do is in a highly regulated industry, and every day ... they are introducing new regulations, so I think the challenge is understanding the expectations from all parties involved,” Hudson says, adding that as the world gets more complex, it’s raising the bar to perform even higher.

“We have to work to make sure our people are properly equipped to work effectively in our environment.”

Partners in performance Evolving services and offerings is part and parcel of growing a business. In July, GB

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expertise and new capabilities that work well for our clients.”

The WCD purchase is the latest of several acquisitions, including National Transportation Adjusters, a US-based long haul and commercial fleet third-party claims administrator, and TriEx Health, Safety & Wellness, a provider of occupational health and safety services in New Zealand.

Looking to the future of the company, Hudson sees more growth and innovation on the horizon.

“We’re a global company, and we’re constantly looking to expand our global reach to guide and guard those who need us most,” he says. “In parallel with expanding geographically, we’re also expanding our offerings and solutions to be in the best position to serve our clients everywhere around the world. It’s an incredible time to be at Gallagher Bassett.”

GALLAGHER BASSETT BY THE NUMBERS

1962

Year the company was founded by Jim Gallagher and Sterling Bassett

25

Number of tenets in The Gallagher Way, Gallagher’s set of guiding principles

4,800+

Number of organisations GB partners with across a variety of sectors

60+

Countries around the world in which Gallagher Bassett manages claims

US$4.6bn

Parent company Gallagher’s total adjusted revenue for 2017

UPFRONT

OPINION

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

Don’t be the one One out of every five businesses will fall victim to a cyber attack. Not being part of that statistic, writes Shawn Ram, requires confronting the risk that goes along with embracing technology IT’S HAPPENED more often than I can count. People – from the guy who cuts my hair to the CPA I meet at a party – hear that I work in cyber insurance, and they proceed to ask me how they can protect themselves. I end up talking about cybersecurity a lot.

At my last doctor’s appointment, I noticed that my physician had transitioned from paper patient files to a cloud-based record management system. After proudly showing off his new iPad, my doctor proceeded to ask me about cyber­security. I was glad he did – security considerations aren’t always front of mind when adopting new technologies, yet it’s essential that businesses understand the implications that come with increased connectivity.

As a society, we’re going through a significant period of change. The machine age is giving way to the information age – and we’re just at the beginning. Technology can be a real asset in the workplace. However, it also presents a real catch-22 for businesses.

To thrive and remain competitive, businesses today must embrace and adopt technology.

But with the adoption of technology comes new risk exposures – and these risks can be existential, particularly as a business’s operations become ever more dependent on technology.

The reality is that technological risks are the most pervasive risks facing small businesses, and they are increasingly among the more severe risks exposures. It’s easy to think that your business is too small to be

impacted, but in actuality, it is estimated that one out of every five small and mediumsized businesses will fall victim to cyber attack; of these, 60% will shut down within six months.

Failure to treat cybersecurity and technological risk as a risk management problem can be costly. According to IBM, the average cost of a data breach is over US$1m, and the

We recommend that SME clients that are increasing their technology footprint take the following steps: Check your contracts. Make sure you understand the limitations and liability with technology providers, and don’t be afraid to push back on those limitations.

Duplicate data and create redundancies within your own internal systems. Even the best technology can and will fail.

Make sure you’re following best practices, including using two-factor authentication, encryption and data segregation.

Where risk cannot be mitigated, it should be transferred. Explore what your existing insurance policies cover to determine what you need from a cyber insurance policy.

Make sure your cyber coverage fits your business’s specific needs and risk exposures.

For example, if you don’t accept credit cards,

“Security considerations aren’t always front of mind when adopting new technologies, yet it’s essential that businesses understand the implications of increased connectivity” potential loss exposures can be diverse, from data theft and income loss as a result of business interruption to privacy liability, reputational harm, and even property damage or bodily harm.

Cybersecurity isn’t a problem that will be solved by technology alone. This is because, at its core, it is fundamentally a risk management problem. To address the risks that come with technological innovation, companies are left with three choices: accept the risk, mitigate the risk or transfer the risk.

At Coalition, this is our mantra, and it’s a framework we use regularly to help SMEs understand the importance of risk transfer and cyber insurance in the context of a cohesive risk management strategy.

you shouldn’t be paying for coverage for PCI fines and penalties. Your cyber policy can and should be configured so that you’re paying only for what you really need.

It’s not possible to completely eliminate risk, which is why it’s so essential for businesses to find the right balance of risk acceptance, risk mitigation and risk transfer. As with most things, a proactive and informed approach is the key to success.

Shawn Ram is head of insurance at Coalition.

He previously led the national technology industry practices at Aon Risk Solutions and Crystal & Company.

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SPECIAL REPORT

YOUNG GUNS 2018

YOUNG GUNS 2018

The next generation is transforming the industry inside and out.

IBUK highlights 24 up-and-comers who are well on their way to becoming the new leaders of insurance RECRUITING, ENGAGING, training and retaining young talent in the insurance industry has long been a concern, yet the 24 individuals featured on IBUK’s annual Young Guns list paint a much brighter picture of the industry’s future. All 35 years of age or younger, together they have contributed leaps and bounds above what some decades-long veterans have achieved.

On the following pages, you’ll be introduced to insurance professionals who have dedicated themselves to community works or to passing on their knowledge to other rising stars in the industry. You’ll also meet entrepreneurs who are already leading their organisations and tech-savvy pros who have taken up the cause of greater digital integration in the industry. Despite their limited time in insurance, these Young Guns have a lot to offer Britain’s insurance world.

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YOUNG GUNS 2018 INDEX NAME

COMPANY

Atkins, Adam

Hiscox

Boyce, Timothy

PAGE

NAME

COMPANY

PAGE

21

Light, Rachael

SEIB Insurance Brokers

21

CFC Underwriting

16

Margolin, Alexander

Sioma Insurance Consultants

14

Britten, Thomas

RSA Insurance Group

22

McCosh, Tim

Meridian Risk Solutions Ltd

14

Buhari, Niraz

Smart Cover Insurance

20

McEneaney, Liam

AXIS

21

Burns, James

CFC Underwriting

18

Milbourne, James

Willis Towers Watson

22

Dunning, James

Droneguard UK

17

Mistry, Ajay

Brokerbility & BHIB Insurance Brokers

13

Edwards, Conor

Professional Insurance Agents Ltd

20

Pycock, Katherine

XL Catlin

14

Ewing, Kelly

Professional Insurance Agents Ltd

19

Rankine, David

d2 Corporate Solutions

17

Goggin, Dan

Bretton Woods International

17

Safo, Joanne

Munich Re Digital Partners

22

Harvey, Lucy

QuestGates Ltd

20

Shand, Christian

Markerstudy

17

Jones, Leah

New Ocean Underwriting

18

Summers, Charlie

Gallagher

15

Kenning, Chris

Stubben Edge Group

16

Vickery, Sophie

Allianz

13

AJAY MISTRY Partnerships director BROKERBILITY & BHIB INSURANCE BROKERS Age: 31

SOPHIE VICKERY Business developer ALLIANZ Age: 25

Sophie Vickery joined the insurance industry in January 2016 as a personal lines account executive at Allianz, where she learned everything from scratch. After four months, she was seconded into a key account developer role to manage a panel of strategic volume brokers, which she was able to do successfully, enhancing profit and strengthening relationships and leading to a permanent position.

After her experience in distribution, Vickery was able to move into a technical secondment, which involved the challenging task of analysing account performance of a personal lines motor book and assessing

Earlier this year, Ajay Mistry joined Brokerbility Holdings, which includes the independent broker network Brokerbility and its trading arm, BHIB Insurance Brokers, a new division focused on online insurance innovations. As partnerships director, Mistry has formed a new team of eight professionals to help drive digital innovation and growth. More recently, Mistry took part in the inaugural BIBA 2018 Hackathon and was part of the winning team.

Mistry is co-founder of the Insurance Cultural Awareness Network [iCAN], which was formed in 2017 to support and recognise the careers of multi-cultural and international insurance professionals. iCAN now has more than 500 members, is actively supported by 14 companies and recently became an official partner network of Inclusion@Lloyd’s, which will give it access to funding to take things to the next level. In 2017, Mistry ranked 15th on the Financial Times’ EMpower Future Leaders list, which recognises ethnic minority leaders who are working to promote inclusion in various industries.

the scope for pricing and underwriting.

Following her success in identifying growth opportunities and developing effective broker agreements, Vickery was able to move to the commercial side of the business and begin looking after large national accounts and niche players. In the four months that she’s been in her current role, Vickery has implemented several new broker management practices. She has managed and delivered a property and fleet rollover and has been heavily involved in the transfer of LV’s commercial business to Allianz, undertaking a large proportion of the truck and taxi transfer.

Vickery’s career highlight so far has been her extensive involvement in the deployment of the Allianz group telematics platform to Marmalade, which won the 2018 Digital Technology Leaders Award for Best Large Enterprise Digital Project.

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YOUNG GUNS 2018

KATHERINE PYCOCK Claims apprentice, international financial lines XL CATLIN Age: 20

Katherine Pycock joined XL Catlin’s apprenticeship scheme in October 2016, becoming part of the financial lines claims team. As part of her role, Pycock

TIM MCCOSH Associate director MERIDIAN RISK SOLUTIONS Age: 30

Tim McCosh is a founding member of Meridian’s property, casualty and speciality division, which was created

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participates in meetings and discussions on large losses, settlements, major financial lines and work with banks. After a year on the scheme, she began handling claims and regularly attends seminars on topics such as GDPR and cladding to enhance her knowledge and provide clients the best claims service. Pycock is currently working on her certificate and aims to become an adjuster.

Pycock also serves as an ambassador for the London Insurance Life campaign, which was launched in 2017 to attract a new generation of diverse talent. Pycock regularly speaks at career events and educational institutions to increase awareness among the younger generation about the ins and outs of the industry.

To date, she has introduced four new ambassadors, organised and hosted two events with Brokerage City Link, and supported 12 events, including the LMG Forum, where she shared her experiences as ambassador with the LMG board and around 200 attendees. She was also a panellist for Dive In 2017, contributing to the discussion on age stereotypes.

in late 2013. He also brokered the first parametric insurance cover to be sold by Swiss Re in Jamaica. In early 2018, McCosh took on a full business development role within Meridian’s core Caribbean property & casualty book, which involved establishing connections with many new clients and engaging with different internal teams to better understand the company’s strengths and how these could be used to find solutions for clients.

McCosh has also taken a lead role in Meridian’s diversification into the MGA space. He started a project to establish the viability of a fully digital MGA operating model aimed at commercial clients within specific industries. He also took the initiative to investigate practical blockchain applications to discover how the technology can be used to better service clients.

ALEXANDER MARGOLIN Founder/chartered insurance broker SIOMA INSURANCE CONSULTANTS Age: 27

Alexander Margolin started his insurance career in 2012 with Allianz’s Graduate Programme and stayed with the company for the next six years. Margolin was consistently one of the top three highestgrossing underwriters for Allianz’s P&C new business. He was also responsible for training non-senior underwriters within the London office and served as a trainer for the Allianz Underwriting Academy across the country. Margolin gained his ACII status within the same period and received the Kenneth Griffiths Prize in 2015. Two years later, he was awarded Chartered Insurer status.

Earlier this year, Margolin left Allianz to set up his own independent brokerage, Sioma Insurance Consultants. Sioma is a fully digital operation, and Margolin is developing a mobile app to enable clients to keep in touch and access policy documentation. He’s also working with other partners to develop an insurtech platform in the hopes of further disrupting the traditional broking model.

Margolin continues to help further the education in the insurance industry, conducting training on behalf of the CII and for the graduate induction programmes of several city-based insurers and brokers. Outside of insurance, he serves as trustee for Made With Hope, a charity that works to relieve poverty in rural Tanzania.

CHARLIE SUMMERS Associate director, US crisis management GALLAGHER Age: 25

Since beginning his career as an underwriting assistant at QBE Europe in 2011, Charlie Summers has made considerable impact in the insurance industry. His rapid acquisition of knowledge, entrepreneurial spirit and shrewd perception of risk have made Summers a rising star.

Now, as a broker at Gallagher, Summers is quickly becoming a leading specialist in the crisis management and terrorism sphere, with a particular focus on non-damage business interruption and ‘active shooter’ coverage.

Within Gallagher, Summers has become the main contact for the majority of broking enquiries regarding Lloyd’s US terrorism facilities, and he regularly shares his knowledge of this fast-evolving risk with colleagues in both the UK and US. He is also the main representative for Gallagher’s electronic placing platform for

terrorism business, and he currently has two placements with limits of US$1bn on the books. In addition, he recently completed an in-depth presentation detailing the fundamental coverage differences across nine different active shooter products with the hope of filling the gaps in US general liability policies.

A boxer since a young age, Summers recently competed in the white-collar boxing event Fighting for Movember to raise money and awareness for the Movember Foundation, a multinational charity that supports men’s health.

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YOUNG GUNS 2018

TIMOTHY BOYCE US healthcare team leader CFC UNDERWRITING Age: 29

As the youngest team leader in the history of CFC Underwriting, Timothy Boyce oversees a team of six in support of the company’s healthcare liability offerings. Boyce is responsible for diversifying CFC’s suite of healthcare

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products and distribution channels, including managing business development for the entire suite of CFC products in the US. Boyce was able to identify underperforming areas and successfully transform these lines of business. He also saw a notable opportunity in allied health and recognised increasing interest in health and wellness industries, and has led CFC’s allied medical product to become the healthcare team’s largest generator of enquiries, new business and overall premium income. Amid market downturn in underwriting results and stiff competition, Boyce’s team has consistently achieved an average NLR of 21% for the allied medical product.

In response to the risk exposures of the digital health industry, Boyce constructed and launched the first insurance solution for companies and individual practitioners who provide telemedicine and other digital health services. The product incorporates medical malpractice, tech E&O and cyber, all underwritten by the healthcare team, with worldwide policy coverage and understanding of state licensing restrictions. In less than a year’s time on the market, CFC’s eHealth product now insures close to 100 US-based companies that offer telemedicine services to the US military and Department of Veterans Affairs in more than 70 countries.

CHRIS KENNING Managing director STUBBEN EDGE GROUP Age: 35

Chris Kenning began his career at the Conservative Research Department, working on the work and pensions section of the James Committee Review. He trained at Grant Thornton, where he worked on the financial services audit and transaction services team before moving to Strand Partners, where he gained experience in mergers and acquisitions, as well as public and private fundraising.

Kenning was also responsible for establishing the UK arm of an offshore financial institution with more than £12.5bn under management. A chartered accountant and member of the Institute of Chartered Accountants in England and Wales, Kenning has also served as a visiting lecturer at Hull University.

In 2010, Kenning established the business that, after a management buyout earlier this year, became Stubben Edge Group. Kenning’s commitment to innovation in the insurance market led to him source and acquire an IT development firm to reposition the business. This generated new business sales of £250m over a three-year period.

Outside of insurance, Kenning is committed to charitable events and rarely shies away from a challenge.

He drove 9,500 miles from Oxford to Mongolia in a 24-year-old Suzuki Jeep to raise money for the Christina Noble Children’s Charity and sailed 2,500 miles around the east coast of Australia.

JAMES DUNNING Founder DRONEGUARD UK Age: 32

The popularity of drones has transformed many industries – from photography and construction to agriculture and even insurance itself – but has also presented new risks. With this in mind, James Dunning founded Droneguard in 2016 to provide commercial drone insurance for CAA-qualified commercial operators, from

CHRISTIAN SHAND Operational oversight manager, retail division MARKERSTUDY Age: 34

Since joining Markerstudy Group eight years ago, Christian Shand has managed to stand out from the crowd through his exceptional work in a burgeoning 3,000-strong company. Described as “a professional, assertive but self-aware individual” who has “quickly utilised the experience he’s built up to assist on a

individuals to multinational companies and government agencies. Droneguard started trading in the UK in early 2017 and in Ireland in 2018, offering some of the highest limits for a direct online offering. The product is also traded through brokers and other affinities via portals and white labels.

Dunning personally developed Droneguard’s sites and online quoteand-buy system; this allows changes to be handled in-house without the need for developers and extra coding work. The system can also be used for other products or for international expansion without need for further licences. Since launching, Droneguard’s sites have had more than 14,500 unique users and currently average over 1,000 new users per month.

larger scale”, Shand has worked in multiple departments and has been promoted twice in less than three years. Following his participation in the group’s flagship programme for future leaders, Shand was presented the Top Shooting Star accolade for demonstrating the most improvement in every competence area.

Prior to his current role, Shand worked with the complaints team and was responsible for a significant reduction in the average complaint handling time and in the number of complaints from early 2017 to early 2018. He also established new KPIs, including resolving 80% of complaints within three business days; under his supervision, the complaint resolution rate in 2018 has remained above 90%.

Shand has also been involved in designing and implementing several new initiatives, including an improved complaint logging process that relies on automated data and an operator effort feedback platform that enables employees to log errors identified for effective feedback.

He is currently working on a project to integrate a new complaints system to place all retail brands under one platform, which will offer a unified approach to complaints handling and reporting.

DAN GOGGIN Managing director BRETTON WOODS INTERNATIONAL Age: 35

Dan Goggin began his career as a broker at Miller Insurance Services, where he specialised in contingency, terrorism, political risk and kidnap & ransom coverage. He eventually took on the in-house facility for lottery E&O, which represented more than 80% of the world’s lottery suppliers. Goggin moved on to underwriting in 2009 with the Ark syndicate at Lloyd’s, where he established and developed a contingency portfolio while underwriting a broader casualty book.

In 2015, Goggin founded Bretton Woods, an international specialist insurance brokerage and MGA that handles a range of open-market and programme placements, including cyber, professional liability, management risk and general liability. The company received its independent licence as an FCA-authorised broker in late 2017.

DAVID RANKINE Marketing and business development D2 CORPORATE SOLUTIONS Age: 32

With a solid IT/IaaS background, David Rankine works to help d2 Corporate Solutions stay ahead of the tech curve and close the tech gaps in insurance services by automating and integrating cloud-based solutions into the company’s processes. Rankine also plays an instrumental role in driving growth of company revenues and improving the sales team’s performance, building new business and forging strong relationships with external partners. Rankin follows a proactive consultative approach to communicate and manage customers’ and management’s expectations, all while going above and beyond his targets.

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YOUNG GUNS 2018

LEAH JONES Assistant underwriter NEW OCEAN UNDERWRITING Age: 22

Leah Jones joined New Ocean Underwriting in July 2017 as a graduate with no insurance experience. As a newbie in the industry, she has shown a great willingness to learn and develop quickly, and she has become an expert in underwriting for two of the company’s core business classes: residential property owners and home insurance.

Among her recent accomplishments, Jones was part of the team that represented New Ocean at the BIBA conference, where the company was able to connect with new brokers and build a stronger network overall, resulting in a profitable book of business.

Jones is also actively involved in the company’s graduate recruitment programme, using her skills and experiences to help potential recruits understand the opportunities offered by New Ocean and the industry as a whole.

She recently completed her first CII exam and is looking forward to accomplishing the next set of certifications.

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JAMES BURNS Cyber product leader CFC UNDERWRITING Age: 32

Since being promoted to cyber product leader, a newly created role within CFC Underwriting, James Burns has been focusing on three main areas: reviewing the pricing structure of cyber products, working to build CFC’s cyber claims infrastructure, and developing marketleading cyber products for every kind of business, from SMEs through to large corporates.

Burns has played key roles in several projects at CFC, including creating a dedicated cyber proposition for

US healthcare providers that addresses the exposures and regulatory requirements unique to these organisations. In addition, he worked with CFC’s claims team to create the fastest, most effective cyber incident response service in the market, including the launch of an industryfirst incident response app that allows policyholders to report a claim with the click of a button and receive specialist support from the cyber incident response team within minutes. Burns also developed the CFC Cyber Academy, a bespoke, in-house educational programme that has resulted in CFC adding to its dedicated underwriting team.

One of his proudest endeavours was playing a role in helping CFC become one of the world’s largest cyber underwriters. “Our cyber business grew at over 60% last year,” he says, “outpacing growth in most international markets, and from the beginning of 2018 to date, our GWP for cyber is up 54% on the same period last year. We now insure over 30,000 companies around the world against cyber risk.”

Outside of CFC, Burns is a frequent contributor to cyber and general insurance market events worldwide, including the Advisen Cyber Risk Insight events in London and the US, the Plus Cyber Symposium in the US, and the annual BIBA conference in Manchester. He is a member of the BIBA Cyber Insurance Focus Group and led the collaboration between CFC and BIBA to create a straightforward guide to help BIBA members understand cyber risks and the insurance solutions available to mitigate them.

KELLY EWING Director PROFESSIONAL INSURANCE AGENTS Age: 24

Having successfully fast-tracked to senior leadership, Kelly Ewing has been instrumental in the growth of Professional Insurance Agents’ direct business, as well as its broker

portfolio across the UK and Europe. She was involved in streamlining multiple processes within the broking department while maintaining key relationships with suppliers and broker partners.

Ewing works closely with online insurers to improve product offerings and the application process, and coaches brokers on how to generate more business via the online multi-quote-and-buy/bind system. She also participates in board-

level meetings with UK and international brokers, affiliates, underwriters and MGAs, explaining scheme automation and demonstrating Professional Insurance Agents’ bespoke capabilities.

In late 2017, Ewing conducted a seminar at Brighton University on AI, GDPR, cybersecurity and millennials for around 100 first-year students. She has also trained new staff members on commercial broking and administration work.

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YOUNG GUNS 2018

LUCY HARVEY Concierge team manager QUESTGATES Age: 28

Lucy Harvey joined QuestGates in early 2016, at a time when the business was inundated with hundreds of claims resulting from Storm Desmond, which saw record rainfall in Cumbria and resulted in

CONOR EDWARDS Commercial director PROFESSIONAL INSURANCE AGENTS Age: 24

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thousands of homes and businesses being flooded. Her knowledge and experience in managing claims were immediately put to test, and Harvey performed admirably, quickly moving on to dealing with more complex losses while building on her management and coaching skills.

Harvey has been heavily involved in reshaping the concierge service at QuestGates. She assigned a go-to person to each case to manage the customer experience and liaise with suppliers, contractors and service providers. She was also instrumental in creating a process that allows the team to identify customers who needed to be prioritised, resulting in the Putting Vulnerable Customers First programme, which contributed to QuestGates improving its audit scores from clients and receiving a Gold Award from Investors in Customers. Harvey was recently promoted to concierge team manager for the Bolton office.

Conor Edwards specialises in medical malpractice insurance at Professional Insurance Agents. Edwards was quickly promoted to commercial director after the senior staff recognised his talent very early on. Focused on achieving utmost satisfaction all around, he always goes above and beyond for clients while working hard to build solid relationships with insurers. He also invests time and effort in his colleagues, working closely with them to ensure they offer the very best service at all times.

Within the past 12 months, Edwards has implemented a stats-based target and bonus scheme for PIA’s brokers and assisted in the growth of the company’s online quote-and-buy platform, particularly for the medical malpractice product, ensuring that it has the broadest offering of any medical malpractice online quoteand-buy. Edwards is also working to get PIA ISO 27001 accredited, which he describes as “a challenging but rewarding experience”.

NIRAZ BUHARI Founder and director SMART COVER INSURANCE, CITY & COMMERCIAL INSURANCE COMPANY Age: 35

Since starting his first insurance business in 2011, Niraz Buhari had a clear vision of the growth he wanted to achieve. In 2013, he founded his second insurance intermediary and acquired a major warranty provider in the UK, merging and partnering with Asurit, which already had a strong presence in the niche sector of gadget and mobile phone insurance.

Buhari strongly believes in offering first-class service to customers, which can be only achieved by having full control over claims handling and service delivery. As such, his company performs all claims handling and policy administration in-house.

In 2016, Buhari successfully acquired four insurance business books worth £3m from major competitors. In 2018, he acquired City & Commercial Insurance, which allowed the group to open insurance underwriting and reinsurance divisions. Currently, the group is developing several insurtech products in-house and, in partnership with Bournemouth University, is involved in R&D work on AI for underwriting and claims handling. Buhari’s other accomplishments include serving as a judge for the Young Entrepreneur of the Year Awards in 2016 and 2017.

RACHAEL LIGHT Commercial account handler SEIB INSURANCE BROKERS Age: 26

Last year was an eventful one for Rachael Light. She received the CII Shepherd Prize for completing her diploma with the best results in the Chelmsford and South Essex region, as well as the Kemp Prize for Best Broker Student of the Year. Light was also named Employee of the Year at SEIB. As an account handler, Light manages some of SEIB’s largest and most strategic commercial accounts, ranging from aviation clients to the British Horse Society

LIAM MCENEANEY Renewable energy underwriter AXIS Age: 25

At just 25 years old, Liam McEneaney has already made an enormous contribution to the insurance industry.

In less than two years at AXIS, he was promoted to underwriter and is one of two lead underwriters on the company’s US$30m offshore wind book, equating to approximately 25% of the overall book.

As renewable energy technology expands worldwide, McEneaney is successfully exploring emerging wind-turbine markets, including Asia, which will lead to broader, more balanced exposures and new business for AXIS. Aside from his primary focus, McEneaney has also established himself as one of the market’s most knowledgeable underwriters in utility-scale battery storage. He spearheaded the creation of a new battery storage product wording, developed alongside AXIS’ engineering partner, RCG, which was launched into the market as the first of its kind.

Earlier this year, McEneaney planned and hosted a thought leadership seminar in London for major alternative energy brokers to showcase his and AXIS’ experience and knowledge in this highly specialised sector. He was also invited to speak on the subject at an international conference in Munich. In addition, he coordinated a white paper published by the AXIS renewables team and its engineering partner that analysed the opportunities and risks of utility-scale battery storage.

[BHS], the largest equestrian association in the country. Light has hosted a number of training sessions to ensure that the BHS is fully aware of the regulatory responsibilities that come with its position as appointed representative of SEIB. More recently, she was involved in the launch of the Harry Hall One Club membership scheme for horse riders.

Outside of the office, Light participates in local events run by the CII, as well as fundraising events and activities organised for the local charities supported by SEIB. Committed to raising her professional profile, she has received certifications from the CII and CILA.

ADAM ATKINS Portfolio underwriter, technology HISCOX Age: 25

Following Hiscox’s objective to pioneer a sector approach for its client base by setting up a dedicated team to service technology clients, Adam Atkins was tapped as one of the key team members to help launch this project. Despite having just two years of underwriting experience, Atkins’ ability to balance the commercial and technical sides of insurance and come through with solutions that are satisfactory to all parties has made him an invaluable asset to the team. Currently, Atkins is the biggest new-business underwriter by GWP for Hiscox UK & Ireland.

An innovative team player, Atkins has been instrumental in developing and delivering a training programme for new team members. He is also part of a working group for a fintech proposition from Hiscox.

Fully committed to a career in insurance, Atkins is close to completing the requirements for ACII, and he devotes his free time to helping a local school with reading classes.

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YOUNG GUNS 2018

THOMAS BRITTEN Senior specialist underwriter RSA INSURANCE GROUP Age: 23

Tom Britten started on RSA’s apprentice scheme four years ago and has since worked up to senior underwriter in a remarkably short time, proving to be a

self-starter with market impact beyond his years. As a specialist underwriter, Britten is able to combine technical expertise with a commercial trading flair in the global renewable energy business. Britten has undertaken specialised research into key technical and claims issues, such as dealing with increased metals theft losses and specific CAT modelling on non-standard property exposure. He has been involved with RSA’s wind centre of excellence and also represented RSA at the London Engineering Group insurer committee.

“Whilst there has been a lot of hard work involved, I am extremely fortunate at such an early stage of my career to have been part of a team and company that instils insurance foundations from day one,” he says. “Working within the renewable energy market, in particular, has fascinated me; the market and products are ever-changing and developing in line with client demands.”

JOANNE SAFO Global programme director and head of technology MUNICH RE DIGITAL PARTNERS

JAMES MILBOURNE

Age: 34

Senior contract services technician

Two and a half years ago, Joanne Safo helped to set up Munich Re Digital Partners, a startup unit established to support insurtech firms and others who are inventing new ways of doing insurance.

She has since progressed to overseeing the unit’s global project delivery, including expansion into new regions such as the Middle East and in Australia. More recently, Safo was tasked with heading the global technology function for the unit and is now playing a crucial role in strengthening the unit’s position as an industry disruptor.

Safo believes effective integration of technology and data in insurance work requires a strong commitment to diversity, as it is crucial to being able to bring in talent from outside the industry to fill emerging needs and roles. Safo often speaks at events and contributes articles on this topic.

WILLIS TOWERS WATSON Age: 25

As a senior contract services technician at Willis Towers Watson [WTW], James Milbourne has played a key role in the implementation and adoption of PPL across WTW’s business units. He also handles key support functions for placing and billing activities, contract certainty, and KPI management.

Milbourne was responsible for designing and delivering several key management information reports, which were used to drive operational improvement across WTW Great Britain.

Earlier this year, Milbourne received the Ivan Howlett Prize for best overall results in the Diploma in General Insurance, which was presented by CII president Inga Beale.

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