Ep 29 John Ludlow of Airmic: Insurance falling short of high standards and founding principles

Today’s guest brings with him a difficult message for our industry in this Covid 19 crisis

Quite simply we’re not doing well enough.

We’re not being consistent enough, we are inflexible and some of our decisions are being driven purely by cost and profit considerations.

We are too distant from the customer, we are letting small businesses down and are restricting cover going forwards where we shouldn’t be.

Listening to me say this you would think he was a radical plaintiff lawyer looking to whip up publicity for a class action – but As CEO of the UK risk manager’s trade body AIRMIC John Ludlow is anything but a firebrand.

His members are the global corporations that are the biggest buyers of insurance in the UK and pay billions in premiums. They are sophisticated professionals who rarely raise their voices.

In this podcast John describes AIRMIC as a critical friend of the insurance industry.

This may be painful listening, but IN the next 20 minutes, wherever you are I recommend you take detailed notes of what our friend has to say.

NOTES:

Link to Airmic position paper on Covid-19:

https://www.airmic.com/news/press/airmic-calls-change-approach-insurers%E2%80%99-pandemic-response