Insurance Covered

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests.For this episode we are once again joined by Lee Elliston, our guest from episode 1, to talk about the Lloyd's Market Association (LMA), who they are and what they do as well as getting an update on the implementation of the Lloyd's blueprint for market reform.Lee gives us insight into what the LMA actually is, what their purpose is and how they set about achieving that. He explains that the LMA work very closely with the corporation of Lloyd's but remain a separate entity with a goal of ensuring the success of managing agents operating in the market. Lee explains the vision of the LMA is to establish themselves as leaders in the market that can support continued growth and success in the future.Lee talks about the changes he has seen in his time at the LMA describing the last 18 months as a whirlwind of change, citing the internal changes and updated value proposition being the driving force for positive change both internally and externally.Lee then gives an update on the progress of the Lloyd's Blueprint and how COVID-19 has impacted progress.We hope you enjoy this episode, and if you did, subscribe to be notified of future episodes. Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we are joined by Scott Seaman, co-chair of the insurance practice group at our US alliance firm Hinshaw & Culbertson. For this episode we will be looking at; social inflation, bad faith and punitive damages in the context of the US insurance market.Scott starts off by explaining what social inflation is and why it has become an increasing issue facing insurers in the US. Scott broadly defines it as 'rising costs to insurers as a result of things like increasing litigation, broader areas of liability and larger compensatory jury awards in favour of the plaintiffs'.We then look at what bad faith is and what is meant when someone is said to have acted in bad faith. Scott explains that bad faith is where a breach of duties takes place in the face of good faith and fair dealings, an implicit part of many states laws when it comes to contractual relationships. Scott then gives a recent example of where bad faith has come into play.Our final topic is punitive damages, Scott gives an overview of what is meant by this, simply put, the additional compensation due as a result of misconduct and wrong doing. Scott explains the different reasons for a punitive damages award and the trend in the US of these kind of compensation claims rising.We finish of by discussing what issues are likely to come to the forefront of US insurance in the future. We hope you enjoy this episode, and if you did, subscribe to be notified of future episodes. Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we look at Lloyd's of London, who they are and why they are such a key part of the global insurance industry. Our guest this week is Elliot Maule, Senior Programme & Marketing Manager at Lloyd's.Elliot gives us valuable insight into the history of Lloyd's of London, how it was originally formed and how it has transformed into the globally renowned market it is today.We look at the key benefits of the Lloyd's market to both insurers that are part of it and the insureds that come to mitigate their risks.We also look at the structure and layout of the Lloyd's market place as well as the role managing agents and syndicates have.We finish up by talking about the future of the Lloyd's market, touching on the current plans for transforming and modernizing the market place, Blueprint one, which featured in our very first episode.We hope you enjoy this episode, and if you did, subscribe to be notified of future episodes. Hosted on Acast. See acast.com/privacy for more information.

This episode was recorded prior to the COVID-19 pandemic and as such trends may have changed.Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This week we are taking a look at Lloyd's lab, the renowned insurtech startup programme. Our guest is Ed Gaze, who is the Lab Manager.Ed talks us through what the Lloyd's Lab programme is and what it is designed to do, namely to bring in fresh ideas and technology that can help drive the insurance industry forward. He also gives insight into the overall structure of the 10 week programme. We also look at how the cohorts are selected.We look at some of the success stories that have come as a result of the programme including Floodflash and their parametric insurance product.Finally we talk about the future of the Lloyd's lab, how companies can apply to be part of the next cohort and also how you can become a mentor and help these start ups thrive.We hope you enjoy this episode, and if you did, subscribe to be notified of future episodes. Hosted on Acast. See acast.com/privacy for more information.

This episode was recorded prior to the COVID-19 pandemic and as such trends may have changed.Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This week we have Nick Bloy, Founder of Wellbeing Republic, and the topic of discussion will be mental health and wellbeing with a particular focus on the insurance industry.Nick talks about his career journey, starting as a lawyer before moving into a mental health and well being role. We look at the rise of mental health making its way onto the top agendas of companies across the globe, something that wasn't the case 2 years ago.Nick gives valuable insight into wellbeing research conducted from within the insurance industry. The results indicated high levels of stress felt on an everyday basis, resulting in a number of people wanting to leave the industry.Nick describes some of the strategies and techniques companies can use to ensure staff feel valued. The connection between having happy staff and motivation and performance are then discussed with the unsurprising correlation that if your employees are happy and feel valued, levels of performance are likely to rise.Finally Nick takes us through a live wellbeing exercise that can be done by everyone.We hope you enjoy this episode, and if you did, subscribe to be notified of future episodes. Hosted on Acast. See acast.com/privacy for more information.

This episode was recorded prior to the COVID-19 pandemic and as such trends may have changed.Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we are joined by Steve Ray, Director at Howden Group and our topic for discussion is the role of an insurance broker.Steve draws on his experiences working as an insurance broker, giving insight into what the day to day role of a broker is in today's market and reflecting on how the role has evolved and adapted over the course of the last 20 years. We also look at the different types of broker, and the skill set that makes a great insurance broker.Finally we look at how the role is likely to change in the future as the market continues to evolve and implement new technology.We hope you enjoy this episode, and if you did, subscribe to be notified of future episodes. Hosted on Acast. See acast.com/privacy for more information.

This episode was recorded prior to the COVID-19 pandemic and as such trends may have changed.Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we look at the insurance market from the perspective of Sian Fisher, CEO of the Chartered Insurance Institute (CII).Sian explains what the institute is, what it stands for and the role they play in the modern insurance market. We then look at what Sian believes are the key challenges insurance market participants must overcome in 2020 and beyond, the emphasis being on building trust and loyalty with clients.We also look at what the role of the institute could be in the future as the market continues to innovate and change.We hope you enjoy this episode, and if you did, subscribe to be notified of future episodes. Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we look at MGAs with the help of Tim Jones, Director at MPR Underwriting.We discuss MGAs, what they are and a brief history of why they were formed. Tim gives valuable insight into what the role of an MGA is from his own experience working at MPR Underwriting. We then focus on what the benefits of using MGAs are for the insurer, broker and the insured as well as the challenges and risks.We also look ahead and speculate what the MGA market might look like in the future as market conditions change. We hope you enjoy this episode, and if you did, subscribe to be notified of future episodes. Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests! For our maiden episode we look at 'The Future at Lloyd's Blueprint One' with a particular focus on the plans to revolutionize the claims process.This week we are joined by Lee Elliston, Claims Director at the LMA. Lee gives insights into the rationale behind the blueprint, its objective and how he believes they will achieve the vision laid out. Throughout the discussion the key drivers behind the change are discussed as well as the potential challenges that will need to be overcome.With blueprint one being just the first step towards changing the market, we also look at potential future changes and how the market might look in 10 years time.We hope you enjoy this episode, and if you did, subscribe to be notified of future episodes. Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered, the podcast that examines and explains the inner workings of the insurance industry. Each episode we take a look at a market area or trend with the help of experts from across the industry.  Hosted on Acast. See acast.com/privacy for more information.