Insurance Covered

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 industry legend Reg Brown and we will be looking at the Insurance Museum initiative as well as exploring Reg's distinguished career in insurance.We start by talking about how Reg came to work in insurance and the roles he has held, including his time as President of the Chartered Insurance Institute and Underwriter of Syndicate 702. We also discuss the vast change he has seen in the industry throughout his career.We then move on to the main topic, namely the Insurance Museum. Reg explains his role as Chairman, a position he has held since 2019 and why he has given his backing to the campaign. He explains his desire to be a part of establishing an Insurance Museum in London comes from a feeling of wanting to give back to the industry. He calls on his time mentoring young people entering the industry as a driving force behind wanting to create the museum and have somewhere for people to learn about the rich history of the insurance market.  "Insurance is such a key part of London and there is a nowhere for the history to be on display and the stories to be told".Reg explains that the first fundraising campaign for the establishment of the Insurance Museum started on the 7th September and will run until 7th December with the aim of raising £3 million, which will cover the property and running costs for 4 years.  You can pledge to donate here.We hope you enjoy the podcast! If you did, please 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 week we are joined by Anastasia Dokuchaeva, Head of Partnerships at ClauseMatch and we will be discussing their Lloyd's Lab journey. We start by looking at what ClauseMatch is, what they do, and how they came to work with the insurance industry. Anastasia explains initially the focus was entirely on financial services but experiences looking at Solvency II showed that the insurance industry also had a real need for regulatory technology, the opportunity to then be involved with the Lloyd's lab programme was too good to turn down. She then explains what it was like to be part of the cohort, the opportunity to work with mentor firms, including AXA, QBE and Argo, having unrestricted access to talk to and learn about the industry was invaluable when it came to develop ClauseMatch to be the perfect tool for the insurance industry.Anastasia goes on to explain since their graduation from the Lloyd's Lab in June 2019 they have had the opportunity to work with a number of big insurers and deploy their technology further in the market.  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 this episode we are joined by Simon Burtwell, Head of Insurance at EY and we will be exploring the recently released EY report 'The future of Insurance'.Simon explains that the findings of the report show that the insurance industry is on the precipice of critical transformation and the time has come for one of the oldest industries on earth to reinvent itself. He explains one reason for this the huge shift that has taken place in the asset bases of large commercial businesses, moving from around 30% intangible assets to around 80%. As a result, the insurance industry needs to adapt giving less weight to physical assets and more on the intangibles.He also explains the insurance industry needs to adapt to meet the changing needs of clients. In the current insurance market, the focus is almost entirely on the claims proposition rather than building bespoke relationships with clients. Simon goes on to explain with the vast amount of data now available insurers could begin to look at ways to reduce their client's loss exposures on an individual level. A shift towards a service based industry and away from a claims focused industry, using data analytics to drive reduced risk and better day to day outcomes for businesses.Simon explains using the mass data available to micro-adjust policies could be a way to revolutionise the industry giving the example of the marine industry. With the implementation on blockchain technology ships can be monitored constantly, frequency of use, performance and GPS information on route and destinations is all readily available in real time. With this kind of information available insurers can look to provide insurance on a 'per ship, per voyage' basis with dynamic pricing depending on the expected risk of the specific ship and specific journey.Simon concludes that the key to the insurance revolution is the increased connectivity between insurer and end client. Moving away from a static offering to one that can make use of the big data that is available and create strategic partnerships with clients, working with them to reduce risk of loss.We hope you enjoy the podcast! If you did, please 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 this episode we are joined by Chris Moore, Head of ibott, Deputy Active Underwriter 1971 at Apollo Syndicate Management Limited and our topic is insuring the sharing economy.Chris explains what is meant by the sharing economy, giving examples of ride sharing platforms and platforms that allow for accommodation to be rented as alternatives to standard hotels. These companies are technology focused and provide innovative and convenient solutions to their customers. He then goes on to give insight into how these apps are 'disruptors' that are changing the way some of the biggest companies do business.He goes on to explain that a key driver in the rise of the sharing economy can be attributed to the cultural differences between generation X and millennials. "Generation X is fascinated by assets, owning your first house and getting a car as quickly as possible. Contrast this to the millennial approach where experiences are valued over assets".Chris then gives insight into how insurance of the sharing economy works explaining insurance within the sharing economy can be more flexible and adjustable depending on the current usage and level of exposure. Access to GPS data, telematics, information on average speeds allows for more detailed and accurate measure of exposures at any given time allowing for adjustable rates of insurance.He explains that a key part of what they are doing at Apollo is looking at the innovative companies taking over the sharing economy and trying to create equally innovative insurance solutions for them in an almost bespoke fashion.Finally, Chris gives us his thoughts on what innovative insurance products we are likely to see in the next 2-5 years.We hope you enjoy the podcast! If you did, please 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 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.