The Voice of Insurance

Today’s episode is different because I’m not talking to an industry CEO, but somebody who has made a career of holding industry CEOs to account. Since before the turn of the millennium Ian Gutterman has been analysing the insurance industry on behalf of investors and in that time has sparred with all the top CEOs and executive teams. Analysts and journalists are kindred spirits – we both sit on the outside of the industry looking in and we both tend to speak to the same sorts of people, although we tend to ask different sorts of questions when we do. After a while we tend to seek each other out to compare notes. Journalists seek out the smartest analysts with the strongest personalities and the best communication skills and get them to explain some of the more technical and academic questions driving the industry. Ian is a journalist’s dream because he is incredibly intelligent but also refreshingly direct. Ian has personality and strong convictions in abundance and in this episode we cover all the big questions affecting the industry today, from when the 15-year bull market for intermediary valuations might come to an end, the wider consequences of the California wildfires and whether the insurers really have a proper handle on cat risk, to whether recent bouts of casualty reserve strengthening are now the end of the matter, or the lessons from the insurtech boom and why Venture Capital and insurance don’t mix. Ian and I had a lot of fun on this recording. Listen on and I think you will too Enjoy the podcast NOTES Ian writes a really strong insurance blog at https://iansbnr.com/ I always read it and I highly recommend you do too. It rarely pulls any punches. LINKS: We thank our naming sponsor AdvantageGo: https://www.advantagego.com We also thank audio advertiser, The Insurance Network (TIN), organiser of the highly-successful TINtech events series and Data Jam. www.tin.events

Today’s episode is packed full of really practical insights because this one is all about making things happen. So often in our sector we can very clearly see the change we have to make or the new system we have to adopt to be able to improve the way we do things, but we find it really hard  to achieve final implementation. It’s as if the green pastures are right in front of us, tantalisingly in view, but there is a steep ravine that we have to cross to get there. As Ian Summers (Pictured, Top), who has been helping his employers and clients implement major change projects all his long career notes in this podcast, it’s incredibly common that the change management side of a project is overlooked or underestimated. And even if the systems are ready, are the people in the business really ready to start using them with confidence? This kind of skill is a very specialist one and its very specific to each industry. That’s why it is great to have insurance change management specialist Melody Miller (Pictured, bottom) on the show. Melody is an Executive Director at Sea Change London, which is a member of AdvantageGo’s ecosystem and is an expert in getting complex, time-sensitive and often existential mega change projects over the line. In this podcast we dissect the major changes facing players in the London and International insurance markets. Ian and Melody are on excellent form and do a great job of simplifying often complicated ideas so that laypeople like you and me can understand them. So, if you want to learn how to handle change better and get an expert feel for where difficult market-wide projects including the transformational but mission-critical Blueprint Two might be headed in 2025, I can highly recommend a listen. LINKS: We thank our sponsor AdvantageGo: https://www.advantagego.com https://www.seachangelondon.com

Today’s Episode has a really special feel to it and that’s all down to this week’s guest. Graham Evans is Executive Vice President and Head of International Insurance at Westfield Specialty Insurance and is bringing all that experience to bear as US Mutual Group Westfield looks to build out a globally diversified specialty operation to complement its core US insurance business. In this podcast we assess the prospects for the London and broader International specialty insurance markets and go into detail about Westfield International’s ethos and growth strategy moving forward. Graham has been working in the underwriting rooms of the London Market since the mid-1980s, so has been a London underwriter boy and man through markets of all descriptions. His is the sort of experience that is exceedingly hard to replicate and, listening back to this recording, it’s plain that all his answers bring a lifetime of London Market expertise to bear. This makes for a very enjoyable listening experience, particularly when the current prospects for the London Market are looking more exciting than at any other time in Graham’s long career. So listen on as Graham explains how the 177-year-old Westfield Group is planning to bring something a little different to the already eclectic mix of the London and International insurance markets. LINKS: We thank our naming sponsor AdvantageGo: https://www.advantagego.com

Ross Wirth, the Head of Partnership & Ecosystem at CyberCube, brings over 20 years of experience in cyber risk quantification, while Simon Fagg, Director at AdvantageGo, excels in optimizing underwriting systems. They discuss the evolution of cyber insurance, emphasizing its transformation into a vital segment of the market. The duo highlights the role of data-driven insights and AI in enhancing risk assessments. They explore the intricate challenges of data integration and the exciting future of AI-driven underwriting, shaping a smarter insurance landscape.

Martin Burke, Chief Underwriting Officer at MS Amlin, shares insights from his unique career journey in the insurance industry. He discusses how major loss events influence market behavior and the critical role of technology and AI in modern underwriting. Martin emphasizes the importance of adaptability in his path to success, detailing the need for balanced portfolios amid fluctuating markets. He also touches on the significance of diversity and inclusion, along with innovative loss mitigation strategies that can enhance profitability and resilience.

Ben Hubbard, Co-founder and CEO of Parsyl, an innovative insurtech company transforming cargo insurance through technology, shares insights from his journey since 2016. He discusses the vital role of AI in enhancing business interactions and driving efficiency in the insurance space. Hubbard highlights the challenges of the cargo industry, the importance of data-driven risk management, and how collaboration can tackle issues like food waste and forced labor. He reveals Parsyl's growth strategies and plans to expand into new business lines, emphasizing a proactive approach to evolving market demands.

Bethany Greenwood, Group Head of Specialty Risks at Beazley, along with Louise Bloomfield, a partner at DAC Beachcroft specializing in employment law, delve into the evolving landscape of Employment Practices Liability (EPL). They discuss the rapid growth of EPL insurance, driven by societal changes and legislation. The conversation highlights the importance of employers adhering to best practices to mitigate risks, explores the implications of remote work, and examines how technological advancements are creating new avenues for potential claims. Their insights reveal the delicate balance between evolving workplace norms and legal protections.

Today’s guest is someone with the essence of insurance running right through his veins. That’s because he has been working in our industry since the age of sixteen and has accumulated over forty years of experience. Now as CEO of the Lloyd’s and Bermuda insurer and reinsurer Antares Mike Van der Straaten has a unique viewpoint of the global insurance market from which to apply his accumulated knowledge and understanding. Like many of its peers Antares has undergone a rebuilding and restructuring in the past few years and after steadying and right-sizing its business is now stepping out to seek measured profitable growth once more. I found this a really enjoyable and enriching discussion. In a world seemingly dominated by PhDs, Mike’s remarkable career is a reminder that, when it is performing as it should, the insurance industry is an education and vocation rolled into one and rewards intelligence, creativity, common sense and hard work in the most meritocratic of ways. Mike is a great guest and blends the best of the old and the new. For example in this podcast we examine many of the factors that don’t change, such as the shifts in the market cycle and distribution trends, but at the same time we also dissect some of the most progressive issues affecting the sector, such as the best applications of Ai and the streamlining of the underwriting and placement process. Mike always says what he thinks and this candour is extremely refreshing. NOTES: We mention a Rolf Tolle. Rolf was Lloyd’s first Performance Management Director. LINKS: We thank our naming sponsor AdvantageGo: https://www.advantagego.com

Chris Williams, Chairman of International Business at Tokio Marine Group, has over 50 years in global insurance. He discusses Tokio Marine's transformation from a Japanese insurer to a global powerhouse, earning 75% of its profits overseas. Chris reflects on his career journey, navigating changes in medical coverage and athlete insurance. He emphasizes the importance of retaining talent in mergers and acquisitions while addressing investment strategies during the pandemic, including unique real estate opportunities and specialty insurance sectors.

James Vickers, Chairman of Gallagher Re International, brings over 40 years of reinsurance broking experience to the table. In this engaging discussion, he dives into the intricate dynamics of the reinsurance market during the annual renewal. Vickers emphasizes the balance between client needs and reinsurer appetites, revealing that the landscape is more nuanced than often portrayed. He highlights the crucial role of data in managing portfolios, the impact of climate change, and the importance of genuine partnerships in navigating today's evolving risks.