Paul Templar, Founder and CEO of VIPR Solutions, sat down with Mike Keating to discuss the increasingly important role for technology in the MGA market, both today and tomorrow – and some of the challenges and opportunities presented to those playing in the London and Lloyd’s Delegated Authority market.
Asked about the bigger picture, Paul Templar surmised that looking across the wider insurance eco-system there is clearly a genuine desire across all stakeholders – from insurers, brokers, and MGAs, through to claims service providers – to really embrace technology. However, he added, there is certainly a big gap between those who are reaping the benefits of digital technology – and those that, so far, are not. And whilst cost has proved to be a barrier for some of the smaller MGAs, technology is getting cheaper and more accessible by the day.
Insurers, for example, said Paul, are overall in pretty good shape, despite clear legacy platform issues, and are actively promoting and encouraging the adoption of common standards – such as for transferring data. And whilst there is still a long way to go, with a lot of work arounds for those handling data today, change is coming with both Blueprint Two and CDR. These provide lots of promise, and despite the fact that past projects in the Lloyd’s market have not delivered, hope remains strong.
MGA sector bill of health
The MGA market is pretty healthy when it comes to the adoption of technology added Paul – partly due to the fact that MGAs are by their nature very customer focused – a business objective that is certainly also being encouraged by the regulator. There is widespread use of quote and buy platforms, and straight-through processing, a reflection of MGAS entrepreneurial, growth and efficiency focused models – all helping to deliver a good customer experience. However, that said, cautioned Paul, there is clearly much more work to be done.
The human touch
The conversation also looked at the question of how far technology can go – and whether the need for human interaction will diminish. Paul commented that whilst there is a move towards digitalisation of more complex insurance products, the reality is that whilst technology can remove many of the mundane tasks, human intervention from experienced underwriters is still needed. Unlike in personal lines and micro-SME, he added, this hybrid approach is the way to go – at least in the short to medium term in terms of the quest for automation.
Longer term, AI may of course change that, added Paul. It has been around a long time, but AI is now advancing at an incredible speed, and whilst still out of reach, its ability to eventually provide human levels of intelligence and reasoning are teeteringly close. That said, today AI has two distinct areas where it can, and will, add value to insurance. These are operational improvements – such as the ability to access and provide policy/product info for both underwriters and customers; and secondly, the opportunity to improve/order and validate non-standard data.
AI, added Paul, should be seen a bit like a bionic suit – as an accelerator; and that adopting it can provide you with a super-power. However, he cautioned, the ability for AI to do things autonomously – and for society to accept it if it does – is still a way away.
The conversation also touched on the challenge of attracting and retaining IT talent in the insurance market, and what is likely to happen in the insurance market in terms of how transactions will be done in five years’ time.
📻 To hear more, including Paul’s crystal ball vision for the market, listen now at https://mgaaconversations.podbean.com/.
💻 You can also watch the full episode at: https://www.youtube.com/watch?v=xu2vhgqXPnQ
The Insurance Charities wants to ensure no current or former insurance employee who is struggling due to challenging circumstances misses out on the support it can offer. We have all experienced a rise in cost of living, so the Charity’s support may be needed now more than ever. We hope that you and your employer will get involved and help spread the word during the dedicated campaign week which will run from 24-28 June.
The Charity will be issuing a digital Supporter Toolkit ahead of the week (late May/early June) packed with resources and guidance to help you participate, so please keep an eye out for that.
Ways to support the campaign
Please put the dates in your diary, and look out for further updates on Twitter and LinkedIn, the dedicated campaign webpage, and awareness week bulletins as they become available. If you’ve not signed up for the Charity’s ebulletins, you can do so at the bottom of its homepage.
RU announces the arrival of high net worth insurance specialist Wayne Knibbs
Renovation Underwriting, the MGA that offers specialist renovation capacity and expertise, has today announced the arrival of a new senior hire for the firm. Wayne Knibbs, formerly of Aviva, Azur and AIG, joins as Head of Distribution – Private Clients. The role was previously held by James Guthrie, who now leads all distribution activity as the overall Head of Distribution.
Wayne’s arrival significantly bolsters RU’s distribution arm and is a sign of continued growth for the MGA; as part of a dedicated distribution team that was only formed three years ago with the arrival of James Guthrie. As the third member of the distribution team, Wayne will work alongside Mike Carolan, Head of Distribution – Commercial, who joined the business 12 months ago.
Well-known amongst the high net worth insurance community, Knibbs brings over 25 years of insurance industry experience – most recently at Aviva, which he joined further to the insurer’s acquisition of Azur; where he was Head of Sales for nearly six years. Senior private client experience also comes from roles at AIG in a position as Business Development Manager in the Private Client Group, as well as 10+ years developing business in the specialist Superyacht insurance sector.
Commenting on the new appointment, Douglas Brown, Managing Director of Renovation said:
“I’m pleased beyond words that Wayne has been able to join us at RU. He is a well-respected member of the distribution community and builds on the work already undertaken by James Guthrie ‘The Godfather’ of HNW distribution. Wayne’s experience at the top level of the HNW space further underlines our commitment to our broking and insurer relationships. We wish him well and look forward to working with him on the further expansion of Renovation Underwriting”.
Investing in Wayne Knibbs’ expertise enables Renovation Underwriting to further expand its distribution activity in the private client market, supporting the business’s continuing growth across the high-net-worth sector. Knibbs will continue to build RU’s private client distribution channel, develop opportunities within existing relationships in a well-established broker base, and cultivate further business growth from new partnerships.
Speaking of his new appointment, Wayne said:
“It is an absolute pleasure to join the market-leading Renovation Underwriting team. I’ve admired the exceptional reputation of the business and Douglas Brown’s leadership for many years and have always been struck by RU’s clear vision and cohesiveness of the team. “I’m hugely excited to have the opportunity to play an instrumental part in RU’s continuing growth. I join a business that has achieved incredible success, but I can see so much potential to scale further and look forward to building on such a solid platform.”
Wayne officially joined Renovation Underwriting on Tuesday 2 April and is set to join fellow RU colleagues at BIBA 2024; as part of the on-stand team on 15 and 16 May. Developed especially for the flagship event, this year’s RU stand will showcase how creativity sits at the heart of RU’s contract works approach and encourage continued creativity in our profession.
Sheila Cameron, CEO of the Lloyd’s Market Association (LMA), sat down with Mike Keating to discuss the trade body’s key areas of focus for the rest of 2024, and how this will impact the market going forward.
Getting the market ready for Blueprint Two
Sheila’s main focus for the rest of this year, as for many in the London market, is the safe and successful implementation of Blueprint Two, which, she explained, is vital if the market is to modernise and move forward. “There are some very old systems being used, some from the 80s and 90s, and they do absolutely need to be replaced and upgraded if we’re ever going to digitize this market properly.”
Sheila cautioned, however, that such a large undertaking comes with an equivalent level of risk, explaining that with phase one of Blueprint Two expected to be implemented this July, her first focus will be to ensure the new back office systems work effectively, that those using it have been adequately trained, and that the July switchover will be as safe as possible, without disruption to claims processes that could directly impact customers. After all, she added, “No matter what happens, we must make sure we continue paying claims to our clients”.
Attracting new talent to the market
Sheila’s second priority is to work on expanding the talent pool available to the London Market, making it easier for those from other areas of financial services to enter Lloyds, as well as promoting insurance as an attractive career proposition to young talent.
Through its Academy, the LMA plans to offer a “Conversion Course,” providing those from the accounting sector with the opportunity to learn all they need to know about Lloyd’s before entering the market. Sheila also said the Association will be offering in-depth courses at a more technical level for Managing Agents, as well as looking at how its members can better encourage those coming out of school or university to pursue a career in the London market.
Regulation
The LMA’s final point of focus is regulation, in particular, working with the FCA to identify a definition of ‘consumer’ that allows for a more proportionate regulatory approach, especially when applied to the specialty marketplace. Sheila added that it is also lobbying the PRA to ensure the best possible outcome for its members during the move away from EU-led Solvency II regulations to the UK Government’s separate ‘Solvency UK’ scheme.
She explained: “The Lloyd’s market is very internationally focused, with over 50% of our business coming from North America, so having yet another regulatory regime can be challenging, but there are also some benefits to it too”.
Interested in hearing more? You can listen to the full episode here or watch here. We hope you enjoy it!
To find out about upcoming episodes and events, follow us on LinkedIn.
Charles Taylor Assistance, part of the Charles Taylor Group, has marked the launch of its new head office with an official opening by Aviva, its client of over two decades.
Testament to the enduring strength of this client-provider partnership is that, back in 2005, Aviva opened Charles Taylor Assistance’s former head office. Staff on both sides have worked together ever since.
This time, Waseem Malik, Chief Claims Officer – UK General Insurance at Aviva, joined Charles Taylor Group CEO Rob Brown, Charles Taylor Claims Solutions International CEO Richard Yerbury, Charles Taylor Assistance Chief Executive Jody Baker, and others to ‘cut the ribbon’ on the latter’s state-of-the-art new premises at Lakeside North Harbour, Portsmouth, UK.
The event also incorporated the Charles Taylor Assistance teams who support Aviva and its travel insurance partners and customers with global claims solutions. These solutions include 24/7 emergency medical and security assistance, cost containment, claims handling, end-to-end automated settlements, medical screening and fraud investigation services.
By relocating its head office, Charles Taylor Assistance demonstrates a commitment to continued commercial growth and an optimal work environment for its employees, in a sustainable setting. The latter is reflected in Lakeside’s pioneering solar projects, development of wildlife habitats and promotion of sustainable transport options.
The new premises are complemented by Charles Taylor Assistance offices in Christchurch, Dorset and Palma, Mallorca, and by Charles Taylor Group’s presence in over 100 global locations.
Jody Baker comments, “Our claims partnership with Aviva has developed dynamically since the beginning of the century. Over that time, Charles Taylor Assistance has grown from a family enterprise (CEGA) into a global provider of medical and security assistance, travel risk management and insurance claims solutions. Today, as part of the Charles Taylor Group, we support multi-sector insurers, and this next phase of growth at Lakeside reinforces our continuing commitment to meet the changing needs of Aviva’s global customers.”
Waseem Malik comments: “We’re delighted to celebrate the success of our longstanding and constantly evolving partnership with Charles Taylor Assistance, which is largely down to transparency, collaboration and aligned values.
“The opening of the Charles Taylor new offices was another chance to spend time ‘on the ground’ with key team members, whose trusted expertise enables us to continue delivering good customer outcomes.”
Charles Taylor Assistance welcomed Waseem Malik, Chief Claims Officer – UK General Insurance at Aviva (third from right) and his team to officially open its new office at Lakeside, Portsmouth, UK
As regulated firms receive FCA Top Up fee invoices over coming weeks, Premium Credit continues to provide a finance option enabling firms to pay in convenient monthly instalments instead of a single lump sum payment, helping to improve cash flow. Agreements, totalling over £650M have been funded by Premium Credit to date for this purpose.
The FCA issues two invoices per year where total fees exceed £50,000 in the previous year, invoicing 50% of that fee payable by 1st April. Effective use of finance can be an efficient way for businesses to meet this cost.
Premium Credit has been offering finance options to cover FCA fees since 2005 and continues to work with firms in helping their cash flow work harder. By opting for an instalment facility to pay for fees, firms can preserve their cash reserves and allocate them to other crucial areas of their business. Typically, repayments are made over a period of 10 months.
Nigel Stewart, Sales Director (Professions) – Premium Credit, Specialist Lending comments: “Our payment solutions have been specifically designed to help regulated firms manage their cash flow more effectively by providing an alternative payment method that covers the cost of FCA fees as well as any additional top up fees. This approach offers businesses greater control over their cash reserves, particularly useful during these economically challenging times, enabling them to better meet their current business needs.”
Mr Stewart continues: “The application process is digital and uncomplicated. We have invested constantly in technology to ensure that the entire customer journey is seamless, with most of the administration handled by us.”
Premium Credit advises that it’s important to act in a timely way, so firms can consider the best fee payment options and avoid a financial penalty for any late response.
www.premiumcredit.com/products/fca-fees
LONDON, 26 March 2024: OneBefore, the MGA specialising in consumer insurance with a focus on accident, absence, health, and travel insurance, today announced the launch of their ‘One Tree Travel’ policy, which will be distributed exclusively by Freedom Insurance Services.
The product is designed to provide a sustainable insurance solution tailored for environmentally mindful leisure travellers. In collaboration with Ecologi, a leading environmental organisation, every policy sold will contribute to planting at least one tree to support reforestation endeavours and biodiversity preservation. Additionally, through our collaboration with Ecologi, Freedom Insurance Services will contribute to carbon avoidance and removal initiatives such as solar panel installations and the distribution of cleaner cookstoves in the developing world.
Vered Lobel, CEO at OneBefore, said: “One Tree Travel is a unique product. It will not only protect buyers with the highest standard of travel cover, but also contribute to meaningful change through reforestation for a more sustainable future. Working with the team at Freedom Insurance Services, we have moved from initial meetings to a live product on sale in just over three months. I am delighted to see this product go live and provide purposeful cover to conscientious travellers.”
Roland Gilliam, Director at Freedom Insurance Services said: “Our partnership with OneBefore has enabled the product to be designed and delivered in a matter of weeks, rapidly providing the market with a unique insurance product, designed with sustainability at its core and marks the beginning of our journey towards B Corp Certification. In addition to the funding of tree planting with each policy sold, we are also developing partnerships with charities and local community groups that support social causes such as adult education and access to sports facilities.”
Friederike Smith, Account Executive at Ecologi, added, “We’re excited to be working with One Tree Travel as their tree planting partner. One Tree Travel is a great example of an organisation where sustainability is a core part of the business from day one. We’re looking forward to seeing your forest grow!”
12th March 2024: Delving into the latest healthcare developments, AlteaTalks, the new podcast from Altea, explores the hottest topics affecting the sector and its impact on the insurance community and their clients.
With over 30 years of frontline experience in healthcare insurance litigation, host Will Marshall, Altea’s Head of Legal and Risk Management, leverages his extensive knowledge to engage in deep conversations with leading health and care professionals, regulators, and legal experts.
In AlteaTalks’ inaugural episode, Vicki Swanton, Head of Healthcare Global Risks at DWF, discusses the complexities of obtaining informed consent, shedding light on challenges and offering essential tips for practitioners.
“AlteaTalks offers us a remarkable platform to connect directly with brokers and clients by addressing subjects that matter deeply to them,” comments Carly Matson, CEO, Altea. “Through insightful conversations with seasoned professionals who truly know their field, we aim to foster an informed and engaged community while amplifying our voice. Our focus on key issues within the health and care sector reflects our commitment to making a substantial and lasting impact on the industry and our clients. We have a compelling lineup of speakers who address a diverse range of subjects, and we look forward to sharing these episodes.”
Click here to listen to the first episode, or subscribe for future valuable insights from the frontline of healthcare and related insurance and regulation.
About Altea
Altea is a unique provider of combined insurance and risk management solutions tailored for the medical, allied health and care sectors. With unmatched sector expertise, Altea minimises frictional burden to clients by delivering capital efficiency through multi-year, multi-class insurance solutions. Altea’s fresh approach to risk management marks a significant shift in the medical indemnity arena, offering Insureds the opportunity to mitigate risks before they arise.
Altea’s personalised, practical and sustainable solutions underpin its Insureds’ and Partners’ practices, protecting and enabling them to focus on their business and growth.
We care that you care.
Find out more: https://www.alteainsurance.com/
Graeme Trudgill, BIBA CEO, talked openly and honestly to Mike Keating about the key challenges impacting the broking community in the first episode of the MGAA’s brand new podcast series.
Regulatory communications gap
At the top of Graeme’s agenda, which can also be said for much of the rest of the insurance market, is regulation. In his view, the last six months have been an “incredibly tough spell with regulation”, with brokers now having to find ways to demonstrate to the FCA that they are providing fair value to customers, and that broker commissions can be justified, especially at a time when premiums have been rising.
At the heart of Graeme’s concerns are that the regulator simply does not have a true understanding of the incredible role that brokers do, and the work they put in, often in very difficult circumstances – such as in the wake of Covid and Grenfell, when premiums in some markets skyrocketed. BIBA’s mission now is to put a real focus on addressing this communication gap with the FCA, to ensure the regulator has “a better understanding of general insurance brokers and intermediaries, which includes MGAs of course, because they play a really important role in matching clients needs with the insurance that allows them to transfer their risk”.
Graeme’s views are, he emphasised, backed up by BIBA’s membership. The message coming out of BIBA’s recent ‘tour of the regions’, during which Graeme spoke to over 700 brokers, was resoundingly that any future regulation must be “balanced and proportionate” and that the FCA needs to provide more guidance and commentary around how regulation will affect business and exactly what is required in terms of reporting.
MGAs to the rescue
The conversation then turned to partnerships with providers and the positive role that MGAs play, especially when they ‘step up’ in markets when traditional insurers pull out, including personal lines. Graeme explained that “when capacity is withdrawn, brokers look for new opportunities and new names and new partners, and MGAs have absolutely stepped up to the mark, so a huge well done to them.” Fundamentally, he added, “our members want a number of things, including good, long-term capacity.”
BIBA’s CEO was also candid about the service challenges being seen from traditional insurers, particularly with insurance personnel increasingly working from home, resulting in brokers having to wait longer for responses to their queries and to get access to decision makers. Graeme did note however that there was at least now a clear recognition of the improvements that needed to be made and a clear desire from insurers to make them. “What I would say is that in the main they’re very competitive, they want to do better, and they recognise what their challenges are and how they can improve – which they have been doing.”
MGAs, however, he said, have continued to offer a fantastic service, offering a more tailored service to brokers, which has, of course, been a major draw. The bottom line for Graeme is that “what MGAs have managed to wrap up together is a good service proposition, good capacity to cover non-standard risks and fill the gap where other insurers have pulled out.”
You can listen to the full episode here – https://mgaaconversations.podbean.com/
To find out about upcoming episodes and events, follow us on LinkedIn.
National law firm, Weightmans, has announced several major new hires at its London office.
Philip Tracey has joined the top 40 law firm as a partner in casualty insurance. A specialist in sports-related liability work, Philip’s expertise lies in employers’ public and product liability, as well as advising insurers on catastrophic injury claims. He is now instructed on behalf of one of the defendants on the concussion-related litigation being pursued against the national governing bodies by former professional and amateur rugby and football players. Philip is joined by his colleague, Stephanie Wilson, as a principal associate. Stephanie is an experienced insurance and sports litigator and regulatory lawyer and defends national sports governing bodies, sports clubs and individuals.
Other significant appointments to the London office include Alain Orengo as a consultant in the specialty team, bringing with him over 20 years’ experience in defending professional indemnity claims and dealing with professional regulatory disputes or disciplinary inquiries before regulatory bodies; and fellow consultant, Steve Phillips, who boasts over 30 years’ experience of handling occupational disease claims, specialising in claims for asbestos-related disease.
Located on Fenchurch Street, in the capital’s historic business district, Weightmans’ London office employs over 250 people, operating across the UK and internationally and offering a complete range of legal services to businesses and individuals. In a strategic move to bolster the workforce and drive innovation, the recent hires signal the start of a further recruitment drive for the office in 2024, which is actively seeking partners in its insurance segment.
Philip Tracey, partner, who is Legal 500 listed, said:
“I am thrilled to be joining Weightmans. I have always been impressed by the firm’s professional, client-focused approach, its excellent reputation as an employer and success in its chosen markets. I look forward to bringing my expertise to the table and contribute to the office’s continued growth trajectory.”
Andrew Cromby, partner and regional head of the London office, said:
“2024 will see Weightmans continuing to grow, consolidating its London presence and building on the practices of the impressive lateral hires which the firm has attracted. As well as remaining on the lookout for strong talent to join the firm, we will continue to grow internally and look to cement our position in London as a leading, full-service practice.”
The news comes after the firm’s newly-launched digital transformation and cybersecurity consulting business, CyXcel, last month announced two significant hires, also based at the London office – Hamish Singh, who joins as partner, and Sasha Henry, as senior managing consultant.
In the same month, Weightmans was recognised as a Top Employer in the UK for the 17th year in a row – ranked in the top 10 for its outstanding people-centric policies and practices that have created a positive workplace environment.
In 2023, the London office further strengthened Weightmans’ reach and capability overseas with the hire of the Pierre Thomas Law team, a specialist provider of legal advice regarding international personal injury claims and the defense of accident claims throughout Europe.