Why is it crucial to curate and maintain a good relationship with your software vendor? How do you go about selecting the right vendor for your business, and when is the right time to jump ship to a new platform? Is our industry’s rapid entanglement with AI necessarily fraught with danger, and how can we exploit it to drive efficiency and enhance customer’s buying experience? As our access to and experimentation with data continues to fuel rapid changes to our industry’s broader infrastructure, it’s high time for many insurers, brokers and MGAs to adopt software to better manage their systems and products. This can feel like a minefield, with an ever-expanding array of Insurtech providers on the market, and with digital transformation projects frequently failing due to miscommunication between customers and software vendors. In this episode, we’re privileged to be speaking with Andre Symes, Group CEO of Genasys Technologies, about how to navigate these risks and curate a collaborative and long-lasting relationship with your chosen software provider. He describes the need for compromise in what will become a ‘corporate marriage’, and also explores the risks and opportunities that AI will present the insurance industry for years to come.   Quote of the Episode “We need to start appreciating the fact that tomorrow's buyers are not buying insurance in the way that today's buyers are buying insurance… They don't own cars; they don't own homes. They just live in the gig. Unless we start shaping insurance to accommodate that, I think we're going to be disrupted, and we're not going to be disrupted internally. We're going to be disrupted from outside.” Our industry’s current architecture is contingent on a vision of modern society that is quickly slipping away. With car ownership, house ownership and pet ownership all declining, the next generation of insurance customers will be seeking cover to accommodate for a lifestyle entirely different from that which our industry is currently equipped for. This is accentuated by the advent of new technologies that are certain to radically transform the way we conduct our daily lives; not least self-driving vehicles which already are capable of 0% accident rates. Our industry has always been reluctant to adopt change; but those companies, and indeed sectors which fail to heed the warnings on the horizon are sure to be left in the dust. Key Takeaways The technology that will reshape our future has already arrived. For the insurance market to remain sustainable, it must adapt to the advent of AI and incorporate it into our everyday practices. Genasys is already using AI to make its platforms more user-friendly. If its customers, in turn, wish to incorporate AI to enhance their own clients’ purchasing journey, Genasys can facilitate this via an API connection. It is clear that AI and software, more broadly, will be key to building the insurance industry of tomorrow. However, software should always be an enabler, to allow businesses to function and provide the personal journey that will always remain front-and-centre of what we do as an industry. As such, when beginning a transformation project to adopt a new software for your business, you don’t want to end up stuck with a monolithic platform for the next several years that can’t evolve alongside you. Andre outlines two major steps to take before selecting a software vendor for your business. Firstly, he argues that you must meticulously interrogate the platform’s capability – via demonstrations, proof of concepts, and ideally, access to a digital sandbox. You need an in-depth understanding of what a platform is, and how it can be modified to suit your business’ needs. Secondly, it is also crucial to understand the capital structures of the platform provider. Is it sustainable in the long term – and will they exist for as long as you intend to use the platform? Selecting a software provider is the first step in what will become, hopeful

In this episode of 'People in Insurance,' host Sarah Myerscough sits down with Becky Glover from Yutree Insurance. Becky shares her unique journey from co-founding Elizabeth Rose Wines to becoming a Financial Director, navigating both the worlds of finance and entrepreneurship. The conversation delves into her rapid career progression, balancing non-traditional educational paths, and the importance of leveraging social media and personal branding. Becky also offers insights on supporting women in the workplace and the significance of celebrating professional milestones with the same enthusiasm as personal life events.   Quote of the Episode “You can have it all, but you can't do it all. And neither should we expect people to do it all.”   Key Takeaways "You can have it all, but you can't do it all." This powerful statement encapsulates Becky's philosophy on work-life balance, especially for women in the workplace. The importance of building robust support systems and delegating tasks both at work and in personal life. Becky's journey from leaving school at 17 without A-levels to becoming a Finance Director at 29 demonstrates that there are multiple routes to success. Becky advocates for apprenticeships, continuous learning, and proactively seeking opportunities. Technology and adaptability are crucial for business growth. Drawing from her experience in the tech sector, Becky highlights the importance of embracing technology, particularly in traditional industries like insurance. Becky highlights how technology and AI can improve efficiency, employee satisfaction, and overall business performance.   Key Quotes “You can have all of that, but you won't do all of it yourself. So, start delegating some bits out, at work, if you get to a senior position, you're not expected to do that senior position at all. and do all of the roles underneath it. So why is it that in the home, we still expect ourselves to do the senior position and do everything underneath it that we used to have time for.” “Always say to people, businesses are just a group of people hopefully doing the same thing in the same direction to grow that business and to make it more valuable. So, what are you as an individual bringing to the table?  So, for young people, it should be amazing for them to go and get some work experience somewhere, doing something interesting for them.”   About the Guest Becky Glover is the Finance Director at Yutree Insurance, and she is known for her rapid career progression and significant contributions to the finance sector. She left school at 17 to pursue a direct path into finance, completing her AAT and ACCA qualifications through an apprenticeship. By 29, she became a Finance Director, demonstrating her ambition and strategic learning. Becky advocates for diversity in finance, serving on various boards such as AAT and GENCFO, and actively promotes the use of technology in business operations​. LinkedIn profile - https://www.linkedin.com/in/beckygloverfmaatfcca/ Becky co-founded Elizabeth Rose Wines!! Yutree Insurance is a specialist insurance broker and underwriting agency based in the UK. The company provides a range of insurance solutions tailored to the needs of businesses and individuals. They specialise in offering insurance products for commercial enterprises, including liability insurance, property insurance, motor fleet insurance, and professional indemnity insurance. Yutree also operates as an underwriting agency, designing and distributing insurance products on behalf of insurers. This dual role allows them to offer bespoke insurance solutions tailored to their client's needs.   About the Host Sarah Myerscough is the Chief Ideas Officer at Macaii, formerly Boston Tullis. She hosts/co-hosts several podcasts and is known for her knack in connecting with people. Sarah excels in bringing out the best for video, podcast, and live events, helping clients showcase the human side of their business. Sarah is passionate a

In this episode of 'People in Insurance: changing the conversation,' Lucy Hodgson, a director at Eastwood Insurance Brokers, discusses her dual identities, her deep-rooted career in the insurance industry, and her commitment to community involvement. Inspired by her father, Lucy's journey in insurance started early, and she now leverages her experience to mentor and lead, especially through her work with the Rotary Youth Leadership Awards (RYLA). The conversation explores the importance of giving back, the evolving landscape of training and insurance, and the need for adapting to modern challenges while fostering young talent and the need for the insurance industry to innovate its training approaches to balance flexibility with effective skill development. Quote of the Episode “If you ask the right questions, or ask, just ask questions, sometimes it doesn't need to be the right questions, just ask questions. Have an interest in somebody and it's amazing what you'll find out. You can then cater for them individually.  Ask questions and make sure you're really listening to the answers.” Key Takeaways The importance of early exposure to the insurance industry: Lucy Hodgson's experience of visiting her father's workplace as a child and the impact it had on her career choice suggests a need for more initiatives to bring children into insurance workplaces and promote the industry as a career path. The power of leadership development programs: The Rotary Youth Leadership Awards (RYLA) program that Lucy directs demonstrates the significant impact structured leadership experiences can have on young people. Lucy discusses the challenges of training new insurance professionals in the post-COVID era of remote work. She highlights the importance of maintaining hands-on, interactive learning experiences and the value of in-person interactions for developing skills and confidence. Key Quotes “I fell into insurance and then they laugh.  Well don't just laugh, say I fell into insurance, but this is my career, this is who I am, this is what I do, these are the people I meet. Talk about it, tell a story of being an insurance person.” “I think over the next 10 years, technology is going to continue to, you know, move forward so, so quickly. I'm already feeling that I'm starting to get out of touch with some of it, to be honest.  So, How I see the future is really, it's almost doesn't really matter what I think. I think it's about what do these young people think. We've got to give them the opportunity now to, to start having their say about things because the one thing I've noticed really is that they do think very, very differently.”   About the Guest Lucy Hodgson, a director at Eastwood Insurance Brokers in Huddersfield, joined the company in 2006. Based in Huddersfield, she has significantly contributed to the firm's reputation for prioritising client-specific, independent insurance solutions.  Lucy has built a notable career in the insurance industry, inspired by her father, who introduced her to the field as a child. Her extensive experience is complemented by her community involvement, notably through her role as the Course Director for the Rotary Youth Leadership Awards (RYLA). She is also a vocal advocate for brokers engaging in community initiatives, enriching their personal and professional lives. https://eastwoodinsurancebrokers.co.uk/ About the Host Sarah Myerscough is the Chief Ideas Officer at Macaii, formerly Boston Tullis. She hosts/co-hosts several podcasts and is known for her knack in connecting with people. Sarah excels in bringing out the best for video, podcast, and live events, helping clients showcase the human side of their business. Sarah is passionate about the evolving dynamics of the insurance industry and enjoys conversing with innovators, trailblazers, and long-term advocates of change. Website: www.macaii.co.uk

This podcast episode of 'People in Insurance, Changing the Conversation' Sharon Brown takes the role of host, with guests Richard Dudley, and Chris Park discussing the intersection of the insurance industry with dementia awareness and research efforts. The conversation explores the mission of Insurance United Against Dementia (IUAD), initiated in 2017 to leverage industry collaboration for funding and awareness in partnership with the Alzheimer's Society. Key topics include an explanation of dementia and its impact, the importance of early diagnosis, and personal stories that highlight the challenges faced by individuals and families affected by the disease. The discussion also touches on the insurance industry’s fundraising efforts, having raised nearly £10 million, and future goals with IUAD 2.0 to further support Alzheimer’s research institutes and public awareness. The podcast advocates for continued industry support, citing recent developments in treatments like Lecanemab and the need for increased awareness and investment in dementia research globally. It encourages people to participate in initiatives such as the 'Insurance Day for Dementia' to sustain the momentum against this largest killer disease.   Quote of the Episode "Research will beat dementia." - attributed to the associate director of research at the Alzheimer's Society   Key Takeaways Dementia is caused by diseases that physically damage the brain, with Alzheimer's disease being the most common cause. Early diagnosis of dementia is crucial for providing proper care, support, and potential treatment. The insurance industry, through IUAD, has raised nearly £10 million to support the Alzheimer's Society and dementia research. IUAD funds have supported the UK Dementia Research Institute and crucial services during the COVID-19 pandemic. The insurance industry is well-positioned to support dementia causes due to its collaborative nature and reach. Key Quotes “If you've met one person with dementia, you've met one person with dementia. And this program really shows that you've got people of very different ages, different backgrounds, different demographics, and showing different symptoms and signs of dementia.” – Chris Park “People are dying from it, and I think that we need some education, some experiences shared on that dying process so it's not quite as scary for people when they have to watch their loved ones go through it.” – Sharon Brown “it's the beginning of the end for dementia. The researchers in the field will learn from Lecanemab and they'll learn from these other trials, and we’ll get to a point where the treatments are going to be able to be administered more easily and will be more cost effective and will have also made more of a journey in diagnosis.” – Chris Park “In fact, it's probably the biggest killer in the world. One in three people who are born today are going to develop these diseases: one form of dementia or another.  And the amount of money and attention that is placed on trying to solve that challenge is ridiculously small when you compare it to some of the other bigger killers.” – Richard Dudley   About the Guests Chris Park Chris is the Development Board Lead at Alzheimer’s Society. Leading a small team that work closely with ten senior members of the Insurance industry – who have the objective to raise vital funds for Alzheimer’s Society projects and awareness of the impact of, and support for, people affected by dementia. Chris and his team work with individuals and organisations from the wider industry under the leadership of the award-winning Insurance United Against Dementia (IUAD) campaign and senior level volunteer board members. Chris also works with senior figures in the sporting world, who have similar aims, ambitions and motivations to support the cause. A passionate fundraiser and relationship manager, Chris has worked in the charitable sector for over ten years. Including over 6-years at NSPCC and a 3-year ter

In this episode of 'People in insurance: Changing the Conversation,' Glenn Marshall discusses his extensive career in the insurance industry, starting from his early attempts to become an electrician to his eventual success in underwriting. Glenn recounts his journey through various companies and mergers, the challenges faced including significant claims, and the ultimate establishment of his own firm, Gem Underwriting Agency. Highlighting the impact of relationships and technology in the insurance sector, Glenn shares his insights on entrepreneurship, the importance of sticking to one's expertise, and the satisfaction of working with family. The episode concludes with a special segment featuring the host's daughter, Isabel, who interviews Glenn about starting a business as a young entrepreneur.   Quote of the Episode "Stick to what you know,  basically, don't get too big for your boots."   Key Takeaways Persistence is crucial in entrepreneurship: Glenn faced multiple challenges and setbacks but continued pursuing his goal of running his own business. Relationships are vital in the insurance industry: Glenn's success has been built on long-standing relationships with a core group of brokers. The importance of adapting to technological changes: Glenn recognizes the need to incorporate AI at some point and rating engines to stay competitive and satisfy capital providers. Work culture is changing: The shift towards remote work presents challenges in team cohesion and training, especially for smaller companies. Personal touches can make a business unique: Glenn named his company after his parents' sweet shop and incorporated family elements into the logo.   Best Moment Glenn sharing the origin of his company name, "Gem Underwriting  “I haven't got a middle name, so it's definitely not my initials. I was born and grew up in a place called Tilbury, and my mum and dad ran a sweet shop called The Gem. I always said to my mum, if I ever own my own business, that's what I'm going to call it."   Key Quotes "’John (Murphy) would always give you enough rope to hang yourself. Unfortunately I did that a couple of times, but each time he had my back, thankfully." "You think you are reasonably good at what you do and to prove to yourself that you are I think you need to work for yourself, for your own satisfaction, your own mentality." "It's best to try as many different facets of what you want to do as possible."   About the Guest Glenn Marshall's career in the insurance industry began in 1986 at Michael Payne Syndicate 386 @ Lloyds, a renowned name in the insurance sector. Over the years, Glenn has held various senior roles in Lloyd’s liability syndicates and managing general agents (MGAs), accumulating extensive experience and expertise in the field. His journey is marked by a consistent rise through the ranks, reflecting his deep understanding of the insurance landscape and his ability to navigate its complexities effectively. Throughout his career, Glenn has been involved in various facets of the insurance industry, gaining a wealth of knowledge and building a strong professional network. His roles in senior positions at different Lloyd's liability syndicates have given him a broad perspective on the market, allowing him to develop a keen insight into the needs and challenges faced by brokers and clients alike. Website: www.gemuw.com LinkedIn: Glenn Marshall | LinkedIn   About the Host Sarah Myerscough is the Chief Ideas Officer at Macaii, formerly Boston Tullis. She hosts/co-hosts several podcasts and is known for her knack in connecting with people. Sarah excels in bringing out the best for video, podcast, and live events, helping clients showcase the human side of their business. Sarah is passionate about the evolving dynamics of the insurance industry and enjoys conversing with innovators, trailblazers, and long-term advocates of change. Website: www.macaii.co.uk  

In this engaging episode of 'Changing the Conversation,' Sarah interviews Suneeta Padda, the founder and managing director of PADDA Consulting, a London-based regulatory compliance firm. Suneeta shares her remarkable journey from aspiring chef to an award-winning consultant, detailing her experiences with arranged marriage, raising children, career shifts, and her significant roles in the insurance industry. She discusses the challenges and triumphs of starting her own business and highlights her dedication to promoting diversity and inclusion within the industry. Suneeta also provides valuable insights into balancing professional and personal life, drawing from her own story of resilience and determination. Quote of the Episode "I would not want a job because I'm an Asian woman. I would want the job because I'm the best for that job." Key Takeaways Suneeta Padda's journey from aspiring chef to successful compliance consultant offers valuable insights for both personal growth and organisational development. Her experiences highlight the importance of resilience, cultural awareness, and inclusive practices in today's business world. Some key takeaways from her interview include: Resilience can come from facing cultural and personal challenges from a young age Diversity without inclusion can lead to high attrition rates in organizations Family values can be successfully integrated into business practices Open communication and education are crucial for advancing diversity and inclusion in the workplace Starting a business can be lonely, but building a community of like-minded entrepreneurs can help Balancing work and personal life require creative solutions and efficient time management These lessons from Suneeta's career underscore the need for a holistic approach to business leadership that considers cultural backgrounds, personal experiences, and diverse perspectives. By embracing these principles, individuals and firms can foster more inclusive, innovative, and successful environments. Key Quotes "I'm helping people who are coming into our insurance market and broader afield with those aspects of that integration into the workplace and it's okay to be yourself. It's okay. You hear a lot of firms saying, bring your whole self to work. How much of that is actually true?" "I don't seem to be able to compartmentalise any of it, but both a blessing and a curse. But it really feels much more prevalent in the conversations I'm having in the cultures that businesses are trying to foster. And I think it's a really good thing." "Diversity without inclusion would naturally lead to a high attrition rate. Because if you don't feel included somewhere, why would you want to stay?" About the Guest Suneeta Padda is the Managing Director and founder of Padda Consulting, a London-based firm specialising in regulatory compliance for the insurance industry. Established in 2012, Padda Consulting serves diverse clients globally, including brokers and insurers. Suneeta is also committed to promoting diversity and inclusion in the industry and mentors’ women from non-traditional backgrounds. They recently won the London Market Consultant/Advisory Supplier of the Year award. You can find Suneeta on LinkedIn - https://www.linkedin.com/in/suneetapadda/ https://padda-consulting.co.uk/   About the Host Sarah Myerscough is the Chief Ideas Officer at Macaii, formerly Boston Tullis. She hosts/co-hosts several podcasts and is known for her knack in connecting with people. Sarah excels in bringing out the best for video, podcast, and live events, helping clients showcase the human side of their business. Sarah is passionate about the evolving dynamics of the insurance industry and enjoys conversing with innovators, trailblazers, and long-term advocates of change. Website: www.macaii.co.uk

This episode of the podcast captures a candid and insightful conversation featuring Sarah Myerscough, Chief Ideas Officer at Macaii and Sharon Brown cert CII, Director MGAA, Director, Consultant, CEO, NED, Founder, and Angel Investor. Sarah and Sharon switch roles in this unique episode where host becomes guest as Sharon is in the hot seat asking the questions! Sarah shares some humorous lessons from her past business ventures, including the importance of logistics planning and researching potential business names. They delve into Sarah's journey in the insurance industry, including the foundation of Macaii (formerly Boston Tullis) with her father, overcoming personal challenges such as her stroke, and navigating turbulent times including family health crises and the COVID-19 pandemic. The conversation highlights the importance of diversity, culture, and tech innovations in insurance, along with the power of authentic storytelling through podcasts. They also discuss effective marketing and sales strategies, team dynamics, and the personal growth Sarah has experienced through her career and family life. Quote of the Episode "Every single business exists to sell something. Product service doesn't really matter, but you have to have something to sell, and there has to be someone who wants to buy it. Right? And telling that someone who wants to buy it, what your something is and how it can help them is marketing and sales. And it is literally that simple." “I couldn't pick one. I learned something from every single podcast I do. And I've got a little book where I write down what it is that I've learned.” Sarah Key Takeaways Sarah Myerscough trained as a barrister and worked as an asylum lawyer before entering the insurance industry. Sarah has faced numerous personal and professional challenges while building her business, including family health issues, the COVID-19 pandemic, and suffering a stroke herself. Despite these setbacks, she has persevered and maintained her business. Sarah has three children, including one diagnosed with autism. She discusses the challenges of balancing family life with running a business, emphasising the importance of flexibility. Sarah’s business Macaii's specialises in creating content through podcasts, videos, and event coverage for insurance industry clients. Sarah values authenticity and vulnerability in her interactions, which helps put her podcast guests at ease. She learns something from every interview she conducts. Company name origin: The name "Macaii" comes from a Hawaiian word meaning "drawn to the sea," reflecting Sarah's love for the ocean Marketing strategy insights: Sarah discusses the importance of integrating marketing strategy with overall business strategy. She emphasises the need for businesses to understand their target audience and create multiple touchpoints before making a sale. Sarah expresses pride in maintaining her family life, marriage, and business despite numerous challenges over the past five years. She sees her resilience as a major accomplishment. Key Quotes “Sarah Myerscough is predominantly behind the camera at events, and you've seen Sarah around now I refer to Sarah as the pocket rocket of the industry in terms of the events that we participate in.” Sharon Brown  “I think just being my authentic self is really important.” Sarah Myerscough “The reason I came out of law is because I remember going to pick my middle daughter up from nursery and she was two, I think. And I remember having to go in and ask which room she was in. And I thought, Jesus, something's gone wrong here. Something's gone horribly wrong because I’m not being the mum I wanted to be This has to change now.”  Sarah Myerscough “One was recording a podcast, and my son came in and shot me between the eyes with a Nerf bullet. Which was interesting. And a second one was when my daughter came in sobbing like somebody had just shot her.” Sarah Myerscough   About the Guest Host Sharon has over

How can ethical business practices and a focus on fairness shape a company's culture and success? What role does mentorship play in fostering the next generation of business leaders? In this episode of Changing the Conversation, we're delighted to speak with Donna Scully, co-owner of Carpenters Group, about her journey in building an ethical business and her passion for mentoring young entrepreneurs. Donna shares insights from her 30-year career in the insurance industry, discussing how she and her business partner John shaped Carpenters Group around core values of fairness, customer focus, and employee wellbeing. She reflects on the challenges and rewards of running a business with strong ethical principles, and how this approach has contributed to the company's growth and positive reputation.   Quote of the Episode "We wanted to be really good at what we did, and we want to try and be proud of what we did and the way that we did it. And the way that we achieved it." For Donna, success in business isn't just about financial results – it's about building something you can be proud of, treating customers and employees well, and making a positive impact. This philosophy has guided Carpenters Group from its early days to its current position as a major player in the insurance industry.   Key Takeaways Donna emphasises the importance of investing in people and technology to deliver excellent customer service. She discusses how Carpenters Group has maintained its commitment to fairness and ethical practices even as it has grown to over 1,500 employees. Key elements of their approach include: Focusing on customer needs rather than short-term profits Investing in technology and training to improve service delivery Cultivating a no-blame culture that encourages innovation and problem-solving Promoting diversity and providing opportunities for career growth Balancing business needs with employee wellbeing and work-life balance Donna also shares her perspective on mentoring, drawing from her own experiences of being supported in her career and her current efforts to guide young entrepreneurs. She stresses the value of taking opportunities, continuous learning, and developing both technical skills and emotional intelligence.   Best Moments "I think for me and John, our view was, well, if you do it well, there's always room for you and there's always a place. So, we're going to give it a go." "We try to run a no blame culture. I mean, I'm sure people... would say that's it's not perfect, but, you know, you try to say, you know, we get things wrong." "One of the things I've always done since I was young and I don't remember not doing this, is I take every opportunity that comes. So, if someone says, do you want to try that? I'm in." "Everything is about relationships. Everything is about communication. When you have bad relationships with bad communication, it doesn't matter how smart you are, you won't solve problems."   Key Quotes “I felt like sometimes the customer focus was a bit lost and for me, one of the things that John and I decided early on was that we wanted to be really good at what we did, and we want to try and be proud of what we did and the way that we did it and the way that we achieved it. And what's funny is. You make money.” Donna Scully “When something goes wrong, I think instead of going, oh my God, I need to lie on the floor and drink six bottles of wine and scream. I go, how are we going to fix this?”  Donna Scully “Thank God I'm not bad at my job because I'm so bad at other things. But then, that, that keeps your feet on the ground. You can't be great at everything.” Donna Scully “Someone having that belief in you is very powerful.” Donna Scully   About the Guest Donna Scully is the co-owner of Carpenters Group, a leading provider of insurance and legal services in the UK. With over 30 years of experience in the industry, Donna is known for her commitment to ethical business practices and her advocacy

How can insurance companies better support working parents in the years after they have children? How should working parents endeavour to maintain a healthy work-life balance, and what practical measures should employers introduce to facilitate this? Despite the implementation of some measures to mitigate this, having children can be something of a kick in the teeth to working parents. This is particularly true for new mothers who typically suffer the financial burden of potentially sacrificing their career and struggling to return to it later on. These issues, and much more, underpin the work of Jess Heagren, Founder of Careers After Babies, who we are delighted to be speaking with on this episode. Jess shares her personal experience of juggling her former insurance career with motherhood, and her insights into how employers can better support their staff through this challenging transition.   Quote of the Episode “What does ‘good’ for us look like? It looks like happy, healthy, nurtured children who have one parent around most of the time, but we both get to have professional fulfilment as well. That's our version of ‘good’. That will look different for everybody else. I think all the time we go along with a very traditional societal view of what ‘good’ looks like, which might be, the amazing mum who's baking from home and doing all the art and home-schooling, while her husband goes out to work and earns £200 grand a year. I think that's completely incongruous to today's society, and the way we are as people.” Ultimately, Jess is keen to reassure working parents that there is no need to strive for an idealised version of their lives, where their work, marital and parental responsibilities are always in perfect equilibrium. Instead, she suggests that parents should identify their own unique idea of what ‘good’ looks like to them, which will vary from couple to couple and family to family. She is sceptical of traditional notions of work-life balance or the gender disparity of mothers remaining at home whilst fathers go to work. Of course, for certain families this may be what ‘good’ looks like to them. However, it should not remain the standard, generalised model for all society to defer to, if we are to address continuing gender inequality in the workplace.   Key Takeaways Many women in insurance and other related industries spend years building great careers, flying through the ranks and reaching the brink of huge success, only for it all to come crashing down when they have children. Many have to resort to part time work and experience little career progression, or quit their jobs entirely. The support infrastructure within professional services businesses for mothers and fathers alike, is woefully underequipped for modern parenting attitudes and ideas around work-life balance. For Jess, the pandemic was a key lesson for all society that work-life balance as it currently functions is wholly inadequate for sustaining a happy, healthy workforce. The system is broken. Whilst endeavours to introduce flexible working solutions have been broadly introduced across our industry, there is still much work to be done. There is, however, an appetite from many organisations to put the work in. Workplaces can facilitate change in this regard, and must evaluate the ways in which they cater to working parents, and the support mechanisms on offer for them before and after they have children. There is a financial incentive for doing so also. Not only would such support infrastructure create a more broadly happy workforce, leading to greater productivity and thereby positively impacting businesses’ bottom line; it would also enable great talent to remain in the industry, even if at a reduced capacity for a certain number of years. It is crucial, Jess argues, that workplaces foster a culture which encourages and enables people to be their true selves. Being authentic to who you are makes one a better leader, and a better individua

In this episode of Changing the Conversation, we dive deep into the world of mergers and acquisitions (M&A) in the insurance industry with Glenn Hirchfield, founder of ALJ Consultancy. Glenn shares his extensive experience in M&A, offering valuable insights for both buyers and sellers in the insurance market. From the importance of cultural fit to the role of technology in valuations, Glenn provides a comprehensive overview of the current M&A landscape and offers advice for those considering selling their business.   Quote of the Episode:  "There is a flawed assumption that people are only interested in how much they can get for their business. And it's rarely, if ever, true that that's the primary driver for people." Glenn Hirchfield   Key Takeaways: The importance of cultural fit in M&A deals  The value of honesty and transparency in the selling process  The role of advisors in navigating the M&A landscape  The impact of technology on business valuations  The significance of soft skills and personal factors in M&A decisions    Best Moments/Key Quotes: "Be yourself. Say things as they are about your business, because if you do the opposite and try and pretend that you are something that you're not, regrettably it gets found out."  "Please don't go into selling your firm thinking it's going to be easy. There are times when it's horrendous."  "We see life-changing amounts of money often getting into the hands of people that have lived quite frugally and who have really devoted their entire career to building up something."    Resources: ALJ Consultancy website https://www.aljconsulting.com/   About the Guest: Glenn has over 30 years in financial services, with a vast network of senior contacts and experience from AIG, ACE, and senior UK broking roles. As CEO and founder of ALJ Consulting, he specialises in originating, structuring, and executing deals in the US and European insurance markets. He is also an operating partner at Apollo Global Management. With deep expertise in M&A consulting and private equity, Glenn helps clients achieve strategic goals, providing tailored financial services and technology solutions. He assists private equity firms pre- and post-deal and helps sellers find buyers. Glenn's capital-raising experience offers clients valuable M&A insights. He aims to deliver discreet, value-added services for client success in today's fast-paced market. Glenn is married with three children, is active in his local church, and enjoys golf and cricket.   About the Host Sarah Myerscough is the Chief Ideas Officer at Macaii, formerly Boston Tullis. She hosts/co-hosts several podcasts and is known for her knack in connecting with people. Sarah excels in bringing out the best for video, podcast, and live events, helping clients showcase the human side of their business. Sarah is passionate about the evolving dynamics of the insurance industry and enjoys conversing with innovators, trailblazers, and long-term advocates of change. Website: www.macaii.co.uk      

In this episode of Changing the Conversation, we sit down with Mike Keating, CEO of the Managing General Agents’ Association (MGAA), to explore the dynamic world of MGAs and their evolving role in the global insurance landscape. Mike shares insights into the growth and challenges within the MGA sector, the importance of strategic partnerships, and the exciting innovations driving the market forward. We also delve into the MGAA's rebranding efforts and their annual conference, which highlights the theme "The Power of Partnerships." Additionally, Mike discusses the critical role of the next generation in the industry and the importance of attracting young talent to the world of insurance.   Quotes: "The MGA community is truly global and continues to grow at a very fast pace, with significant developments in the US, Canada, UK, and Australia." Mike Keating "We've seen excellent insure tech MGAs launching worldwide. However, the challenge often lies in balancing investment in technology with effective product distribution strategies." Mike Keating "Never take partnerships for granted. Understanding and aligning the objectives of all stakeholders is critical for success in the MGA ecosystem." Mike Keating "We have a moral obligation to showcase how exciting and dynamic the insurance industry is. From insuring sports stadiums to Formula One, there are endless opportunities for young professionals." Mike Keating   Resources: Managing General Agents’ Association (MGAA): www.mgaa.co.uk MGAA Annual Conference: www.mgaa.co.uk/mgaa-conference-2024/ MGAA Podcast - MGA Conversations: https://mgaaconversations.podbean.com/   About the Guest: Mike Keating is the CEO of the Managing General Agents’ Association (MGAA), where he leads efforts to support and promote the MGA sector within the insurance industry. With a career spanning over three decades, Mike has a wealth of experience in insurance, having held senior roles at various prominent organizations. Under his leadership, the MGAA has grown to represent over 230 members, placing billions of pounds into the UK and Irish markets. Mike is passionate about fostering innovation, building strategic partnerships, and advocating for the next generation of insurance professionals.   About the Host Sarah Myerscough is the Chief Ideas Officer at Macaii, formerly Boston Tullis. She hosts/co-hosts several podcasts and is known for her knack in connecting with people. Sarah excels in bringing out the best for video, podcast, and live events, helping clients showcase the human side of their business. Sarah is passionate about the evolving dynamics of the insurance industry and enjoys conversing with innovators, trailblazers, and long-term advocates of change. Website: www.macaii.co.uk      

What responsibility do small insurance firms have to implement sustainable practices, and encourage their clients to do the same? What initiatives can SMEs put in place to cut down on their carbon footprint without compromising their bottom line? Or is a transition towards sustainable efforts ultimately commercially beneficial? At Macaii we believe that podcasting is the best way to learn, and this episode of Changing the Conversation is a testament to that endeavour. We are thrilled to be speaking with Gillie Fairbrother and Mike Wrathall in a highly engaging and informative episode covering the importance of embracing sustainable practices as an industry, and the practical steps smaller firms can take to do so. This conversation cuts through the buzzwords and vague broad strokes discussions about a need to create change, highlighting the profound responsibility and the various opportunities that sustainability represents for our industry.   Quote of the Episode “The insurance industry as a whole has a massive role to play in sustainability. It's an investor. It's one of the biggest investor groups in the world. It's an enabler of business. So, whether you're an oil rig or a new wind farm, you need insurance to get that project off the ground. What the insurance industry chooses to insure is what happens, effectively. So, if the industry moves away from insuring so-called ‘dirty economy’ things over a period of time and moves towards insuring new areas that are breaking ground, it can really enable those new areas, new climate technologies to get off the ground, and it can help phase out the other areas.”   When assessing our sustainable responsibilities as an industry, it is key that we examine not only the direct, first-hand carbon footprint of our own businesses, but also those of our clients. By insuring our clients’ businesses, we are effectively interconnected with their sustainable efforts, or lack thereof. By insuring businesses that deploy or harvest fossil fuels, we enable them and must take some responsibility for the damage they cause to our environment. Equally, this presents an opportunity. If we can encourage our clients to transition towards new practices and green technologies, we can precipitate extensive, sustainable change across an array of businesses, industries and economies.   Key Takeaways As an industry, we have the power to nudge the business community in the right direction with regards to sustainability. We can use policy terms to behaviourally transition clients away from outdated practices, ratcheting premiums up and down in response to sustainable endeavours. Yet, whilst we undoubtedly hold significant power in the sustainability conversation as an industry overall, our economy is primarily comprised of small businesses (99%) which may feel somewhat powerless to contribute anything significant beyond compliance with sustainability regulations. The same is true for small insurance firms. Both Gillie and Mike affirm that firstly, it is key to identify what your business’ exposure is, and identify where to play in the sustainability space. Could your business cover a new or growing area, such as climate tech or wind farms? Can you incorporate sustainable efforts into your policies to encourage good behaviours in your clients?   Ultimately, our industry aims to make its clients’ businesses more viable and successful. If we are to encourage sustainable efforts in our clients, it is key to identify and illuminate the demonstrably positive impact of such practices on their bottom line. There will always be a range of client needs with regards to sustainability, with some simply wishing to comply with regulations, and others aiming to positively impact the planet through their work. Wherever our clients fall on that gradient of ambition, articulating the opportunity for their bottom line will always help to push them up that curve. Not only is sustainability ultimately a profitable enterpri

Has the Consumer Duty really changed the insurance landscape to protect customers’ best interests? Are any poor practices still slipping through the cracks? What changes can we implement as an industry to maintain a rich ecosystem of knowledge even as people retire? In this episode of Changing the Conversation, we are thrilled to be speaking with Donna Robertson, Managing Director of Squared Insurance Brokers! She discusses the challenges of balancing personal responsibilities with your career ambitions, and how the industry needs to reformulate its approach to hybrid and remote working solutions. Furthermore, Donna is deeply interested in treating clients fairly. She elucidates her frustrations with the Consumer Duty which, she argues, has failed to institute many practical changes for customers.   Quote of the Episode “Although there have been the technology advancements, I wouldn't say on a whole that the industry has evolved very much. I think we're still getting caught out by practices that we should have left in the dark ages. I know that the AFC are doing a huge piece on Consumer Duty. Has it actually changed anything in the landscape? I would say probably no, other than not selling GAP insurance anymore. I wouldn't say there's been other changes. The changes that I would like to see are on a more practical level.” For Donna, beyond the more superficial shifts to our working practices and the transmission of data, generally our industry is little more efficient or accommodating to clients than it was when she began her career 25 years ago. She argues that clients continue to be subjected to unfair treatment via various unsavoury practices (notably in motor fleet and liability insurance) that need to be struck out.   Key Takeaways A key area of concern highlighted by Donna which Consumer Duty has failed to address pertains to motor fleet insurance. She argues that it is very difficult for clients to switch their cover provider as the holding broker can retain the client’s information for a five-day period before releasing it, and thereby limit their options. This can create very challenging circumstances for business owners. For example, Donan cites an incident from within the last six months when she was approached by a client who had been put on an extension by their existing broker, and the terms of their cover had increased from £100,000 to £400,000. They had only two days to find an alternate solution, and the holding broker refused to release the confirmed claims experience to the client. Thus, the client was unable to get a hold of their own data to pursue alternate cover. Given that they had a fleet of over 100 vehicles, and the business couldn’t function without insurance, the client was forced to accept these terms, a deeply compromising position given the cost-of-living crisis. Insurance brokers should never be adding to the problems of clients, but the current state of motor fleet insurance effectively facilitates, or even encourages this. Donna suggests that this cynical type of poor broking practice is becoming much less common, but the onus is on the FCA and other broking institutions to intervene and prevent further client mistreatment. Donna empathised deeply with this client and their powerlessness in this predicament. This is exemplary of what previous guest Sam White terms ‘right brain’ thinking. This is an empathy-led, creative approach more typically associated with women, which the industry would hugely benefit from a more active incorporation of. As a people-facing industry, everything we do is reliant on relationships rooted in trust, which Donna’s empathetic approach is more likely to honour than purely analytical, numbers-led ‘left-brain’ thinking. Yet, due to the industry’s current flexible working infrastructure, it is incredibly difficult for women with children to balance this responsibility with their career ambitions. There are countless tales of women forced to leave their wo

How will Insurtech continue to reshape the industry in the coming years? What factors, material and psychological, continue to curtail the insurance market from innovating at a steadier pace? In this episode of Changing the Conversation, we are thrilled to be speaking with Insurtech trailblazer Ed Gaze! Whilst Insurtech is having a substantial impact on the wider market and facilitating innovation more broadly, many insurance businesses remain steeped in archaic traditional processes. Ed argues that this, along with considerable red tape around gaining capacity and distribution for new ideas, drains momentum from the market’s efforts to innovate. Ed suggests that businesses that wish to do so must assemble diversely minded teams who share a unanimous passion for experimentation and are motivated by the prospect of trying new ideas and alternative approaches.   Quote of the Episode “I think, generally, we need to get everyone on better data. The better the data, the easier it is to move and change things, and understand what's going on. But the core thing [behind fuelling innovation] is having people [who are] motivated to make change happen and are not motivated to hold back. Sometimes we can be a bit risk averse. Insurers are in the business of risk, but they're also super risk averse. Trying to help them take a bit more measured risk in certain places would be really helpful.” Ed observes that insurers’ attitude towards risk is somewhat oxymoronic – whilst we work to manage and evaluate the risks of our clients, we are very reluctant to take any risks to assist in this process. He notes that while there is a general need across the industry for greater access to and examination/implementation of data, the primary obstacle curtailing innovation is one of attitude.   Key Takeaways The insurance industry is steeped in history, and as such, it is underpinned by an array of seemingly cemented processes. The digital revolution poses a significant challenge to this, as other financial services transition to data-first approaches, so too must insurance. Innovation is also often stymied by a reluctance to justify change. Profitable businesses may see no reason to innovate given their present success, and non-profitable businesses may lack the necessary funds to try something new. As such, for innovation to become more firmly cemented, there needs to be motivation within a given business to pursue change. Ed notes that innovation must be underpinned by a passion for new ideas, a motivation to pursue them, and a no-judgement attitude towards mistakes when they happen. Innovation should be allowed to unfold quickly and fluidly, so that lots of new ideas can be tested and embraced or abandoned in quick succession. It’s key, therefore, to get the right people on board in a business, who are all motivated in the same way. However, Ed highlights that diversity of thought is also crucial with regards to innovation. This can manifest in many different ways – for example, people from different cities or countries may therefore have contrasting life experiences, for example. Alternatively, people who studied radically different subjects at college or university will be equipped with unique skillsets and knowledge. When placed in a team of uniquely minded people, all inspired to innovate, great new ideas and approaches will emerge. Innovation, ultimately, is about applying ideas in new ways that are commercially viable. A diversely minded team will be far more equipped to pursue this end than a room of people who have all vaguely pursued the same path in life. Ed’s long-term vision for the future of insurance is to make it easier for Insurtechs to innovate and for innovative ideas within corporates to be tested. There are considerable roadblocks to quick experimentation of ideas from capacity and distribution. Ed’s fast-paced approach to innovation is underpinned by a desire to learn more – even if an idea fails, so much can be glean

Why does the insurance industry continue to be plagued by a reputation that it is untrustworthy, exploitative and profit centric? What can we do internally and via our communications with the public to reorient this perspective and thereby foster a healthier relationship between customers and insurers? An array of deep-rooted psychological factors continue to inform negative public attitudes towards insurance. The ramifications of these are multifaceted – active pursuit of a career in the industry is a rarity, hence our current recruitment crisis, and there are generalised misconceptions of what we really do. In this episode of Changing the Conversation, we are very pleased to be speaking with the prolific Sam White: entrepreneur, podcast host, and CEO of Stella Insurance! Sam dispenses her wisdom regarding the need for better communication both within insurance teams internally, and between the industry overall and the general public.   Quote of the Episode “Everything is about relationships. Everything is about communication. When you have bad relationships with bad communication, it doesn't matter how smart you are, you won't solve problems because you'll be sat in a siloed box, and you won't be able to get engagement from other people. So, that piece around getting people to tap into their emotions and then communicate from a position of emotionality and not rationality [is crucial].” For Sam, we must identify the emotional crux behind every issue our customers may face. Historically, insurance communications have been characterised by a tendency towards clinical, ‘rational’, thinking, which fails to acknowledge and respond to the real issues at hand. As a people-facing industry, we must embrace the human side of what we do. Thus, in our external engagements with the general public, it is paramount that we recognise when we make mistakes, and the efforts we are implementing to correct them.   Key Takeaways As a frequent guest on Morning Live and BBC Radio 4, Sam uses this public platform to try and bridge the gap between presiding misperceptions of our industry, and what we really do. She argues that more people need to follow her lead and explain how the industry is responding to public frustrations and demands in universal terms. She notes a defensive tendency on behalf of the industry at large to avoid taking accountability of our failings. Sam suggests that, if we can openly acknowledge the errors we make as an industry, people may be more willing to listen as we strive to address and overstep them. Using the public platform in this way to alter public perceptions of insurance may also facilitate our recruitment efforts. To get future generations engaged with the notion of a possible insurance career, we need to cultivate excitement, thrusting insurance into the mainstream. For example, Sam has partnered with former Married at First Sight cast member Jules’ shapewear brand – every time a customer purchases a Stella Insurance policy, they will receive an item of shapewear. This subtly draws insurance into the mainstream and creates a positive association for Stella and the industry overall. Sam is wary of the insurance industry’s efforts to communicate with the public about what we do. These are typically sallied by an alienating rhetoric only comprehensible to those already in the industry, which has no resonance for the general public. Sam’s championing of the human side of insurance is not only geared towards our need to alter our public perception. She argues that the mass exodus of top talent from FTSE 100 companies is entirely unsurprising, and attributes it to toxic, dehumanising work environments which fail to recognise the psychological impacts of blame culture and dictatorial hierarchies. For Sam, the culture in corporate insurance environments is scaffolded by a clinical proclivity towards profit above all else, de-sanctifying the psychological safety of team members. Ultimately, people are findin

What is the Insurance Museum and who is it for? Can it help to reconstitute public perceptions of the industry and to educate children and young people about what we really do? Given the rapidly evolving nature of our industry today, it’s easy to forget that our work rests on the shoulders of a centuries-old legacy rooted in the heart of London. The founders of the Insurance Museum intend to cultivate a renewed interest in this history and heritage amongst both industry professionals and the general public. In today’s episode of Changing the Conversation, we are thrilled to be speaking with Howard Benge, Director of the Insurance Museum, about the project’s creation, its intentions, and long-term ambitions.   Quote of the Episode “When I first came into this [project], the first thing that that really hit me was how much sandstone, how much history there is. The history and heritage of the insurance sector is so broad and so deep.” The Insurance Museum was established as a charity in 2020, with the intention of becoming a physical space in London SE3 to tell the global story of insurance from its birthplace. During his research for the project, Howard uncovered an immense array of fascinating material charting the expansion and development of Lloyds and the industry more generally, into what it has ultimately become today. Matching the primarily digital nature of insurance itself in 2024, the museum currently uses digital platforms (linked below) to bring the history of the sector to life.   Key Takeaways The Insurance Industry aims to be inclusive in its outreach, and be suitable both for insurance professionals and the general public: anyone with an interest in the interest, but particularly children and young people. To this effect many components of its digital presence are targeted towards this demographic, with the intention of unlocking an early interest in the insurance industry. Howard notes that roughly 36% of us have chosen our career by the age of seven. The proportion of those children who would consider insurance as their future profession is slim to none – most likely do not know what insurance is, nor the profound extent to which it underpins the global economy. Thus, the museum aims to inspire, educate, and in the long term, support the industry’s recruitment efforts, by making insurance a career that is actively chosen rather than one that it simply fallen into. If we can positively reinforce children or young people’s interest in insurance, we can begin to shift the tides regarding our industry’s ongoing reputational crisis. To do so, the museum aims to explain the multifaceted nature of our industry through explorations of an interesting angle. Every child in England is taught about the Great Fire of London at the ages of 6/7, thus providing an ideal springboard with which to explore the importance of insurance, and the applications of numerous subjects through it. Howard emphasises that it is key to emphasise how insurance infiltrates everything we do – it is a fundamental, if typically unseen, facet of our daily lives, which is a very exciting prospect for children to consider. Meanwhile, amongst young adults, Howard suggests a need to tap into their interest in inequality and injustice. For example, presenting the industry from the angle of how the big insurers aim to tackle climate change could facilitate engaging discussions which may enlighten young people about a career they hadn’t previously considered or known about. The museum ultimately intends to cultivate a deep level of engagement in insurance; to make it fun and compelling for young people, and also enriching and informative for older people and insurance professionals seeking to learn more about the history of their industry. It will not be a museum of policies and fire marks, but an inspiring space where stories are told.   Best Moments/Key Quotes “The reason for the existence of the insurance museum… is to inspire and educate a

We are very pleased to be speaking with Gary Burke, Founder of Rabbits From Hats, about the distinction between transformation and change, and how businesses can smoothly implement transformation projects. In conversation with Sarah Myerscough, Gary highlights the importance of adopting a ‘horizontal view’ of change if transformation projects are to achieve their intended goals for a given business.   Quote of the Episode “Companies look at this stuff far too narrowly, far too vertically. They really need to just pause and look sideways, so they get more of a horizontal view. The organization does not exist in a bunch of disparate silos. It's all connected.” When contemplating transformation projects, Gary postulates, it’s very easy for business leaders to view their organisations in terms of their composite parts, rather than as a cohesive whole. This misperception can lead to disaster; if a given transformation is not considered on a broader, company-wide basis, certain considerations may be left forgotten. As such, throughout the episode, Gary emphasises the need for a ‘horizontal’ view of change which considers how it might affect the business from every conceivable angle.   Key Takeaways Gary pinpoints two fundamental issues typically encountered when insurance businesses implement transformational change: A lack of understanding about what transformation will involve Insufficient capability and expertise to deliver it For Gary, both of these issues are generally derived from there being no overarching, wholesale, holistic view of the business and its innerworkings. This is further underpinned by a common misconception that ‘change’ and ‘transformation’ are functionally synonymous. Businesses adopt small-to-medium-sized change projects all the time, be it the adoption of a new software or the restructuring of a team. Such projects can impact how the business operates, hopefully to drive efficiencies, but without fundamentally altering it. Conversely, transformation projects impact the business at every conceivable level. As such, to tackle a transformation project with the mindset of a change project can never be successful. Gary suggests that the senior leadership team must set the tone for how the company must behave throughout the transformation process. If several groups, perhaps with conflicting views and ideas, are to be involved in this process, a collective consensus on the intended outcome of the transformation project must first be reached. This establishes a base goal which everyone across the company can defer to. Subsequently, each team can collaboratively work backwards from this goal, to understand the key things needed to achieve it. Once the points of uncertainty about the nature of change have been smoothened over, this can be a non-contentious process – what will be the most effective way to achieve this transformational outcome given the resources held by the business? To determine the success of a transformation project, a wide array of metrics must be consulted. A holistic approach to measuring success must also be adopted. This must be derived, first and foremost, from the baseline of what the business already has, prior to the implementation of the project. The success of transformational change can only be understood by reference to how the business previously used to function. There is a lot of hesitance, particularly in insurance, to attempt transformation projects. Gary argues that there is no empirical evidence to suggest that such programs inevitably lead to failure. Instead, he suggests, businesses must always understand in detail what exactly they are getting involved in by undertaking them, and consider how their innerworkings will be fundamentally altered as a result.   Best Moments/Key Quotes “As long as you know the outcome, then that's the thing to focus on. The technology is an enabler. It enables you to do something in the best way possible, the most efficient way possibl

What are ‘fronting’ and ‘hybrid fronting’? How do they differ? And what unique opportunities can these solutions afford MGAs and the wider UK insurance market? In this episode of Changing the Conversation, we are thrilled to be speaking with Paul Jewell, CEO of Bridgehaven Insurance, the first hybrid ‘fronter’ in the UK. At the forefront of this alternative distribution solution’s introduction to the UK market, Paul is well-placed to discuss the disrupting influence of fronting, having already made a sizeable impact across the pond in the US. He elucidates why fronting presents such a powerfully unique and profitable option to MGAs, and its benefits to the wider market.   Quote of the Episode “Simplistically, [fronting] is just a term for capacity or an insurance solution… An insurance company acts on behalf of somebody else, usually a single, or multiple reinsurers. it’s very common for international companies, [such as] Pepsi Cola, a US-based company who may want an insurance solution in the UK, but they may have their own insurance solution provided by a US company. So, what they do is they have a ‘fronting partner’, a ‘fronter’, in the UK that ‘fronts’ for that business, i.e., issues the insurance policy, and they reinsure back to the US under the master agreement. That’s traditional fronting. It’s most common for multinationals and those types of organisations.” Fronting is a hugely beneficial market solution, enabling multinationals to streamline their insurance provisions to ensure a continuity of cover across the various markets they operate in. Equally, this presents a big opportunity for those insurers, namely MGAs in the UK, who can provide this solution, as it grants them access to unique capacity derived from alternative markets they wouldn’t otherwise have operated within.   Key Takeaways Hybrid Fronting slightly differs from the traditional approach outlined above. In contrast to the Pepsi example, in which the fronting company would reinsure 100% back to the US, a hybrid fronter would retain a variable amount of that risk themselves. Thus, through this model, the insurance company issuing the policy retains risk to their balance sheet. Furthermore, the hybrid fronting model is more focused on underwriting profit. Fronting for Pepsi and issuing a policy to reflect their US-based cover is a matter of compliance, as you’re not allowed to issue American policies in the UK. Meanwhile, a hybrid fronter retains some amount of that risk, so premiums and claims stay in the UK with that insurance company. Thus, hybrid fronters can benefit from hugely diversified portfolios, and a focus on profitability through partnership with a broad range of reinsurers. Paul anticipates that fronting and hybrid fronting will become an increasingly powerful disruptor in the UK market. He argues that MGAs are particularly well-suited to operate in and benefit from this space by providing unique services and distribution in a more flexible and agile manner to traditional insurers, which aligns with the aims of prospective fronting partners such as Bridgehaven. Additionally, he suggests that reinsurers themselves can also benefit from this type of distribution. If a reinsurer has relationships in other jurisdictions, and wishes to provide capacity to a particular customer group in an alternative market whilst remaining compliant in the UK, a partner can front for and retain risk on their behalf. Paul also notes that captives may be interested in this solution, particularly given the government’s recently asserted interest in making the UK a jurisdiction of choice for those subsidiaries. Paul anticipates that many more fronters are likely to emerge in the UK in the next few years. The profitability of this approach has enormous potential in bringing new, diverse capacity to the UK market. He dismisses the notion that hybrid fronters will compete with one another for this capacity; by contrast, the disruption they will cause to t

In this episode of the Changing the Conversation, we are thrilled to be speaking with Phil Denman, Co-Founder and CEO of four-section MGA, Capacity Insights! In conversation with Macaii’s Sarah Myerscough, Phil explains his philosophy for establishing partnerships with experts external to the insurance industry, and how these can help us to keep apace with customer interests and regulatory demands. Is it possible for any insurance company to address customer desires without delegating any tasks to external experts? As we rapidly transition towards digitisation, how do we keep an eye on the unintended consequences of new digital practices, particularly with new regulatory measures to consider? Having established what your company is good at and what your customers want, how can you align both of those propositions?   Quote of the Episode “I see this modern, fast moving insurance market that we work in being a sort of an ecosystem of partnerships. Whether that's technology, whether that's people providing parametric claim settlement, or data services, whether that's partnering with different claims providers where we can. Instead of trying to be everything to everybody, being a leader in the delivery of high-engagement, subscription-type services, as a fully regulated entity, with all of the cost and rigour and robustness that comes with that. We may be compartment with people for some of the faster-moving engagement services, certainly in terms of digital health, digital assistance, digital claims services. We will come outside of our own organisation and partner with people for that, for that engagement layer.” Phil suggests that the insurance market today will flourish or flounder on account of how quickly and effectively we can partner up with and incorporate the insights of experts external to our industry. Particularly with regard to technological proficiency and digital services, it is key that we can provide a platform that is easy and user-friendly whilst also mitigating any potential unintended consequences to satisfy the regulators. It’s impossible for us to be experts at everything, and outsourcing certain processes to people who can provide those areas will, Phil argues, be the differentiating factor that eventually keeps some companies afloat, and leaves others in the dust.   Key Takeaways Our buying cycles have been completely reoriented by the high-speed nature of the Amazon business model and others of its ilk, fuelling an ‘I want it yesterday’ mentality underpinned by getting products quickly, with as little administrative hassle as possible. Yet, insurance is a complicated product. Phil suggests that delivering a such a simplistic customer journey necessitates a significant amount of complex work and technological expertise. Great products, he notes, are complex products, masked with a veneer of ease and simplicity from the client’s perspective. To facilitate this, Phil argues, it is essential that we begin to collaborate more with digital partners who can provide the expertise you might not have in-house. ‘We can’t be everything to everyone,’ Phil notes, and as such developing such partnerships will become a core means by which our industry can begin to meet these aforementioned customer expectations. Capacity Insights themselves have made many changes in this regard. Phil notes that the company has re-engineered its product process to begin with customer needs, and with regulatory expectations in mind, thereby deploying a 360-degree view of the various levels that products need to deliver on. Data management is a crucial aspect of delivering a smooth customer journey. While we have access to more data than ever, its oversaturation can often prove a hindrance rather than a help. Phil argues that data should be perceived as a pillar of support rather than an illuminator in determining customer outcomes. The need to carefully navigate the use and implementation of data perfectly exemplifies Capacity

Welcome to Changing the Conversation: The people in insurance. The brand new, reimagined evolution of The Insurance Broker’s Podcast, brought to you by Macaii Ltd! In light of the wide array of changes across insurance we have observed recently, we are shifting the direction of the podcast to speak to those in the industry who are doing things differently, having identified a sticking point which they hope to resist against. This new iteration of the podcast is all about highlighting the people, the passion and the professionalism that drives our industry. In today’s episode we are very pleased to be speaking with Ajay Mistry, Co-Founder of iCAN! Ajay is an expert in all things networking, and throughout the episode, he offers his advice for approaching industry events, and his insights for maximising your presence on LinkedIn.   Quote of the Episode “Networking is all-encompassing… it's all about building relationships, and whether that's through stuff after work, whether that's in meetings, whether that's phone calls you're having with colleagues internally – there's so many different types of networking. One thing that's really fundamental is that things are changing; people are more accessible than they ever have been, because of social media and LinkedIn. There are more networks available than ever to join. So, if you’re ever lonely, there's a really quick way to find people.” Networking has always been closely associated with insurance. It is an inherently people-facing industry. Now, through LinkedIn and other social media platforms, we have immediate access to the very people we could and should be forming promising connections with, There are more networks than ever to join. This can, in one respect, make the prospect of networking feel even more mountainous and daunting than before. On the other hand, digital networking can provide a less pressurised way to get to know a potential contact before meeting them in person. It grants a platform through which an initial layer of trust and connection can be established before that first meeting where it can more organically flourish.   Key Takeaways For most of us, the prospect of networking is profoundly uncomfortable. It can often feel shrouded by a certain seediness; since there is a ‘business’ element underpinning each conversation you might have at a networking event; it can make the process feel inauthentic. Ajay suggests that it is always key to establish a personal connection first and foremost, and not to worry about the bottom line. A mutually beneficial connection can only ever emerge from any given conversation if both parties are genuinely interested in one another, and demonstrate this by actively listening to one another. If you find yourself lost about how to start a conversation at an event, for example, remember that everything is in context. Talk about the event, or a speaker you just heard from. This provides a springboard from which you can transition into a casual, personal conversation. Ajay offers five top tips for networking, all of which can help you to forge more organic and authentic connections: What’s the worst that’s going to happen? The world is full of abundance, not scarcity – there will always be more opportunities to network If you don’t ask, you don’t get Have a plan – come to every event knowing what you want to get out of it You’re the product of your systems, not your intentions – if you want to network, put an event in your diary and go to it Ajay is also an expert in using LinkedIn to effectively distribute your unique message. It provides an excellent form of passive communication, by distributing your message across the homepages of all your connections and empowering them with the choice of whether to engage with it or not. Consequently, regularly posting effectively does the networking for you, even when you’re not in the room. Using LinkedIn to talk about important topics relevant to the industry will clue your conn