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The life of a Legal Ops Director at easyJet

Tom Shaw, In-house Legal Recruitment Director spoke to Helen Lowe, Head of Ops for the General Counsel Office at easyJet on her critical role supporting the legal function at one of the world’s largest airlines. Helen shares insight into her unique skillset, the importance of her role and opportunities it presents her with, plus advice for those considering an in-house legal ops role."The holistic nature of my role means I always have an eye on the bigger picture. I speak the language of the business and can translate between the teams. It’s a role that needs someone who thinks differently”, Helen. What’s your role and what do you do?I’m Head of Ops for the General Counsel’s Office at easyJet. I’ve been in Legal Ops for nearly ten years but am not a lawyer! My background is turnaround and change. I’m involved in making sure the team has everything they need to do their jobs as efficiently and effectively as possible. We have lawyers, data protection specialists and a digital safety team within GCO. All of our team members are experts in their fields, but with a common need for broader support outside of their specialisms. I work closely with our GC, Rebecca Mills, to develop strategies, functional plans and deliver against our objectives.It was a new role at easyJet when I joined five years ago, I’m the first to take on the role. My three pillars when I joined were budget and finance, panel and external providers (understanding what we’re outsourcing) and the third is technology (what’s out there in the marketplace and what can we leverage).What makes an effective in-house legal function? What impact do you have for the legal team internally?An effective in-house function knows the business, understands its risk appetite and requirements, priorities and strategic drivers. They bring something different to an external firm with that knowledge, and also through partnering with the business. Their aim is to be a trusted part of the business delivery team rather than an external contact of last resort. easyJet’s legal team really achieves this in spades, and it’s a real breath of fresh air in the profession.For my part. I bring something different – my focus is on all the areas that aren’t law, and don’t require a specialist qualification. I’m fortunate in that I don’t always have capacity constraints through business demands and the holistic nature of my role means I always have an eye on the bigger picture. I speak the language of the business and can translate between the teams. It’s a role that needs someone who thinks differently. That’s not to say the role couldn’t be done by a lawyer, but it would need to be a lawyer who is ready to step away from the law! As with any change focussed role, Legal Ops isn’t an island – success of the role depends on the support of the team you’re delivering for. Some people may ask, why create a specific ops role? I think creating a side of desk role doesn’t work well – projects don’t progress, and other priorities tend to creep in and overtake. Would my job be the best use of a GC’s time? They deliver real tangible value to the c suite space – should they be worried about documents, projects and spending? It makes absolute sense to put a role like mine in place.And externally?In terms of wider business relationships, I’m the touch point between legal and the rest of the business. I work with our internal stakeholders to sense check and implement new policies and processes, and drive initiatives forwards. Both internally and externally this role is an ambassador for the team – I make sure their views are represented, and I gather information from the wider market, as well as sharing our successes and some of the brilliant initiatives we’ve delivered. How have things changed in your time there, and what do you predict are the next big adjustments to the industry?They’ve evolved. It’s not a wholesale change - I’m just as heavily involved in finance as I was in the start, but as roles mature the objectives start to shift, it’s much more now about looking ahead.Being the first Head of legal Ops for easyJet, it was about winning hearts and minds in the beginning.Now it’s about horizon scanning, this year it’s my job to get us on the front foot. Have things be less of a last-minute rush - focus on strategy and delivering. This year, our strategy is front and centre.In the wider industry, I think the drive for technology has only accelerated following the development of ChatGPTs. Law firms grow by hiring more people. That luxury is not available to in-house teams, who are often cost, and headcount constrained, so I think that there will be a drive to increase efficiency and deliver without increasing costs and headcount.How would you counsel somebody who’s first in your role? What were your early quick wins?Play to your strengths - I bring finance experience, some bring risk or HR. Take your strength and build the quick wins from that. I start with the budget because that’s my comfort zone - in a brand-new role finding your comfort zone is important because that’s where your confidence is. Know your safe space and build out from there. You also need GC buy in. Without positive messaging from the top, the role will struggle to land - people assume that the change you bring will bring difficulty. Have your GC drive that buy in from the outset. If we were to take easyJet’s legal function from your first day to now - what would you say have been your big wins?I think big wins are overrated. It’s about the small, every day, incremental wins that make the most difference. Some things have happened quickly and delivered real value, but for me, the biggest win is being trusted by the team to have their best interests at heart.That said, we now have a clear strategy, and we are delivering against it. We’ve implemented new technologies, processes and have a roadmap for the coming years. So, lots of wins, not all of them are big, and some of them take a really really long time to become both big and a win!What is your company’s view on AI and its potential? How have you approached it?Our CEO is incredibly passionate about AI. To that end, we’re all tasked with working out how we’re going to embrace it, but the challenge is embracing it appropriately. GenAI has been oversold in the past, so a few people have had their fingers burnt, but the opportunities these new versions bring are endless. However, placing a GenAI sticker on whatever issue you have isn’t going to solve problems, but deployed properly it can be phenomenally powerful. Within the team we’re looking at delivering our ideas using AI. We’re looking at our third parties and how they can partner with us to implement AI on what we’re already doing. We’re keen to be a test bed as long as we’re a safe test bed. It’s easy to both overstate and understate the risks of AI, but we should always be embracing new technology with a sense of proportion.In your role, what are your main goals for 2025?Be ahead of the curve. easyJet is going to exciting places, and we need to be able to match that pace. Bring our technology roadmap to life – equipping the team to face the challenges of the future with technology that enables them to show how brilliant they are. To continue to do a role I love at a company I love – I’m passionate about travel and the opportunities that easyJet brings to everyone to explore our world. It’s a fantastic role in a great company.

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Commodities: the race into clean energy markets

With organisations looking to fulfill their net-zero pledges, as well as the continuing development of ‘new energy’, the race into clean energy markets is on. While the last few years have been macroeconomically turbulent, clean energy continues to grow as businesses shift their focus. One recent report forecasts “electric power, synthetic fuels, and hydrogen will represent 32% of the global energy mix by 2035 and 50% by 2050” (McKinsey: Global Energy perspective 2022), signalling a huge growth opportunity for companies ready to take the plunge.“We know Clean Energy is a sound investment in the future, globally speaking, but recent developments in the market will position those ready to back the movement as industry leaders. The technology is there, once organisations supply the capital, the sky is the limit,” says Geoff Guerin, Strategy and Sustainability Director at IDEX Consulting.Clean power markets have come a long way, renewable energy has become a focus for established electricity markets, moving into new domains. In America, solar continues to be the leading technology in the pipeline, “accounting for 59% of all clean power capacity in development” (American Clean Power: Clean power quarterly market report Q1 2023). Closer to home, we look at three trends spurring the growth of clean energy markets, and what investing in the sector promises in the next few years. Carbon market appealThe rapid expansion of carbon markets can be partly explained by organisations looking to fulfill their net zero pledges. Nationally Determined Contributions (NDC’s), a climate action plan to cut emissions and adapt to climate impacts have been a useful aid. Each country participating in the Paris Agreement, for example, is required to establish an NDC and update it every five years. As a result, “80% of the G20 (the world’s largest economies that account for around three-quarters of global emissions) have submitted new or updated NDCs” (World Resources Institute: Making sense of countries’ Paris Agreement climate pledges). The knock-on effect of such huge commitments has created opportunities for energy companies. NDC’s have spurred the compliance market, but voluntary carbon markets are also on a growth trajectory. Demand mostly comes from businesses aiming to compensate for their carbon footprints, corporations with sustainability targets, and those who see an opportunity to trade credits for profit.New energyThe last few years have seen the emergence of ‘New energy’ commodity markets. Critical minerals and hydrogen are on a path to displace conventional hydrocarbons, particularly given “renewables are now cheap – cheaper often than coal, oil, and gas” (IPCC: Climate change 2022 Mitigation of Climate Change). The latest developments include huge improvements in hydrogen production technologies, particularly in efficiency and capital costs, with an example being steam methane reforming. The emergence of alternative production technologies such as electrolysers have added to this, with one recent study confirming: “these technological changes, along with decreasing costs of renewable power, are increasing the viability of hydrogen” (IPCC: Climate change 2022 Mitigation of Climate Change). Not only can new clean hydrogen economics open avenues for renewable providers, they also present an opportunity for growth. Thanks to a $3 per kilogram tax credit, last year saw ‘clean’ hydrogen become price-competitive with higher carbon ‘grey’ hydrogen across much of America (Deloitte: 2023 renewable energy industry outlook), meaning energy companies committed to sustainability are paying less to do so. Deloitte go on to advise, “while challenges such as a lack of infrastructure still make hydrogen uneconomic for some uses, new IRA-driven economics may present pathways for renewable energy developers and producers to benefit in 2023”.Across the UK, Carbon Capture, Usage and Storage (CCUS) continues to be “an important area of focus if the UK is to capture economic growth opportunities during its transition to net zero emissions” (LSE: 2023 What is the UK’s approach to carbon capture, usage and storage (CCUS)?). The CCUS value chain promises to deliver significant energy abatement, while also creating opportunities to export related technologies, products and services from the UK. This growing global demand presents an opportunity for comparative advantage in unlocking wider economic benefits from CCUS. Yet, aside from the significant economic opportunity, the CCC brand these technologies as “a necessity not an option for the UK to achieve net zero emissions” (Climate change committee: Net zero – The UK’s contribution to stopping global warming), spelling a double-edged incentive for companies to get on board. ConvergenceWhile a global economy free of fossil fuels is the ultimate goal, progress is capped by supply, meaning the race to clean energy markets inevitably involves market convergence. Within the context of the net-zero agenda, oil and gas operators seek sustainability, given the importance of gas to complement renewable power generation. McKinsey advise: “It’s important to acknowledge that hydrocarbons will be part of our energy mix for at least the next 30 years. Whether we like it or not, the reality is that mankind will need hydrocarbons for our energy needs for many more decades” (McKinsey: A new way to support clients through the energy transition). The goal, then, is to aid oil and gas businesses in decarbonising their operations, while also transitioning to other fuels. This will allow the continuous supply hydrocarbon-based fuels, but with far fewer emissions. The convergence of traditional oil and gas companies with newer energy models ensures a seamless transition from one to the other in the coming decades.This convergence spells another growth opportunity within the energy sector. Businesses willing to underpin decarbonisation with capital will see real gain, particularly due to “the strong business case of renewables coupled with enabling policies sustaining an upward trend of their share in the global energy mix year on year” (IRENA: 2023 Record growth in renewables achieved despite energy crisis). For insights on the market, or if you’re looking for support or advice with your hiring strategy or next career opportunity speak to one of our IDEX Energy & Commodities specialists. Sources:American Clean Power: Clean power quarterly market report Q1 2023Climate change committee: Net zero – The UK’s contribution to stopping global warmingDeloitte: 2023 renewable energy industry outlookIPCC: Climate change 2022 Mitigation of Climate ChangeIRENA: 2023 Record growth in renewables achieved despite energy crisisLSE: 2023 What is the UK’s approach to carbon capture, usage and storage (CCUS)?McKinsey: A new way to support clients through the energy transitionMcKinsey: Global Energy perspective 2022World Resources Institute: Making sense of countries’ Paris Agreement climate pledges

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The role of an Insurance Underwriter

Insurance underwriting is a critical role within the General Insurance profession. From complex risk mitigation to determining appropriate premiums for various policies, insurance underwriting involves data analysis, risk evaluation and complex decision making. While typically employed by insurance companies, underwriters may also work for brokerage firms, banks, and other financial institutions. With a primary goal of ensuring company-wide financial stability and profitability, underwriters balance the risk of loss against premiums charged for various insurance policies.The job of an Insurance Underwriter is complex, requiring specialist technical knowledge and analytical skills. Underwriters must be able to evaluate and assess several risk factors such as; age, health, occupation, and past claims history to determine the likelihood of a claim being made on a policy. They must then be able to assess the potential cost of a claim and determine the appropriate premium to charge for the policy. While the role can be quite demanding, it’s also extremely rewarding. The skillset required for successful underwriting isn’t completely niche, with employers continuing to focus on strong soft skills.“We find the professionals who are most qualified and experienced to perform the role, are those who are thorough, forward-thinking, detail orientated and mindful.” Ian Kennelly, Regional Manager, General Insurance.What skills are required for the role?Professionals who are mathematically proficient and analytically driven with a strong attention to detail are typically in-demand for the role. Professionals must also be able to pay close attention to detail, as even small errors in analysis can have significant consequences. While working well under pressure and meeting tight deadlines could be considered broad skillsets, these are indispensable in insurance underwriting.Alongside these skills, excellent collaboration, client management and organisation are also extremely important for the role. Influencing and negotiation skills are also key, given that so many underwriters will need to work with people and businesses from a range of backgrounds and industries. Successful insurance underwriting also demands excellent communication skills, as there is often a need to explain complex policies and decisions to policyholders and brokers. Those in the role must be able to communicate complex technical information in a clear, concise manner and work collaboratively with other departments, such as claims or sales teams, to provide an excellent customer service.Embracing technology to further underwriting excellenceA key responsibility in the profession is ensuring that policies are financially sound and compliant with all applicable laws and regulations. It’s imperative that underwriters stay up to date on the latest industry trends and regulatory requirements to ensure that their company is operating in a responsible and ethical manner. While the underwriting process may have been fraught with repetitive and manual data management previously, recent technologies are revolutionising the process. This allows professionals to focus on more complex and strategic elements of the job. Aon’s Deputy Practice Leader Hal Shaw advises, “We need to view technology as something that can complement the trading experience, removing some of the more menial tasks [which will] allow us to focus on [delivering] best-in-class solutions for...clients” (WRB Underwriting: Innovations and Challenges: Broker Q&A with Hal Shaw).One major change to the profession, with the introduction of Artificial Intelligence, is the digitisation of the underwriting process. McKinsey & Company report that, “even the leading insurers can see loss ratios improve [by] three to five points, new business premiums increase [from] 10 to 15 percent, and retention in profitable segments jump 5 to 10 percent, thanks to digitized underwriting” (McKinsey & Company: How data and analytics are redefining excellence in P&C underwriting). While some people might be averse to change and cautious when it comes to AI, it’salready proving an invaluable tool for businesses that are ready to modernise, streamline and improve the customer experience. Recently, Ignite Insurance Systems launched a “super-advanced artificial intelligence bot” to answer insurance customer queries (Insurance age: A major breakthrough’ - ChatGPT bots to revolutionise broker customer service). This has optimised the company's communication platforms, enabling customers to access relevant information instantly, allowing brokers to focus on the technical element of their roles.These advances are mobilising rapid changes and improvements to the profession, enhancing job satisfaction and professional development. A dynamic field, there are many opportunities for advancement in the specialism. Underwriters may choose to specialise in a particular insurance avenue such as Life or Property insurance, while others may pursue Liability. With the right skills and experience, some may even choose to start their own insurance company or brokerage firm.In summary, the role of an insurance underwriter is a crucial one, requiring specialist knowledge of the insurance market, strong analytical and communication skills, plus the ability to liaise collaboratively with businesses and clients. Underwriters play a vital role in ensuring policies are financially sound and compliant with all applicable regulations, staying up to date on the latest industry trends and developments. For confident analytical thinkers and those who are passionate about risk management, insurance underwriting is a challenging yet rewarding career with extensive opportunities for advancement and continuous growth.Sources: Insurance age: A major breakthrough' - ChatGPT bots to revolutionise broker customer service WRB Underwriting: Innovations and Challenges: Broker Q&A with Hal Shaw McKinsey & Company: How data and analytics are redefining excellence in P&C underwriting

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General Insurance Newsletter Friday 6th September 2024

Insurance NewsFrom Account Executive to MD in just five years: Learn how one insurance professional advanced from Account Executive to Managing Director in just five years. This case study details the career milestones, strategic decisions, and leadership qualities that guaranteed professional success. It offers practical insights for ambitious individuals looking to fast-track their career progression in the insurance industry. (IDEX Consulting news, 'From Account Executive to MD in just five years')Everything you need to know about becoming an Insurance Claims Adjuster: This article covers essential skills, responsibilities, typical salaries and career opportunities, offering a comprehensive guide for anyone considering this career path or looking to advance in insurance claims. (IDEX Consulting news, 'Everything you need to know about becoming an Insurance Claims Adjuster')Integrating cultures during an acquisition: expert insights: Discover how to integrate two cultures effectively during a merge or acquisition. Victoria Gallimore, Group People and Culture Director at The Clear Group shares key advice and strategies. This guide is ideal for anyone navigating the complexities of cultural integration in mergers and acquisitions. (IDEX Consulting news, 'Integrating cultures during an acquisition: expert insights')The impact of climate change on insurers: This article discusses how companies are adapting their policies, risk assessments, and strategies to mitigate climate change risks whilst maintaining profitability and protecting clients. This is essential reading for anyone interested in the evolving relationship between climate change and insurance practices. (IDEX Consulting news, 'The impact of climate change on insurers')Lloyd’s reported a pre-tax profit of £4.9 billion for the first half of 2024, up from £3.9 billion in 2023, driven by disciplined underwriting and premium growth. Underwriting profit increased to £3.1 billion, with gross written premium rising 6.5% to £30.6 billion, despite a 2.1% negative impact from foreign exchange movements. (Kenneth Araullo, 5/9/2024, Insurance Business UK, 'Lloyd's sees underwriting profit rise to £3.1 billion in H1 2024')Zurich and Marsh are urging governments to provide state backing for cyber risks, citing the private sector's limitations in covering large losses from major cyber incidents. They recommend public-private loss-sharing schemes, similar to those used for flood and terrorism coverage, to address uninsurable cyber risks. (Terry Gangcuangco, 5/9/2024, Insurance Business UK, 'Big names propose cyber insurance backstop')Tokio Marine HCC – Specialty Group has launched a new event cancellation insurance extension covering malicious cyberattacks, available through Lloyd’s and HCC International. This offering responds to growing demand for enhanced protection and includes a post-binding cyber vulnerability scanning service. (Kenneth Araullo, 4/9/2024, Insurance Business UK, 'TMHCC adds cyberattack coverage to event insurance')Direct Line Insurance Group PLC reported a 53.5% increase in gross written premiums and fees for H1 2024, driven by its Motability partnership. Excluding Motability, growth was 11.4%, with pricing actions across key segments. In-force policies declined by 3.1%, with motor policies down 4.8% and non-motor policies down 1.6%. (Kenneth Araullo, 4/9/2024, Insurance Business UK, 'Direct Line sees profits surge despite policy decline in H1 2024')Verisk’s 2024 Global Modelled Catastrophe Losses Report reveals that the average annual loss from global natural catastrophes is $151 billion, with non-crop losses at $119 billion. Exposure growth averages 7.2% due to rising property replacement values and inflation. (Kenneth Araullo, 3/9/2024, Insurance Business UK, 'Verisk highlights $151 billion in annual catastrophe losses globally')The Zurich Flood Resilience Alliance has evolved into the Zurich Climate Resilience Alliance to address broader climate adaptation needs. Spearheaded by Zurich Insurance Group and the Z Zurich Foundation, the new alliance will focus on evaluating and improving resilience against various climate hazards in vulnerable communities. (Kenneth Araullo, 3/9/2024, Insurance Business UK, 'Zurich alliance expands from flood to climate resilience')Mergers & AcquisitionsDWF Group has completed its acquisition of Australian claims management company Proclaim, significantly expanding its claims management and adjusting operations in the important Australian market, which ranks fourth globally for the Lloyd’s sector. (Roxanne Libatique, 4/9/2024, Insurance Business UK, 'DWF bolsters global reach with acquisition of Australian claims firm')Specialist Risk Group (SRG) and The Clear Group have expanded their MGA capabilities by acquiring Capulus and Accelerate Underwriting, respectively. Capulus, a Wales-based MGA specializing in motor fleet insurance, will enhance SRG’s MGA arm, MX, bolstering its motor fleet expertise and UK/Ireland presence. Clear’s acquisition of Accelerate Underwriting, its fourth MGA acquisition, strengthens its underwriting capabilities for brokers. Founded in 2015, Accelerate Underwriting manages £19 million in gross written premium for non-standard and niche commercial insurance products. (Terry Gangcuangco, 4/9/2024, Insurance Business UK, 'SRG, Clear Group boost MGA capabilities')DUAL UK has acquired International Passenger Protection (IPP), subject to regulatory approval. This acquisition will establish DUAL UK as a leading player in the Travel Financial Failure insurance market. IPP, founded in 1990, is an MGA specializing in insurance against the insolvency of travel operators and related suppliers. (Kenneth Araullo, 2/9/2024, Insurance Business UK, 'DUAL UK acquires IPP')MoversHDI Global has appointed a new executive team for its UK and Ireland business, led by CEO Stephanie Ogden, effective from September 2, 2024, with key roles including Simon Hunt as CFO, Gemma McWilliam as CPO, Oliver Davies as CDO, along with Adam Dewdney as Chief Actuary, John McCammon as Chief Compliance Officer, Varan Selvarajah as Chief Risk Officer, and Underwriting Directors Adam Curran, Antonia Osborne, and Jade Wilcox. (Kenneth Araullo, 5/9/2024, Insurance Business UK, 'HDI Global appoints new executive team for UK & Ireland')Asta, the third-party managing agent at Lloyd's, has appointed three senior leaders to support its growing client base: David Hopkins as Deputy Chief Underwriting Officer, Alex Poracchia as Transformation Director, and Julie Flello as Head of Client Management. Hopkins brings 27 years of financial services experience, Poracchia has held key CFO and actuarial roles, and Flello brings 30 years of industry experience, including 12 years at Lloyd's. (Kenneth Araullo, 5/9/2024, Insurance Business UK, 'Asta expands senior management team with three key appointments')Crawford & Company has appointed Carl Tatman as Client Account Director, focusing on the UK’s public sector and housing associations. With nearly 35 years of claims management experience, including 20 years in the public sector, Tatman previously served as Head of Claims Relationship Management at Zurich Municipal. (Terry Gangcuangco, 5/9/2024, Insurance Business UK, 'Crawford UK brings in client account director')Acrisure Re has announced leadership changes in its international reinsurance division, with David Sowrey appointed Managing Director and Nigel Dane as Chairman of the international treaty business. Sowrey, with over a decade at Acrisure Re, will continue to lead reinsurance broking operations, while Dane, with over 40 years of industry experience, will focus on strengthening client and market relationships. Both are based in London. (Kenneth Araullo, 4/9/2024, Insurance Business UK, 'Acrisure Re announces leadership changes')Graham Wright will join Allianz UK in December as Managing Director of home insurance for personal lines. Previously, he was Chief Commercial Officer for insurance at Saga and spent over a decade at WTW, including leading personal lines pricing in the UK. (Terry Gangcuangco, 4/9/2024, Insurance Business UK, 'Insurance hires: Allianz, Cover-More, Markel, Thomas Carroll')Cover-More Group has appointed Ben Wooltorton as UK Managing Director. Wooltorton, who joined Cover-More with the acquisition of Halo Insurance Services and has served as Chief Marketing Officer for Europe since 2022, will retain this role alongside his new position. (Terry Gangcuangco, 4/9/2024, Insurance Business UK, 'Insurance hires: Allianz, Cover-More, Markel, Thomas Carroll')Rhys O’Neill has joined Markel as Senior Underwriter for marine & energy liability in the international specialty unit. Previously a Marine Liability Underwriter at QBE and with nearly nine years at The Standard Club, O’Neill’s insurance career began in 2012 at RGL Forensics. (Terry Gangcuangco, 4/9/2024, Insurance Business UK, 'Insurance hires: Allianz, Cover-More, Markel, Thomas Carroll')Thomas Carroll Group has promoted Gareth Cotty to Group Chief Commercial Officer and Sarah Edwards to Group Chief Financial Officer following its transition to an employee ownership trust in December 2023. Cotty, with 21 years at Thomas Carroll, will focus on growth and innovation, while Edwards, with the company since 2006, will manage financial stability and support strategic growth. (Terry Gangcuangco, 4/9/2024, Insurance Business UK, 'Insurance hires: Allianz, Cover-More, Markel, Thomas Carroll')Dale Underwriting Partners (Lloyd’s Syndicate 1729) will enter international professional indemnity insurance in January 2025, with Ryan Barnes appointed as Professional Lines Head. Barnes, joining from Westfield Specialty, brings over 20 years of experience. (Terry Gangcuangco, 4/9/2024, Insurance Business UK, 'Dale Underwriting Partners unveils expansion')Resilience has appointed Rebecca Jones as Senior Vice President of engineering and Jeremy Gittler as Global Head of Claims. Jones, with over 20 years in tech and SaaS, will oversee software delivery, while Gittler, formerly at AXA XL, will manage claims, leveraging his experience with cyber claims at AIG and as a litigation attorney. (Terry Gangcuangco, 4/9/2024, Insurance Business UK, 'Resilience adds duo to leadership roster')QBE Re has expanded its accident and health (A&H) division with several key appointments: Henry Brigstocke as Head of A&H, Mollie Sallery as Assistant Underwriter, Georgina Raeburn as Senior Underwriter, Harriet Ayre as Underwriter, and Jack Crotty as Underwriter. Brigstocke brings nearly 20 years of experience, while Sallery, Raeburn, Ayre, and Crotty each bring extensive backgrounds from Canopius, Arch, Hiscox, and Gallagher Re. Brigstocke’s hire marks QBE Re’s sixth senior appointment in 2024, highlighting its growth and modernization efforts. (Kenneth Araullo, 3/9/2024, Insurance Business UK, 'QBE Re expands A&H division with five key hires')Amwins International Underwriting has appointed Keith Trivitt as Underwriting Director for its Amplify portfolio solution. Trivitt, previously at AXIS Capital, brings extensive experience in portfolio solutions from both carrier and distributor roles. (Terry Gangcuangco, 3/9/2024, Insurance Business UK, 'New underwriting director to lead Amwins Amplify')UK digital MGA Ripe has appointed Alan Thomas as CEO, succeeding Paul Williams, who will transition to a Non-Executive Director role. Thomas, previously UK CEO at Simply Business, will leverage his experience in driving growth and strategic direction for the company, which serves landlords and small businesses. (Roxanne Libatique, 3/9/2024, Insurance Business UK, 'Ripe names new CEO to lead next wave of growth')Ken Norgrove, CEO of UK & International at RSA Insurance, has been appointed Deputy President of the Association of British Insurers (ABI). With over 35 years in the industry, Norgrove will work alongside ABI President Tim Bailey and serve on the ABI’s Consumer and Appointments and Remuneration Committees. He succeeds Clare Bousfield, who will remain involved with the ABI’s Investment Delivery Forum. (Kenneth Araullo, 3/9/2024, Insurance Business UK, 'RSA CEO Ken Norgrove named new deputy president for the ABI')Miller has appointed Siva Krishnan as Head of Sports and Entertainment for Asia. Krishnan, with over 25 years in the sports industry and recent experience as an Independent Consultant, previously worked at the Singapore Sports Council and ESPN STAR Sports. (Kenneth Araullo, 2/9/2024, Insurance Business UK, 'Miller expands sports and entertainment division')Aon has appointed Rob Kemp as Head of Commercial Risk Solutions for the UK, effective October 1, pending regulatory approval. With 20 years of experience from Willis, Marsh, and RSA, Kemp will enhance Aon’s Risk Capital capabilities, continuing his current role leading the EMEA Central Broking team. (Kenneth Araullo, 2/9/2024, Insurance Business UK, 'Aon names new headof Commercial Risk Solutions for the UK')Howden Capital Markets & Advisory (HCMA) has appointed Des Potter as an Independent Non-Executive Director for its UK operations. With over 25 years of experience in reinsurance broking, investment banking, and corporate finance, Potter has held leadership roles at Barclays, Aon Benfield Securities, and Guy Carpenter Securities. He also founded Des Potter Consultancy Limited and launched London Bridge 2 PCC. (Terry Gangcuangco, 2/9/2024, Insurance Business UK, 'Howden unit brings in non-executive director for UK operations')Helios Underwriting has appointed Katherine Wade as an Independent Non-Executive Director. Wade, CFO at AEGIS London, brings nearly 30 years of financial sector experience, including previous CFO roles at Aspen Insurance UK and ACE Tempest Re. She is also a Non-Executive Director at Atlas Corporation and a member of the investment committee at the Council of Lloyd’s. (Terry Gangcuangco, 2/9/2024, Insurance Business UK, 'AEGIS London finance chief joins Helios board')All information provided in this Market Digest has been gathered from Insurance Business UK and IDEX Consulting.

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The impact of climate change on insurers

The last few years have seen some of the most severe weather events in modern history. Prolonged droughts, sudden wide-spread fires and unpredictable floods in climates that were once stable, mean they now no longer afford the luxury of being passed over in risk evaluation. Huge losses due to the arbitrary nature of these catastrophes, paired with newly affected areas, have driven premiums up and made some areas totally uninsurable. With insured losses from natural catastrophes increasing 250% in the last 30 years (Reuters: Climate change is hurting insurers), climate change has had a quantifiable financial impact on insurers and will continue to do so.We spoke to a number of specialists and consultants across IDEX on climate change risks, opportunities and how insurers can tackle potential obstacles and ensure they’re equipped with the right talent and skillsets. Climate Change - The risks“When looking at the risks of climate change, we often approach the topic from the macro perspective of how it’ll impact us globally across the environment in general. Yet I think it can be useful to explore what the consequences are for specific specialisms, not only because it helps to cement the realism and urgency of the situation, but also because it often provides more targeted ways of addressing certain issues, which can be more manageable, and help to instigate other changes”, says Geoff Guerin Strategy and Sustainability Director at IDEX.Paul Davey, Director for our General Insurance division adds…“Insurance underwriters are having to assess the risk on their books much more closely. Rather than just using today’s catastrophe models, they’re having to look further ahead, evaluating a multitude of different climate scenarios. They also need to understand what risks there will be in 10 years, both to minimise risk where possible and to proactively identify pockets of opportunity.Alongside this, climate change brings with it a need to realign talent and various skills. In order to support decarbonisation, insurers need to bolster the following:Systematic portfolio management – Effective management helps to proactively identify risks and ensure there is a plan for each portfolio, subject to testing, and analytical modelling techniques. Accountability for this normally lies with a strategic qualified professional who has the skills and authority to bring teams together.Underwriting new technologies– We’re seeing a scarcity of talent in the profession to underwrite new technologies, especially those which are needed for decarbonisation. Insurers need to build expertise in assessing risk for renewables, like hydrogen, wind, solar and carbon capture which is a completely different risk landscape to what they’re used to.Market strategy – Insurers need to understand how they fit into the broader ecosystem, especially regarding their key differentiators for supporting net-zero and the climate transition. Being able to innovate and adapt their market strategy quickly is key.”There’s undoubtedly challenges to implementing the above, especially around underwriting complex new technologies. However, research shows that the insurers who are addressing this proactively are beginning to work with MGAs and investors. This way, insurers gain expertise and investment into niche skill areas that enable them to gain competitive advantage. Climate change – The opportunityThe reaction to climate change and the need to slow it down represents an opportunity for insurers. In Europe, for example, the EIOPA’s dashboard on the insurance protection gap for natural catastrophes shows that, “currently only around a quarter of the total economic losses caused by extreme weather and climate-related events are insured, leading to a substantial insurance protection gap” (EIOPA: 2023 the role of insurers in tackling climate change: challenges and opportunities). The road to slowing down climate change and transitioning to net zero will spark the greatest capital reallocation in a century, with an estimated annual investment of more than $9.2 trillion in energy and land use systems.McKinsey advise that taking an aggressive, proactive approach will be critical for carriers to unlock growth and remain relevant in a net zero future (McKinsey & Company: Capturing the climate opportunity in insurance).The fundamental role insurers will play in making society and the economy more climate resilient is in the creation of innovative insurance products that incentivise and reward climate related risk prevention. Insurers will, however, need to think about competitive differentiation through innovation in climate coverage and risk management services. While this certainly presents an opportunity for insurers, the additional cost of research and development, alongside required resource and talent, will need to be factored in against possible returns. Ultimately, there is a competitive advantage to be had by those that react quickly and aggressively in preparing for a net zero future - decarbonisation means a new risk landscape, niche skillsets and a new approach for insurers. What does the future hold?Auditing an entire specialism and developing new risk models, policies, ways of working and skillsets is timely and costly. 74% of insurers of insurers said they felt climate change had made it hard to insure some areas (Reuters: Climate change is hurting insurers), and The Swiss Re Institute estimates that the premium potential for emerging climate change risks is £800 billion and rising. There are, however, opportunities. One recent report found that the US insurance sector held $536 billion in fossil fuel-related assets in 2019, despite some insurers citing climate related risk and natural disasters as a factor to reducing coverage within certain high-risk regions (ERM: 2023 New research shows insurance sector has significant exposure to fossil fuel assets despite vulnerability to climate change). In a more climate focussed future, successful insurers will be those who partner with specialists and invest in the right talent and expertise to develop and manage innovative insurance products, which encourage climate risk prevention. By proactively supporting sustainability efforts, the insurance profession can be a catalyst or change to help build a greener future. Looking for new talent and expertise to support your strategy? Contact Paul Davey, Director of General Insurance on 07375419345 or paul.davey@idexconsulting.comfor advice. Sources:Carbon insurance Co: The role of insurance in climate transitionEIOPA: 2023 the role of insurers in tackling climate change: challenges and opportunitiesERM: 2023 New research shows insurance sector has significant exposure to fossil fuel assets despite vulnerability to climate changeMcKinsey & Company: Capturing the climate opportunity in insuranceMcKinsey & Company: Insurance and climate changeReuters: Climate change is hurting insurers

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From Account Executive to MD in just five years

How Jacob Duckworth from Anthony James accelerated his career from Account Executive to MDWhy did you get into insurance? Like most, I fell into the profession. A family friend worked for one of the nationals and suggested I speak to someone in the business about a job. I started as a Project Manager and worked my way up, before moving to Anthony James (Insurance Broker), to take on a new challenge.What did you enjoy most about being an Account Executive? The autonomy to get on and service a book of clients, whilst working within a supported framework that allowed for collaboration when needed. I enjoyed working as part of a wider team of Account Executives who were driven to go above and beyond for their clients. It was great building friendships with clients that went beyond just doing their insurance (years down the line, I’m still friends with many of my clients!).What platform did AJIB give you to accelerate your career? Having moved from a national to a regional independent broker, the growth opportunities were, and still are endless. The business recognises people who go above and beyond, creating opportunities internally for people to progress and succeed. Steve’s interest and day-to-day involvement in the business has been a fantastic example for me. As a personal mentor, he’s helped me learn and develop throughout my time at Anthony James. This philosophy hasn’t changed and is very much part of the business’ DNA.Why is AJIB a great place to work? Obviously, I am biased, but the business is genuinely a great place to work. The team spirit and togetherness are unlike anything I’ve previously experienced. The funky office, and perks like a coffee machine, pool table, social events, and the client hospitality we do, all help to make it a fantastic place. You really have to come to the office to see what I’m talking about.Two pieces of advice you would give to an Account Executive starting out? Over-service your clients. It sounds simple, but so many people fall into a habit of doing the bare minimum. Do what you say you are going to, when you say you are going to do it. Have regular touch points throughout the year to check in and build rapport. If you do the basics well, you will instantly stand out from your peers! Do your exams and build your technical capabilities. In a marketplace where commoditisation has driven down premiums and technical experience has been lost, understanding the technicalities of cover and building your knowledge can really set you apart from the competition. That was four, but they’re all essentials to me!What would you have been if you weren’t in insurance? An F1 driver, without a doubt. I’m a total petrolhead, so racing against Max Verstappen and Lewis Hamilton sounds like my kind of thing. The thought of getting paid to do your ultimate passion sounds amazing! More realistically, I would have probably ended up in hospitality running hotels.Are you looking for your next career opportunity or want to hire top talent? Contact Colin McKenna, Client Solutions Director on:07384 548 579colin.mckenna@idexconsulting.comYou can also check out our General Insurance job vacancies here.

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