Jobs and Recruitment Solutions | Insurance | Financial Services | Technology

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EC News (19 September 2019)

Round-up of the weekly news and developments from the global (re)insurance market with stories from New Dawn Risk, RSA, DXC Technology and more. New Dawn Risk hires James Bullock-Webster as head of Media, Technology & Cyber Specialist independent insurance intermediary New Dawn Risk has appointed James Bullock-Webster as head of technology, media & cyber. Bullock-Webster joins from Paragon International Insurance Brokers where he worked for four years as a wholesale and retail broker. Prior to this he served in the British Army for eleven years. Max Carter, CEO of New Dawn Risk said: “Clients of all types are increasingly worried about this aspect of risk and James’ appointment strengthens our ability to meet this need. His energy, creativity and expertise, combined with his experience in building innovative products to address changing client needs, make him an ideal fit for New Dawn Risk. As well as taking responsibility for our book of IT and media risks and existing international cyber liability offering, he will work closely with the team rolling out our new online cyber insurance product for UK businesses.” RSA Group names Kevin Thompson new Ireland CEO RSA Group has announced the appointment of Kevin Thompson as chief executive officer of its Ireland operations. He replaces Ken Norgrove, who is moving to the role of CEO of RSA Group’s Scandinavian business Codan/Trygg-Hansa. Thompson has spent seven years overseeing Insurance Ireland as CEO and had overall responsibility for the organisation and its strategic and commercial objectives. Prior to that, he held roles as CEO for AIG Life Ireland and VP for Multinational Group Risk Europe. Thompson commented: “I am delighted to take up the post of CEO of RSA Ireland, which has a proud heritage in the Irish insurance market, having been writing insurance here since as far back as 1721. It is one of the most respected insurance companies in Ireland, and I take up the position of CEO with the business on a very solid footing, not least thanks to the excellent stewardship of Ken Norgrove. I look forward to taking up where Ken left off by maintaining the momentum he has built and carrying out my role with energy and enthusiasm.” Norgrove commented: “I’m very proud of what the Irish team has achieved over the last five years The time is right for me to move onto the next chapter and challenge with a new role in the Scandinavian market. I do so in the knowledge that Kevin will be inheriting a strong customer focused business with a dedicated and talented team.” Scott Egan, CEO RSA UK & International business commented: “Ken is one of the most experienced and talented leaders in RSA and his tenure in Ireland has produced brilliant results. He leaves behind a great legacy in Ireland and will transfer his skills, not least as a proven leader, to our Scandinavian business. We are very fortunate to have found a fantastic successor for Ken in Kevin Thompson. He is a leading authority on the industry in Ireland and will bring huge experience and proven ability to the role. I look forward to working closely with him and continuing to strengthen RSA’s position in the Irish market.” DXC Technology appoints new president and chief executive officer Independent end to end IT Services Company, DXC Technology, have announced the appointment of Mike Salvino as president and chief executive officer, effective today. Salvino succeeds Mike Lawrie, who has served as DXC’s Chairman, president and chief executive officer since the company’s formation in 2017. Lawrie retire as DXC’s board chair on 31 December 2019. Salvino most recently served as a manging director at Carrick Capital Partners, where he specialised in technology-enabled services, including BPO, security and machine learning. Prior to that, he served for seven years as group chief executive of Accenture Operations and was a member of Accenture’s Global Management Committee. Manoj P. Singh, chair of the Board's Nominating Committee said: “Mike Salvino, who joined DXC’s board in May 2019, is a respected leader in the IT services industry with more than 30 years of experience and a strong track record of building profitable businesses that delivered value for clients and shareholders,” “We want to thank Mike Lawrie for guiding DXC through its successful integration and initial phase of transformation. During his tenure, DXC became the world’s leading, independent end-to-end IT services company and built significant digital capabilities to help DXC execute its strategy. We look forward to his continued leadership during this important transition.” Lawrie commented: “Mike Salvino is the perfect choice to lead DXC into its next phase of growth. He is a proven leader with a strong track record of successfully running businesses, forging trusted client relationships, and creating an environment to grow and develop talent, “It’s been my privilege to serve as CEO as we repositioned DXC to focus on digital transformation and how we best serve clients. DXC is a world-class business, built by its extraordinary leaders and workforce. I’m proud of all that we accomplished.” Salvino said: “DXC has an enviable client portfolio, deep industry partnerships and a talented global team. I am looking forward to leveraging these strengths and my proven operational playbook to accelerate the execution of our growth strategy.” AXA XL promotes trio in its UK Client & Distribution team Global (re)insurer AXA XL has made a trio of promotions in its UK Client and Distribution team, based in London. Allan Murley is appointed to head of broker management, Tim Smith to head of client management and Christine Cook to head of portfolio solutions, effective immediately. All three of the new appointments will be based in London and report to Louise Piper, head of UK client & distribution. Murley will be responsible for leading the UK Broker team and working with regional underwriting teams to profitably grow the UK book of business. He joined XL Group in 2014 as a client & distribution leader and has previously worked for Zurich and HSB Engineering. Smith will have responsibility for leading the UK client team and working with underwriting teams to profitably grow the UK book of business. Smith brings 3 decades of experience in insurance and joined AXA XL in 2018 as a senior casualty underwriter. He previously worked at Willis, Independent Insurance, QBE and Zurich. Additionally, Cook will have responsibility for coordinating and developing Portfolio Solutions, supporting the head of client and distribution and the global head of portfolio solutions in the UK. Cook previously worked for Catlin as an underwriting assistant in the Marine team. She started her most recent role as a senior class underwriter, portfolio deals in 2016. Piper commented: “I am delighted that Allan, Tim and Christine have been appointed in their new roles. As we move forward as one AXA XL, they will play an essential role in delivering our strategy for UK clients and brokers and providing them with access to the broader capabilities of the AXA Group. Pleasingly, these promotions also are a testament to the talent we already have in place in the UK Client & Distribution team and across the wider company.” TMK announces leadership reshuffle Tokio Marie Kiln (TMK) announces a series of leadership changes following the departure of chief executive Officer, Charles Franks after 11 years. He will be succeeded by Brad Irick as chief executive officer of TMK effective 1 January 2020, subject to regulatory approval. Franks will remain a member of the Tokio Marine Kiln board where his extensive knowledge of TMK and the Lloyd’s market will continue to benefit the company. As part of the succession process, Charles will remain in position until the end of 2019 to facilitate an orderly handover period. Irick has held the role of deputy chief executive officer of TMK since August 2018. Since joining he has worked closely with Franks on all aspects of the business, including the development of the company’s strategy. He has also had direct responsibility over TMK’s operational areas, actuarial, internal audit and governance and legal functions. Irick brings extensive experience in the specialist insurance industry, having served as chief financial officer at Tokio Marine HCC since 2010, along with 21 years in the insurance practice of PwC. TMK has welcomed Nick Hutton-Penman to the executive team as deputy chief executive officer, effective, 1 October 2018. Hutton-Penman joins from Tokio Marine HCC International in London where he served across several senior roles during his 17 year career including chief executive officer of HCC Underwriting Agency. Meanwhile Paul Culham, TMK chief underwriting officer is departing after 32 years with the company. He will leave at the end of September and his successor will be announced in due course. Chris Williams, chairman of Tokio Marine Kiln Group Limited, said: “Charles has demonstrated exemplary leadership over the past eleven years, and I would like to extend my heartfelt thanks to him. The Board and I are grateful for his continued expertise as the company transitions to the new leadership team. “In Brad we have found a talented and dynamic leader. He has done an excellent job over the past year, demonstrating focus and strategic thinking. Brad’s experience in specialist insurance, finance and mergers and acquisitions will be complemented by Nick’s excellent operational credentials, and I have every confidence their leadership will propel the business forward.” Charles Franks said: “After more than a decade leading TMK, this is the right moment for me to hand over the reins. Successful leadership requires deep expertise as well as fresh thinking, and in Brad and Nick, TMK has found a formidable combination. The opportunity for the business is vast, and I have every confidence that with strong and dynamic leadership, supported by the incredible talent within the business, this will be an exciting new chapter for TMK.” “On behalf of the whole executive team, I would like to thank Paul for his enormous contribution to TMK and for his support to me personally during his tenure. He has been instrumental in the business’ continued development and I wish him every success for the future.” Brad Irick said: “This is an exciting and transformative time for our industry. TMK has always led the market, and this period is no exception. Our exceptional talent, relationships and innovative thinking position us well for success, and I look forward to driving the business forward with renewed focus and energy.” Paul Culham said: “After more than three decades at TMK, now is the right moment for change, and I am delighted to pass the baton on. I wish Brad and the team every success as they embrace the opportunities ahead.” AssuredPartners London announces the launch of its M&A insurance division Expansive London broker, AssuredPartners, is pleased to announce the launch of its M&A insurance division with the hire of Ben Crabtree and Felix Sloman. Crabtree, with over 16 years of experience in the transactional liability space will be responsible for growing the practice in the UK and European market place and helping to expand the offering across the vast network of AssuredPartners’ offices in the United States. The team will report to UK CEO, David Heathfield and are expected to take up their positions towards the end of the year. Heathfield commented: “We have been looking to offer M&A expertise as part of our expanding asset management division for some time now and both individuals had the experience and market presence that we were after. It’s an exciting time to become part of the AssuredPartners’ family and we are looking forward to working with Ben and Felix going forward.” Aspen appoints Clive Edwards as CEO for UK & managing agency Bermuda based Aspen Insurance Holdings has promoted Clive Edwards to chief executive officer of Aspen Insurance UK Limited (AIUK) and Aspen managing Agency Limited (AMAL). He will succeed Mike Cain who has been appointed to the role of group chief operating officer. Edwards previously served as co-chief underwriting officer of AIUK and has been with Aspen since 2002. He has been writing non-marine commercial lines insurance since joining the Commercial Union in 1980, and has previously held market development and account management positions at Midland Bank Insurance Brokers, London & Edinburgh, Norwich Union and Wellington Underwriting. Aspen has named Henry MacHale and Jamie Lewis as the co-chief underwriting officer’s for AIUK, for insurance and reinsurance respectively, subject to regulatory approval. They will retain their roles as global head of specialty for Aspen Insurance; and head of London, Aspen Re, and specialty re global product head respectively. Lewis will also retain his role as deputy active underwriter of Aspen’s Lloyd’s syndicate 4711. Mark Cloutier, executive chairman and group chief executive officer, commented: “Clive was part of the original team at the outset of Aspen and has continually demonstrated an outstanding capability as an underwriting leader. His proven experience and expertise, and the high esteem in which he is held in the UK market, make him very well qualified to take on these roles.” Gallagher hires Brent Kruger as UK chief information officer Global insurance brokerage Gallagher has appointed Brent Kruger as UK chief information officer (CIO), effective early November 2019. Kruger will replace Steve O’Donnell, who left the business in August earlier this year. In his new role, he will be responsible for setting the strategic direction of the firms UK technology division. Kruger brings over 25 years’ experience to the role and joins from JLT Specialty, where since 2016 he served as CIO for the UK & Ireland, Europe and South Africa. Before this he was group CIO for Cooper Gay Swett & Crawford, having joined after 10 years at Aon, the last three of which he spent as CIO of Risk Solutions UK. Charles Crawford, UK chief operations officer at Gallagher, explained: “With more than a decade of experience as a CIO within large insurance broking firms, and strong leadership credentials, Brent will be a great addition to our UK management team. His track record in setting strategic vision and delivering on it through technological transformation, as well as using new technologies to streamline operations and support customer interaction, means he is well-placed to drive forward our organisational priorities.”

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Why is Hong Kong seeing an increase in cyber-attacks?

For a country building its way up the technology ladder and expanding its infrastructures capabilities – the need for experienced and diligent cyber security professionals is vital. Hong Kong is accepting the compulsory measures it must put in place to protect its country’s information. However, this threat is not limited to the economic damages, for example hacks on private information, but is expanding its reach to impacting foreign and security policies. Those behind the cyber-attacks are smart, there is no denying it. Rogue hackers with no particular scope of specialised skills are finding it easier to remain undetected as technology is making more information public and creating multiple connections between companies and individuals. The banking sector is taking the full force of these attacks, especially from online scams such as phishing emails, fake banking websites and false banking apps has seen a year on year increase in incidents. Even by looking at the numbers for 2016 through to 2018, the challenge organisations can expect for 2019 are going to be near enough unmanageable. A frustrating setback for any company that is striving to make technological leaps is to then have it stripped away by a cyber-attack. The crucial way to manage these successfully is staying up to date with security updates and understanding how to look for future threats, while stepping back and taking in the big picture of what weaknesses you are offering up on a plate. With new steps in digital transformations, there will always be those looking to exploit these changes, prepare you with a team of professionals that can build cyber security into your company’s culture.

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The truth behind the tech hype in Asia

Singapore’s digital transformation is driven by the country’s vital need to create not only fast but sustainable growth. The government is supporting the innovative ambition of the industry so they can harness such technologies as data science and smart transportation to improve the country’s way of life. Southeast Asia is home to a growing technology market that is drawing in young professionals and boasts a promising number of start-ups looking to make their home in Singapore. However, this technology ‘hype’ means that companies who want to be a part of it do so, without having a clear picture of what it is. What are the common misconceptions with regards to AI technology? Many companies already in Singapore or who are looking to expand into the region are already making impressive strides with new tech. Let’s look at artificial intelligence. AI is pegged as a technology to change the world. It has opened discussions on how it can contribute to employment, health care, and how it will affect political data security. Surprisingly, some professionals do not realise that a large portion of AI programmes that are up and running today are built for a very particular use, or are classed as narrow AI. An automated data processing system for example simply automates managing multiple spreadsheets.. This is an example of a narrow AI platform, but the extent of today’s capabilities stretches to a system with greater accuracy and advanced intelligence for a specific purpose in its sector. This is not to say that AI won’t reach the potential that it is being tested to, but the rise and fall of some start-ups in Singapore can be jumping on board with such advanced analytics transformations and not fully being aware of what they have to do. How can the market be better informed about new technology? The industry and Singapore in particular have a fantastic opportunity to lead from the front of the tech hype and set the examples. As with any new technology it is all about providing the right education. A problem often experienced with analysing new technology is overestimating the short-term effects and underestimating the long-term solutions. The more effective approach would be to teach all young tech innovators such tech as AI. Unless it is a specific career choice, professionals do not need to know how to build an AI system through coding, but the basics will allow knowledge of its capabilities and see its integration into multiple industries. AI Singapore is a programme for students (A14S) that brings beginner data and programming skills to young adults. The courses focus on AI research, technology and innovation, also providing courses to young children (AI4K – AI for kids). This is an example of an initiative that will help the younger generations grow up with a realistic appreciation for the technology. Singapore is thriving in its reputation as a hotspot for innovative technology, especially AI. A growing pool of tech orientated talent and a unified investment in digital infrastructure, means the country is planting strong foundations for a sustainable, technology powered future.

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[VIDEO] Gone sailing: High Achievers Club

The Great British weather played fair for our High Achievers Club this quarter. With a two-hour sailing excursion along the coastline the team enjoyed the last of the summer sun. A few drinks on deck and a sailing lesson from our dedicated skipper, the team all took turns at the helm before we enjoyed lunch and drinks at the 5* Harbour Hotel in Southampton's Ocean Village.

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5 reasons Singapore's tech start-up scene is thriving

Singapore has a supportive and ambitious outlook when it comes to embracing new technology. It is a way to create not only profitable, but sustainable growth that can be implemented in improving all aspects of the country’s life. The best way to describe Singapore; a magnet for new tech and those who want to build their careers in it. Asia’s start-up scene may be young and ambitious but it is vigorous. Singapore has been a significant hub since the late 1990’s and has seen this huge boost due to the unquestionable government support, an efficient business approach and a thriving entrepreneurial community. There is not a lack of hype and tech trends that are currently circulating the market in Singapore. With the amount of start-ups boasting impressive strides in their sector, the coming 12 to 18 months are going to be an interesting insight into what consumers deem successful and necessary. After all, start-ups are built off the back of the consumer’s demands and expectations. Tech giants are moving their operations to Singapore, attracted to the city’s cosmopolitan culture and outstanding support to new innovation. According to recent reports across 2018 and 2019 so far, Singapore has emerged as the top destination for AI and robotics investments. The recruitment industry will have the opportunity to thrive as the demand for tech savvy professionals grows. A trend I predict to increase over the coming year will be clients wanting to hire ambitious professionals who are experienced and equipped with the knowledge of these new tech innovations. Five reasons Singapore has such a large percentage of tech professionals; It has the ample support from its government to use this new technology across multiple industries The possibility for partnerships is made prominent, although it has a small location it has local and international connections Singapore is among the top global leaders in virtual reality, AI, autonomous vehicles and robotics Rich entrepreneurial community that is given an open welcome by the country to let Singapore be their home Magnet for tech talent in young professionals all over the globe (its reputation speaks volumes for those thirsty to be a part of the tech revolution) We are all aware that the success of a new tech start-up is its consistency. It may enter the market at a prime time to make a lot of noise about its immediate successes, but for sustainable growth and support; how is Singapore going to keep its tech hype from losing its momentum?

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Why does digital transformation need to be adopted in the insurance industry? If it is not broken don’t fix it, right?

The insurance industry, one familiar with handling risk, is at the beginning stages of its most vital digital transformation in nearly twenty decades. Insurance companies and banks alike are taking on the identity of IT driven organisations and with the assistance of IoT (Internet of Things), blockchain, artificial intelligence, machine learning and data analytics, many traditional names in the sector are having to adapt or allow start-ups to take to the floor. No matter the amount of industry knowledge and regulatory expertise, it now is not a case of who has the biggest cash flow; but simply that insurance companies can no longer afford to sit still. The change in consumer behaviour The main focuses for the modern-day consumers are speed, flexibility and a high-quality service. This development in consumer behaviour is being witnessed across multiple industries. Amazon ‘the online retailer’ for example, is an excellent advocate for creating such an offering to its customer base. Living in the digital world that we do, consumers want everything five times faster and real-time results when making a purchase for a service online. Digital transformation starts with people, and in the case of the insurance industry, it starts with the pain points those people experience when engaging with providers. The growth of insurance comparison sites has completely diminished consumer loyalty, which means the providers are able to present their product with ease and clarity. Despite these differences, one thing is clear: both insurance products and providers need to respond effectively to digital change to create competitive advantage and drive long-term growth. The influence of Insurtech While it is not unheard of for companies to develop their own specific technology, many are utilising the specialised minds from Insurtechs to support their (much needed) digital transformation. If we are looking across the entire insurance sector, the areas that need to be developed are vast. It may be a complex mind-boggling field but many insurers are now creating their own trials of the applications. Whether it be insurers purchasing Insurtech start-ups to join forces and limit competition, or building their own teams of tech-savvy professionals that can provide thought-leadership and innovation to their legacy technology state, one thing is for sure digital transformation is high on the agenda just about everywhere within the insurance sector currently. Contrary to what has been expressed so far, it is not only the insurers that are now pushing for change but policyholders themselves who see technology as a differentiator between a company that can produce time reducing, efficient results and those stuck in their ways. Claims processing for example, which has been huge on the agenda in recent years, once digitalised provides a timely resolution for claims and reduces the need for policyholder interaction. Insurtechs are a viable approach to closing that innovation gap, a gap that will only grow if companies do not match the pace of change in technology and keep up with customer demands and market trends. What is next? For the rest of 2019 and beyond; disruptive technology is inevitable. Whether the changes are created by insurers themselves or in partnership with Insurtech companies, the driving force behind this change is what customers expect. It is essential that insurers place the customer at the centre of their agenda moving forward and listen to what customers want for technology and moving quickly to invest in the right areas – wasting time will undoubtedly result in customers going elsewhere. It is a balance of innovating and transforming company foundations, while staying alert to the rate of disruption and security risks that can come with big changes. What will happen to those insurance companies that do not jump on this high-tech train into the future? Who will lead the way in making the switch from traditional legacy systems to innovative, modern day insurance firm?

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Are we going to see women fairly represented in cyber security?

With evidence from recent surveys (and the past two decades), it is clear there is a shortage of women working in cyber security. This is an ongoing market characteristic that, finally, many companies are now aiming to disrupt. Women currently represent 20% of the technology industry as a whole and just 11% of that in cyber security. This has not changed since 2017 and has barely made a move in either direction for the past 20 years. What is preventing and delaying women entering and staying in the industry? Diversity and inclusion making noise in the right places Doing the maths leaves 80% of the technology industry being male, which is not a balanced number. Whether it is a paucity of necessary skills, a need for cultural change or company diversity awareness, the need for the shift towards an even gender split is beginning to make noise in the right places. At the beginning of 2019 the UK government introduced new funding to help drive forward diversity in the cyber security industry. “Diversity encourages a culture where divergent opinions can be brought together to develop innovative solutions to solve some of the toughest problems our nation faces today” according to the National Initiative for Cybersecurity Career and Studies. Society is pushing for diversity, which would lead you to believe that changes are now more possible than ever. It isn’t unreasonable to believe that individual CTOs and tech leaders aren’t consciously opposed to females in their industry, however, might it be the case that women are not being presented with opportunities the right way? What challenges do women face in the cyber security sector? History of the cyber security industry has dictated a male dominated reputation, with some organisations still living to this stereotype. Not that this has been done intentionally, but unfortunately, we are still in a transition period for companies to invite tech savvy modern-day men and women into their ranks. Cyber security as a whole is overcoming its own hurdles within the industry, especially in trying to separate itself from the ‘IT’ title that it has been associated with. As the number of cyber-attacks in the UK continues to rise, on average a 40% increase from 2018, companies are now paying attention to the potential workforce that was previously overlooked; women. Tech is not slowing down in its evolution, so a constant appreciation for new ways of thinking and a diverse work force can only contribute to both men and women wanting a future career within it. What are we witnessing here at Eames? From a recruitment perspective we are seeing a consistent majority of men applying for cyber security positions, and unfortunately a pattern is emerging that the more technical the role becomes, the more male dominated the applicants are. Companies are crying out for more women to join their ranks, not to fill a quota, but to add a necessary diversity to an adapting sector that is currently experiencing a candidate shortage. We as an industry now need to focus on the next generation of tech talent and make sure gender equality of opportunity exists. What can be done to change these statistics? I am interested to hear your thoughts on why women are not applying for cyber security roles in as a great a volume as men. How do you interrupt the industry and its attraction for women to make a career in it?

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Full speed ahead: the insurance industry considers the impact of automated vehicles

Autonomous vehicles are not far off being a prominent addition to our roads, but the insurance industry is about to come under a lot of scrutiny as to how it navigates this new phase of the car sector. Driverless cars are a technology innovation that the typically-traditional insurance market is embracing. “The industry fully supports the development of automated vehicles,” says Rob Cummings, head of motor and liability at the Association of British Insurers (ABI). “This technology has the potential to dramatically improve road safety, revolutionise our transport systems and make it easier for people who cannot drive to get around.” This new approach to insurance has a promising forecast for the UK and the government has predicted it will bring 27,000 jobs to the industry and be worth £28 billion to the economy. How far along the road are we with this new technology? With most ‘futuristic’ ideas, autonomous vehicles are thrown into the same mix as technologies that seem much more suited to sci-fi novels rather than real life implementation. However, with driverless cars set to travel on UK roads as early as 2021, the sector is on track for making a very prominent impact on our everyday lives. In 2018 we saw the Autonomous Engineered Vehicle Bill come into situ, which confirms that if an automated vehicle was to cause an accident, the insurer is liable for any and all damages, including injury to the “driver” of the car. This is just one of the aspects insurers now need to take into consideration and with a forecast that by 2060 three quarters of the vehicles on the roads will be fully autonomous, insurers are looking now at getting their affairs in order. Companies are trialling the vehicles and it was announced at the beginning of August 2019 ‘Optimus Ride’ is operating six autonomous shuttle service vehicles on private roads in Brooklyn, NYC. The main obstacle to now tackle is the knowledge that as-a-service (AAS) models will render an insurers business redundant, and technology takes no prisoners when it demands an adaptive and accepting market. What changes will hit the industry? What difference are we going to see in insurance packages and premiums for those who choose to avoid autonomous cars? We can only presume that as the technology continues to evolve and improve with new vehicles being manufactured at an accelerated rate the disparities could reach new levels where only a few individuals choose not to make the change. In this new market, it is highly probable that car manufacturers will have more of a say in the insurance of their product. Recent research from KPMG predicts, after a number of industrial analyst’s reviewed the plans, that the continued success of autonomous cars could reduce the companies within the insurance sector by 71% by 2050. The only obvious way this can be altered is for insurers to evolve what they will offer to consumers to suit their future needs. How do you insure a car when the driver does not have their hands on the steering wheel? The subject of liability becomes a whole new ball game when autonomous cars are travelling alongside non-autonomous vehicles. If we go by the 2018 Automated Vehicle Act the insurer of the automated car is liable for damages, and who ever owns the vehicle is in charge of keeping the software maintained and updated. “Policies are likely to focus more on an individual’s driving habits or routines, rather than on speed or driving abilities as autonomy levels our driving standards. Converting this data into relevant and actionable insight for insurers, and importantly customers, will become ever more important,” says Mr Howard Collinge, director at specialist telematics firm insurer Coverbox. How can insurers adapt to this new era of technology? The question will always remain in the back of everyone’s minds as to whether this is just another trend or phase of the industry. Will a new law come into play that prevents the autonomous vehicles from ever reaching the roads? Either way insurers need to be prepared for the drastic change that will come to their existing infrastructure. “While driverless cars are often the focus of many discussions surrounding the future of insurance, current technologies such as telematics have the potential to make huge differences in the industry,” says Adam Gooch, commercial director at Insure Telematics Solutions, a telematics company that uses artificial intelligence and machine-learning to develop black-box software. Insurers can use advanced telematics to build risk profiles that take into consideration driver data including acceleration, location and braking etc. to determine the driver’s individual risk away from the car’s technology. These models will allow insurers to make real-time estimations on policies. The question remains that, as times are changing and technology is moving forward so rapidly. How will insurers keep on top of it or be ahead of the curve?

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Actuarial & Insurance Risk expert James Rydon promoted to Director

We are delighted to announce the promotion of James Rydon to the position of director. James joined Eames in July 2015 as a senior consultant on the non-life actuarial team. Since then he has broken through £1 million of total billings in February this year whilst also managing two teams last year. James has become a subject matter expert in his space, demonstrating that with the right work ethic, focus and dedication a great deal can be achieved in a short period of time. Since becoming a manager of non-life actuarial he has developed and mentored successful consultants and seen them promoted several times as well as continuing to build the Actuarial and Insurance Risk divisions with multiple key hires. This is James’ fifth promotion since joining Eames as a senior consultant in July 2015, having also become a partner in May 2017. An outstanding example of all Eames' core values, James is the epitome of what it takes to have rapid career progression internally and he has shown the passion for not only his own successes but the overall business’. Guy Day, CEO, shared of James' promotion: “James has been exceptionally consistent throughout his time at Eames. Since 2015 he has continued to show that his management, high standards and work ethic is a testament to success, which has rippled through to his team. He is a talented individual and has displayed tremendous tenacity to the growth of the actuarial and insurance risk division. Well done James on what is a thoroughly deserved promotion and great to see another addition to our senior leadership team.” Join Our Team: If you are looking for more from your career in a company committed to the growth and development of its people, get in touch with our Talent Acquisition Team on joinus@eamesconsulting.com.

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Insurers are facing technological disruption

Insurers are having to come to terms with the fact that technology is changing their industry, but more importantly the everyday experience of their customers. The industry is undergoing what could be described as an ‘ecosystem disruption’ with tech savvy players entering the insurance sector and leading with evolving, innovative and opportunity-led goals. While there should be excitement for the potential of technology that can change the industry, there is an urgent need to be mindful of the challenges that both Insurtechs and Insurance companies need to overcome, together. It is not surprising that it won’t be simple; traditional insurers (some that are more than 300 years old) and 87% of companies agree that technology is climbing at an exponential rate. It is one thing to jump on board and spot a popular trend, but to make it profitable for your company is a different ball game altogether. Being at the forefront of new technology will lose its impact if it is short lived Innovation can be risky. Insurance is a data-hungry sector in which advanced analytics and AI will act as a key factor in improving the customer-centricity. It is not unheard of for organisations, including Insurers, to focus their efforts on a short-term revenue goal. Sure, you can implement a tech heavy piece of software that looks good on the business sheets and puts you ahead of a competitor, but without the correct data set up and delicate approach to an already established system – it can go wrong. Equally, Insurtechs need to understand how they can integrate themselves into an industry that does want to change, but doesn’t know how to just yet. The Insurtech sector is shiny, new and full of promises with technology that is on another level compared to that of traditional Insurers, including legacy platforms that are vital for system integration; and lack such cutting edge capabilities. Insurance companies will be going on their own ‘transformation journey’, trying to break down the walls of a traditional, decentralised house. Innovation can only go so far unless it is embraced on a daily basis. Insurtech is not a magic wand that spontaneously solves all problems; it requires commitment to implement it into the everyday workings of the company. There is no opportunity to be scared of new technology, this attitude can have a crippling effect on other aspects of the business if innovation is self-contained to just one area. An effective recipe that includes a strong company culture, financial backing, an innovative strategy and an open mind are all important. Is tech innovation enough to entice new tech talent into the sector? According to a report issued by the Insurance Journal, the beginning of 2019 saw a 66% increase in insurance companies looking to increase their staff size focused on tech savvy masterminds. The insurance industry has often held the perception of being a traditional, corporate workplace and it is in a fundamental state of repositioning itself as a forward thinking and progressive sector. For young tech savvy professionals to see themselves working in insurance, there needs to be a focus on building an image that is accessible and attractive to the next generation. These tech ambitious individuals want to make an impact and creating such a culture will allow them to see career opportunities available to them. Retention of staff and recruiting skilled talent still remains a fundamental part of an insurer’s success; a connected and thriving organisation needs good people. A machine can only function to its full potential if all the cogs are turning in the right direction What do we need to take away from this? A widely developed, well supported and innovative tech strategy will be a huge benefit to insurance companies taking their plans out of the draft stage and into production. Moreover, the support from Insurtechs is needed to help the traditional Insurers with not just their leap of faith into new technological advances but, also their adjustments in cultural functions and company outlook. Another step forward in acknowledging the cultural shift is most importantly leaving behind the old mind-set and perception of the insurance industry to fill the demand with emerging talent that is missing from insurance. Insurers need to embrace innovation across the all areas of the business and cannot feel threatened by new start-ups- who at the end of the day are designed and built on a structure completely different to theirs.

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#WhatDrivesYou Launch Day

We have been spending some time trying to dig deeper into what it means to work at Eames. What ties us together as individuals and pushes us towards our vision of the sustained growth and development of relationships? We believe that is drive. An urgent, energetic ambition and desire to succeed that is inside all of us. That's our common goal. So we asked our team, what drives them? And can they put that drive into action? They showed us their competitive spirit and their camaraderie with a day on the go-kart track. What better way to launch our #WhatDrivesYou campaign? What Drives You? Head over to our careers site for a closer look into opportunities with Eames.

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Check out Matthew Eames on the RAG Podcast

Matthew Eames spent a little time in the podcast booth with Hoxo Media CEO, Sean Anderson talking all things agency growth. As part of Sean's newly launched Recruitment Agency Growth podcast, he digs into the minds of owners and leaders of recruitment agencies to discover the secrets to successful growth. Sharing his journey from a small office in Hammersmith in 2002 to an international team of 140, Matthew regaled Sean on the highs and lows of starting a recruitment agency and the passion and drive needed to make it a success. "You've got to love what you do!" An inspiring and engaging listen for anyone in the recruitment sector. Listen now: The RAG Podcast - Episode 7 - Matthew Eames

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​FIND OUT HOW YOU CAN DRIVE YOUR RECRUITMENT CAREER FORWARD WITH TEAM EAMES

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