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Welcome to People in Insurance: Changing the Conversation Join us as we delve into the dynamic intersection of diversity, culture, and technological innovations within the insurance industry. Listen in as Host, Sarah Myerscough, Chief Ideas Officer at Macaii, sits down to talk with trailblazers, thought leaders, and innovators who are reshaping the very fabric of insurance. Here, we bring you stories that not only redefine the narrative but also offer a fresh perspective on the evolving landscape of insurance. From ground-breaking initiatives to transformative insights, we’re your trusted guide through the winds of change. Tune in to People in Insurance, brought to you by Macaii, and stay ahead of the curve in the ever-evolving world of insurance.
Episodes
Tuesday Jul 23, 2024
Tuesday Jul 23, 2024
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
Topics Covered
00:00 Welcoming Donna to the Podcast
01:03 Donna's Journey with Carpenters
02:39 Building a Customer-Focused Business
05:02 Challenges and Entrepreneurial Spirit
08:07 Technology and Business Growth
11:25 Navigating COVID-19 Challenges
13:45 Balancing Work and Personal Life
16:27 Balancing Work and Family Life
17:33 Building a Supportive Work Culture
19:43 Reflecting on Milestones and Achievements
22:28 Embracing Opportunities and Challenges
24:34 Mentoring and Advice for the Next Generation
28:48 Young Entrepreneur's Journey
31:36 Final Thoughts and Reflections
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 for diversity and inclusion in the workplace. She is also passionate about mentoring young entrepreneurs and supporting various charitable causes.
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
Tuesday Jul 16, 2024
Tuesday Jul 16, 2024
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 individual contributor. The dynamic of living with a work and nonwork version of oneself, and navigating between the two on a day-to-day basis, is extremely psychologically damaging. It upholds a mindset that, in the workplace, one can never really switch off, or have a bad day. Organisations that place employee wellbeing in every regard at the centre of what they do have well-performing, and more loyal employees, leading to better results for the business overall.
Best Moments/Key Quotes
“When you work in insurance, I think because I'd spent my whole career in it, I never realized that that imbalance of women to men was unusual. It's not until you get older, and you get more senior, and you suddenly start to look around and think, ‘Well, hang on a minute. Nobody else in here really looks like me or sounds like me’. And you become increasingly aware of your femininity.”
“If we're to take a positive from the whole pandemic, it's that we all learned that we haven't quite got this work-life balance thing right. Whether we're looking at mental health, whether we're looking at physical health, whether we're looking at caring responsibilities, whether we're looking at general happiness levels, we don't have it right. The system is fundamentally broken because it doesn't enable that.”
“Barristers have one of the biggest gender pay gaps going. The average is 14%. I think theirs is about 29%. For me, there's a very linear relationship… we know that there's very little gender pay gap at 30 and it quadruples by the age of 40. The average age to have a child is 32. It's abundantly clear what happens in that time period to drive gender pay gap and inequality. It all comes down to how well we cater to working parents and how well we're supporting women and having children.”
‘I think we currently live in a time where being the best at everything has a set of expectations with it that aren’t healthy or achievable.’
Resources
Careers After Babies Report: https://www.careersafterbabies.org/careers-after-babies-report
Careers After Babies Accreditation: https://www.careersafterbabies.org/careers-after-babies-accreditation
The New York Times – Millennial Men Aren’t the Dads They Thought They’d Be: https://www.nytimes.com/2015/07/31/upshot/millennial-men-find-work-and-family-hard-to-balance.html
About the Guest
Jess Heagren is the Founder of Careers after Babies and the author of the so-called landmark Careers After Babies report published in 2023 which went viral on LinkedIn. Prior to this, she worked in the insurance industry as a corporate strategist, and in her last insurance position she was a Strategy and Distribution Director in the commercial part of DLG.
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
Tuesday Jul 09, 2024
Tuesday Jul 09, 2024
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
Tuesday Jul 02, 2024
Tuesday Jul 02, 2024
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
Tuesday Jun 25, 2024
Tuesday Jun 25, 2024
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 enterprise. We are now at a stage economically where sustainable practices cannot simply be considered a tick-box ethical business practice exercise. A failure to implement these broadly across insurance and into the businesses we support as an industry will lead to catastrophic economic consequences in the not-too-distant future. As Mike argues, ‘the only real growth story for the economies and businesses of the century is going to be a sustainable one’.
Mike notes that we ultimately need to create a circular, regenerative global economy which forefronts sustainability. This will be highly reliant on digital connection, supplanted by an array of climate technologies that will become increasingly significant in years to come. In 2018, 9.1% of the world’s economy was circular, but in 2023, this had fallen to 7.2%. We cannot afford to go backwards. Ultimately, the insurance industry will bear the brunt when climate disaster strikes. We have a responsibility and a clear business incentive to be ahead of the curve and encourage our clients towards sustainable practices, today.
Best Moments/Key Quotes
“We [Davies Group] are actually rebranding to responsible business. But I'm very much keeping that in the background. Like our pillars don't change. We've always aligned with people, planet, and our purpose which aligns with ESG. But it's still everything we're doing as a business and our commitments aren’t changing. Let’s just get rid of the noise and get on with the work.”
“We have an opportunity as an industry to drive change. But it's hard for businesses to go ahead of regulation. And are we getting the right regulation?”
‘Digital connection is absolutely essential for the move to anything like a circular economy.’
Resources
Larry Fink’s 2024 Annual Chairman’s Letter - https://www.blackrock.com/corporate/investor-relations/larry-fink-annual-chairmans-letter
The Circularity Gap Report 2023 - https://www.circularity-gap.world/2023
About the Guest
Gillie Fairbrother is the Director of ESG at Davies Group, a professional services business which provides support to the insurance industry.
Gillie’s LinkedIn Profile: https://www.linkedin.com/in/gillie-fairbrother-2723a320b/
Mike Wrathall is an independent consultant working across sustainability and digital. His background is in digital transformation and sustainability strategy, having previously worked in Monitor Deloitte’s sustainability and climate strategy team.
Mike’s LinkedIn Profile: https://www.linkedin.com/in/michael-wrathall-03880a67/
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
Tuesday Jun 11, 2024
Tuesday Jun 11, 2024
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 workplace as it failed to offer part time, remote, or flexible working solutions. While the pandemic led some companies to become more accommodating in this respect, there is still much work to be done. This departure of talent constitutes a significant loss of knowledge for the industry.
This is accentuated by the rapidly aging nature of the insurance workforce. As people retire, swathes of knowledge are further detracted from the industry. Donna advocates for new apprenticeship programmes to create a new foundation of insurance knowledge, but argues that the age limit for such schemes should not be capped. What if someone wants to try a new role or industry in their forties or fifties? These schemes would enable us to bring in such people and let their prior experience and expertise facilitate new ideas and alternative decision-making.
Best Moments/Key Quotes
“Just because you've got children, you still have your own career goals that you want to get. And it would blow my mind that I would speak to some women, and they’d say, ‘well, I've had to leave this workplace because they can't offer me part time or flexible working’. And what a loss! What a loss of that knowledge and talent.”
“[Our industry] is built on relationships and you build that trust with your clients. It can be a numbers game, but I do believe it's much wider than that. It's getting to know clients, and know what's going on in their world, to be able to then service them properly.”
“I think a lot of men have the stronger voice, and we [women], think that we don't have an opinion, or we don't have a good enough opinion. But women can sometimes look at it and see a different perspective, and see other things that maybe the other side, the more analytical brain, isn't seeing. So, speak out more often, your thoughts are good, and you might come up with something that nobody else has thought of.”
“If somebody wants to start a new role in their 40s or 50s, they've got transferable skills. So, let's make it easier for businesses and bring them in, especially when we know we’re going to have that loss of talent at the other end.”
Resources
Squared Insurance Brokers – https://www.squaredbrokers.com/
About the Guest
Donna Robertson is the Managing Director of Squared Insurance Brokers, which she launched in late 2019. She has 25 years of industry experience, and advocates for greater flexible working accommodations and fairer treatment for clients.
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
Tuesday Jun 04, 2024
Tuesday Jun 04, 2024
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 gleaned from the attempt, hence why innovation in insurance is never wasted effort.
Best Moments/Key Quotes
“Sometimes if you don't give yourself a deadline and you just let things tick along, you just don't get that kind of drive to finish it. When we're all so motivated and pushing and working hard to do it, we then get that passion across to the other people within the insurer that need to approve it.”
“Culture is hugely important. You take a person in one business who's not able to get stuff done, put them in another business – same person, same skills – and they could be super successful because of the culture, because of people being willing to listen to what they've got to say, or being willing to experiment and learn.”
“Innovation is about applying the applying ideas in new ways that are commercially valuable. Innovation isn't necessarily about creativity. It's not about creating something brand new, necessarily. It's about taking things that are right there already, and applying them in a new way. And doing it in such a way that's commercially valuable.”
Resources
Innovative Risk Labs: https://www.innovativerisk.co.uk/
JustParent: https://www.justparent.co.uk/
About the Guest
Ed Gaze is a paragon of Insurtech innovation. Having managed the Lloyd’s Lab for four years, Ed has since become the CEO of Innovative Risk Labs (IRL), a broker which helps to launch new Insurtech MGAs in the UK. He is also the CEO of JustParent, the UK’s first parental leave insurer.
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
Tuesday May 28, 2024
Tuesday May 28, 2024
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 finding themselves unwilling to continue working in such environments irrespective of how much they might be paid. As an industry we must learn how to foster psychologically safe environments, particularly as the next generation of insurance professionals, who have entirely different expectations regarding wellbeing in the workplace, begin to rise the corporate ladder.
Best Moments/Key Quotes
“I want us [as an industry] to be much more engaged with the public. When the BBC comes to me and asks me for comment, one of the most common things they say is, ‘We couldn't get anyone else to speak’.”
“I think people want to understand what's going on. I think if we can open up that conversation and be a bit more open to the criticism, then we'll do a lot better generally.”
“We do have a big job to do to make insurance a bit more fun, and sexy, and interesting. Despite the fact that it is in so many different areas, it has a really negative association with it. We're not coming together enough as an industry to go, ‘Okay, how do we tackle that?’”
“What I see in these large corporates is over the last couple of years, they've been under massive pressure… People have got to a point where they've gone, ‘I don't care how much you pay me, you cannot pay me enough to go into an environment where my humanity is completely ignored, where I get screamed at by somebody who has no emotional regularity’.”
“When you're under stress and you've got lots of stuff going on, that's when most teams have less contact, less communication. Everybody goes off into their silos. That's the exact opposite of what should be happening. That's the time that you have to double down on spending time together, on understanding each other, on having the hard conversations, because that's where you get to a better space.”
Resources
Human Business with Sam White Podcast – https://www.deezer.com/us/show/445082
book – about tribal instincts. you have a tribe of people that are like you – and a natural distrust of people that are not like you. hierarchies that are accepted and self-hierarchies that are not.
I Am (2010) – dir. by Tom Shadyac
About the Guest
Sam White is the CEO and founder of Stella Insurance, a financial services business offering insurance products tailored to women's needs. Sam is the co-host of BBC Radio 4’s ‘Toast’, and a regular on BBC One Morning Live, where she shares her insights into the current state of the insurance industry.
Sam’s LinkedIn Profile: https://www.linkedin.com/in/samwhiteentrepreneur/
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
Tuesday May 21, 2024
Tuesday May 21, 2024
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 and support the recruitment process; bringing the really young kids to make insurance a career you choose, not one that you fall into.”
“What do we do with insurance today? When we grow up. we all have insurance. In fact, you could even extend that to ‘Insurance underpins our lives. From the moment you're born, you're covered by insurance.’”
“Don't think of it as a collection, but more of a space… that’s all about engaging. A real deep level of engagement, whether that is just having fun, understanding a bit more, spending valuable time, trying to understand other people's opinions. All of that…. It's going to be museum where we're going to tell all the stories: marine, aviation, fire, life insurance. We're going to look at those difficult stories as well… it’s a place where we’re going to celebrate insurance, and promote insurance, and get everybody in.”
Resources
The Insurance Museum: https://insurance.museum/
Insurance Museum – Fire Insurance Exhibition: https://insurance.museum/fire-insurance-gallery
Insurance Museum – Dr Nicholas Barbon: https://insurance.museum/rising-from-the-ashes/part-2#section-67442620
About the Guest
Howard Benge is the Director of the Insurance Museum, appointed in 2021. He has worked as a heritage professional for 25 years; in nine of which he took up several roles for the City of London Corporation, managing the Guildhall Library, various museums, Billingsgate Roman House and Baths, and the City of London Police Museum, amongst many others.
Howard’s LinkedIn Profile: https://www.linkedin.com/in/howard-benge-87a3092/
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
Tuesday May 07, 2024
Tuesday May 07, 2024
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 possible. So, as long as you can agree what needs to be done, then you can have conversations about how it needs to be done.”
“If an organization's doing anything, the whole point of doing it is for a reason. The specific outcome that you want from doing the stuff you're doing. So, if you've got a dozen people or a dozen different groups involved, you should be able to all agree on the outcome you want.”
“Calling something that's quite small… a transformation project gives the wrong impression, because it creates the idea that transformation is easy; you just do this and this and this. So ‘transformation’ is badly used [as a term].”
“There's a lot of stuff that companies can do and should do themselves to put themselves in a really much better position to actually start any transformation, rather than getting an army of consultants in from day one. The things that they [consultants] ask to be done, the organization should be able to do themselves at a fraction of the cost. They are just not aware that they are good things to do beforehand.”
Resources
A Transformation Lens: The Savvy Business Leader's Approach to Transformational Change by Gary Burke
Rabbits From Hats: https://www.rabbitsfromhats.co.uk/
About the Guest
Gary Burke is the Founder of Rabbits from Hats, a transformational change advisory and consulting firm. He has been working on projects in this space since the mid-90s, primarily in insurance but also in other sectors. In the last decade he has been focused first and foremost on general insurance and the London market, and in 2023, his book ‘A Transformation Lens’ was published.
Gary’s LinkedIn Profile: https://www.linkedin.com/in/gary-burke-transformational-change/
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