072: The curve and how to stay ahead with Patrick Brice

Are you concerned about staying ahead of the curve as many industries become increasingly oriented towards online products and productivity? Do you feel unsure about how to keep yourselves and your clients informed as new cyber-risks perpetually emerge?

In this week’s episode, we’re thrilled to be speaking with Patrick Brice, the Distribution Director at CFC Underwriting, a specialist commercial insurance provider with a keen interest in identifying emerging risks and identifying cyber threats. In conversation with Boston Tullis’ Sarah Myerscough, he elucidates that many businesses and industries are becoming increasingly reliant upon technology for their internal operation and in the distribution of their products. Consequently, brokers and insurers alike need to reorient themselves in order to accommodate clients against both potential cyber threats, and nuanced technological risks that require bespoke cover.

 

Quote of the Episode

‘The insurance industry builds products that the insurance industry thinks are good; they don’t build products that clients want to buy, until you get to the really bespoke, large, sophisticated, complex buyer stuff.’

In this week’s episode, the concept of ‘nimbility’ once again proves efficacious. Patrick Brice argues that there is a tendency among many insurers to undertake a ‘one-size-fits-all’ approach with their products. However, as businesses in different sectors are beginning to embrace technology and cyberspace in nuanced and unique ways, they are becoming vulnerable to risks which require a more bespoke form of policy. The vague, nondescript concept of ‘putting the buyer at the centre’ of insurance products is simply insufficient as industries are evolving at an increasingly rapid pace, and require policies that can accommodate for this.

Key Takeaways

Patrick argues that both brokers and insurers need to immerse themselves within the particular sectors or businesses they are providing cover for, in order to truly understand them and the risks they may face to design and distribute products that will effectively mitigate both present risks and emergent or potential risks. This need not necessarily mean that all brokers and insurers must become specialists. Rather, at the very least, they should endeavour to engage in conversations with experts working within the sectors they provide cover for, to ensure that they have a comprehensive understanding of what clients currently need, and may require in years to come.

For example, Patrick gives the example of ‘digital healthcare’. As the healthcare sector begins to incorporate new technology and software, such as remote surgery and robotic surgery, new insurance products are required to account for the potential risks that may accompany them. However, such risks are not yet catered for by conventional insurance products.

Furthermore, in order to create a profile of what clients need, and to identify if they may be susceptible to new risks, insurers and brokers can endeavour to build a digital profile of their clients using an array of available data sources at their disposal. For example, CFC Underwriting employs its own internally accumulated data, in conjunction with publicly available and third-party information in order to inform its underwriting processes. As such, the client will receive a policy which is more acutely tailored to their needs, and which recognises the potential risks they may face.

 

Best Moments/Key Quotes

“So, using that technology, and making that really efficient, but removing the onus on the client to provide a whole load of information… means that we can make that process really, really smooth and efficient, and they can focus on running their business and managing the exposures.”

“SME insurance is designed by insurers without really thinking about what the client wants, or at least it generally is across the board. So, if you're an SME buyer, an SME company that's moving in that either the digital space or in the social media space, it's really difficult to find insurance that meets your needs, it just doesn't fit the kind of exposures that you've got, and doesn't allow you to build the business in the way that you want to.”

‘A product that you launch now will be irrelevant in 12 months’ time at the kind of pace of technological change that we've got.’

“We think that ability to get direct to the client with that really critical information, and keep scanning the client’s information on a real-time basis adds some real value. So, we'd expect to see that expand across multiple product lines and find different ways to build that kind of trusted contact point with the client as we move forward.”

 

Resources

The Lazarus Heist Podcast: https://www.bbc.co.uk/programmes/w13xtvg9/episodes/downloads 

Coffee, Calm & Connection Episode 22, How would you feel about ‘opening up’ to a robot? The Rise of AI-Led Counselling with Dr Gregory Warwick: https://coffeecalmconnection.podbean.com/e/how-would-you-feel-about-opening-up-to-a-robot-the-rise-of-ai-led-counselling-with-dr-gregory-warwick/ 

Solve For Happy: Engineer Your Path to Joy by Mo Gawdat, former Chief Business Officer at GoogleX

 

About the Guest

Patrick Brice is the Distribution Director at CFC Underwriting, where he has worked for six and a half years. Prior to that, he worked for RSA Group for 16 years in various different roles, including Marine Underwriting and Development Manager, Strategic Relationships Director and Professional and Financial Risks Director.

 

About the Host

Sarah Myerscough is the Sales and Marketing Director of Boston Tullis Group. The founder of The Insurance Brokers Podcast, she brings a wealth of marketing experience and a fresh perspective on marketing in the insurance sector. Boston Tullis works with insurance brokers to offer solutions to business development ceilings, particularly in the rapidly developing fields of video marketing and thought leadership.

Website: https://bostontullis.co.uk/ 

Evaluation Link: https://s.bostontullis.co.uk/s/podcastevaluation