According to Stait, long-term value should drive the entire relationship – not just the renewal. “Value is added throughout the life cycle of the project, throughout the year, so claims, reviews, client meetings, all of that stuff, that’s absolutely key. And really the renewal should kind of follow that, rather than being the thing that drives the activity.”
Adam Atkins (pictured), head of technology underwriting at Hiscox UK, pointed to artificial intelligence (AI) as the key technology reshaping the landscape. “In January, the government launched the AI action plan, where they made it really clear that AI is going to be the way forward for the UK… I think that’s going to shape the technology sector, but much wider as well, because there’s going to be far more businesses now wanting the investment so that they can build AI, they can use AI, they can advise on AI,” he said.
Despite the overall decline, motor and transport insurance remained the most complained-about product category, with 276,794 complaints in H1 2024. Medical and health insurance complaints, however, rose by 12.4% in the same period, reaching 95,886 cases.
The lawsuit brought to light a series of embarrassing exchanges between executives at Marsh where they discussed the escalating financial crisis engulfing Greensill and its main insurer, Australia’s Bond & Credit Co, in the run-up to Greensill’s collapse.
In an email exchange from 2020 that was shared with the court, a Marsh executive described the situation surrounding Greensill’s insurance contracts as “a frightening absence of corporate governance: this is fraud which may well be in breach of the Australian legal code as it applies to insurance companies”.
“We recognise that the regulatory and policy landscape surrounding diversity, equity, and inclusion has changed,” Venkatesh said. “The Supreme Court, the President’s Executive Orders, and federal mandates require changes in the way companies approach DEI issues moving forward.”
Dye encouraged a forward-looking mindset: “If you look at how underwriters assessed risk and pricing business in the past, it’s very much been looking in the rear view mirror… looking at what claims have happened on this particular business. If a fleet or a business has just moved from a load of petrol cars to all electric cars, that’s not an effective way, in my opinion, of assessing risk, because we know from industry data, it costs an awful lot more to repair.”
Kate Bailey highlights how Aviva’s services, such as pre-quote surveys, can reveal underlying issues that clients can benefit from support to manage, such as accident frequencies and premium costs. By bringing together insights from underwriting, claims, and risk management, the CRM team delivers practical solutions – whether through reduced excesses, bespoke claims handling guides, or training programs.
“Brokers and agents, for a long time, said the insurance companies are becoming irrelevant because they’re really not leaning into risk, they’re not providing what we need to bring to our clients and they exclude more than they cover,” she said. “To be relevant to our clients and to the brokers and agents working with those clients, you have to be willing to take risk, but you have to do that in an educated, technical way, so that you’re there when the thing does go wrong, and you build trust with your client and your broker or agent.”
Without standalone critical mass within a business line, it can be hard to get risk capital to come to bear, he said, and the rising interest in portfolio solutions shows that brokers are thinking more creatively about how to solve that conundrum. “Because I think that they’ll all tell you that they don’t want to increase their sort of footfall through extra brokers in the market every time they grow their business, because that isn’t a sustainable model for them,” Powell said. “That’s in the same way that we want to write more business as underwriters, but not necessarily by putting more underwriters in the box. So, I think this is just another good tool for them and for their clients.”
“Quite simply, most policies still respond to physical damage,” the representative said. “But that might not occur when floods prevent access to your business, for example, or when an earthquake in Taiwan halts your production lines in the UK because your microchip supply has failed. Parametric insurance covers such eventualities by focussing on the occurrence of the peril, rather than the cash cost.” And while insurance is an essential tool, clients also need to take practical, preventive steps: “The mitigation steps are different for all of those scenarios,” they added, “but the starting point is the same for each: consider what the impact of an event of one type or another would be on your property, your supply chain, your customer base, your market access, your staff, and so on. If it could cause a serious problem, find ways to mitigate.”
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