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That incredible feats require significant inspiration is a notion ably borne out by the story behind Johnny McCord and Joe Walker’s decision to undertake the formidable challenge that was Loadsure’s four-day, 330-mile charity cycle from London to Paris in aid of Heartburn Cancer UK.

Now back on solid ground in the UK, Loadsure CEO and founder McCord (pictured right) touched on the motivation behind the fundraiser, sharing that when he was 19, he lost his father to oesophageal cancer. His father was only 47, he said, and his deterioration was very rapid. With the right treatment and an early diagnosis, his death would have been entirely preventable.

“This year marks 21 years since my father passed away and 20 years since my mother set up the Heartburn Cancer UK charity,” he said. “I wanted to mark the occasion in a way that might help others to avoid such a loss.”

The work of Heartburn Cancer UK

In its own words, Heartburn Cancer UK – which was established by Mimi McCord – exists “to raise awareness of the dangers of persistent heartburn [because] earlier diagnosis of a more serious problem helps save lives.”

So few people understand that heartburn and other similar conditions can be early symptoms of diseases like oesophageal cancer, McCord said, and Heartburn Cancer UK was founded to try and share this message. The charity’s work centres on four key pillars:

              • Education – campaigning for changes in public and social policy, and seeking out collaboration with medical professionals

              • Research – working with experts in oesophageal cancer to reduce the number of cases of this disease and improve rates of early diagnosis

              • Awareness – building a network to facilitate the promotion of their message, about the importance of early detection and which symptoms to look out for

              • Support – being there for people living with these conditions all over the UK, as well as their loved ones

“I’m passionate about supporting this mission as much as I can,” he said, “to help my mother and the charity in their efforts, and do my part in preventing other families from experiencing loss caused by preventable, treatable cancer.”

How the Loadsure charity cycle came about

As to how the decision to choose cycling as his fundraising activity – and the mammoth distance between London and Paris as his chosen route – came about, McCord said he’s always enjoyed a challenge. And having run two marathons for charity previously, and with this year being another significant anniversary, the London to Paris stretch felt like the right choice.

“In a lot of ways, taking on an endurance test like this is a solid analogy for what it’s like to be founder and CEO of a fast-paced insurtech,” he said. “There were unforeseen obstacles – like extreme weather, problems with our kit, and unexpected detours. It was a tough challenge that demanded mental and physical resilience, but our patience, perseverance and belief in the common goal kept us going and made the adventure truly enjoyable.”

For Walker (pictured left), EVP marketing at Loadsure, joining McCord on the journey was a natural step as they had both discovered the joys of cycling” during the COVID-19 lockdowns and regularly headed out to the hills for “exercise, headspace and for fun”. When McCord casually mentioned the idea during a catch-up at work, it snowballed from there.

“I enjoy training for a challenge, setting incremental goals and building a training program to hit them,” he said. “London to Paris is a famous challenge that felt like enough of a stretch without taking too much time away from our families and our work.”

Standout moments from the fundraising cycle

The charity cycle was no mean feat, noted McCord and the first day – from London to Dover – was extremely undulating. Navigating the busy roads of London was a challenge in itself, he said, but once they got out into the Kent countryside, the duo found some arduous climbs, albeit rewarded by some wonderful descents.

“Days two and three – from Dunkirk to Soissons – were long days in the saddle in some extreme heat, but the scenery of the French countryside was a fantastic distraction,” said Walker. “We had a few mechanical issues, but a little ‘field engineering’ kept us going. One particular challenge was being sure to take on enough food and water. I never want to see another carb gel again!”

Day four – which took him and Walker into Paris – was a major highlight, McCord said and: “Seeing the Tour Eiffel come into view, reflecting on the training journey, the adventure and everything it meant to me was an emotional moment.”

McCord noted that what became clear to him on completing a feat that took such physical and mental strength, was the realisation that anything is possible with the right mindset. Looking back to the beginning of his training, he said, he could not have imagined completing such a challenge, but the incremental gains made over a progressive training schedule made the challenge achievable.

“Resilience is a crucial virtue for something like this – the ability to grit your teeth and knuckle down can get us through a lot,” added Walker.

Examining the alignment between insurance and charity

There are some clear parallels between what the insurance sector sets out to achieve and what charity can do for individuals and societies. Because fundamentally, McCord said, insurance is about managing risk and about protecting businesses or individuals from loss. He highlighted that when he started Loadsure, it was because he fell in love with the freight community and wanted to offer better protection to it.

In the same way, charity is about giving help to those in need, he said. And ideally, it’s also protecting them from further need and, even better, preventing that need from occurring in the first place.

“I believe in helping people,” Walker said. “If I am able to make somebody else’s life a little easier with a charitable act or donation, I consider the effort or money well-spent. A friend of ours quoted Anne Frank with their online donation – ‘no-one has ever become poor by giving’, a beautiful sentiment.”

Encouraging other insurance professionals to get involved in charity and community initiatives, McCord entreated them to consider why they chose this industry – to help insureds.

“If you can, and I do appreciate that finding time and motivation in our busy lives is a challenge itself, it’s incredibly rewarding to help the communities that we serve,” he said. “I found a physical challenge is a great way to motivate myself to get fitter and healthier physically and mentally -and the whole endeavour creates a positive energy.”

For Walker, the message is simpler still: “Everybody wins!”

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“A managed risk is a reduced risk,” according to Gary Head (pictured), director of schemes & delegated authorities at AXA UK. It’s a particularly relevant takeaway given that being the schemes provider brokers and their insured’s need in today’s market goes beyond just the protection of assets and livelihoods offered by insurance products. It’s also about ensuring customers have ready access to the support, expertise and assistance they need to truly manage their risks.

What’s happening in the delegated authority space?

Offering his insights into what’s happening across the delegated authority (DA) space in 2023, Head noted that, at a high level, more customers are choosing to place their insurance with schemes providers – which is leading to overall growth in the marketplace. With more customers choosing to buy through a scheme or DA, he said, the onus is on schemes providers to deliver the products customers need and want, and to ensure these are fit for purpose.

“Crucially that means that these products deliver expected outcomes when it matters, at the time of claim,” he said. “Today, the schemes market is finding innovative ways to target specific segments that perhaps aren’t catered for by the more mainstream product lines and which have a nuance or a specialty element to them which makes them more niche. Schemes can be set up to make sure those nuances are recognised and that the product delivers in the unfortunate circumstance that a claim might happen.”

What’s driving increased interest in the schemes market?

Examining what’s driving the uptick in the schemes market, Head pointed to how the power of great service is coming into its own. From conversations with the DA partners AXA works alongside, he said, he knows how highly they prize responsiveness, whether that’s around risk referrals, customer requests and queries, or claims.

“If we’re giving back quick service to our DA partners, they, in turn, can give quick service to their customers and their brokers,” he said. “And I think that’s probably the driving factor behind customer choice because, in this day and age, you can use your phone to order things with three taps of a screen. So, providing that service and speed of response to consumer needs is really at the forefront of what we’re trying to do.”

The opportunities for brokers in the DA market

Assessing some of the opportunities that current market conditions are presenting to brokers operating in the schemes market, Head highlighted that they tend to fall into two categories. On the one side, he said, there are the brokers placing business through schemes, who should be carefully evaluating the responsiveness, service and customer care that having the right DA partners brings to their own value propositions.

On the other side, there are those brokers who are able to demonstrate expertise or specialism within a certain customer segment who might consider setting up a DA themselves. That could be with the aim of offering products directly to customers and/or through other brokers. For those considering the latter opportunity, he said, the key thing to bear in mind is the difference between acting as a broker and as a schemes provider.

“Going back to basics,” he said, “the broker is acting as the agent of the customer and so has to cover the whole market, provide advice and try to ensure the insured gets the best product at the best price. Whereas the DA partner is very much the agent of the insurer, acting as a mini insurer providing terms and quotes into the marketplace… That’s a crucial distinction because everybody should be looking to make sure that customers understand what they’re buying.

“We at AXA look very closely at management information each month with our DA partners to make sure that our customers do absolutely understand what they’re buying, and to make sure they’re not putting forward claims that aren’t covered under the core cover. That’s something we track very closely to make sure the understanding is there to guarantee those expected outcomes for customers.”

The challenges facing brokers in the schemes market

For brokers who have thoroughly researched the market, there is a wealth of opportunity to be found in the DA space, but Head cautioned those looking to access these opportunities of the need to ensure they’re working with the right partners. One of the challenges facing brokers today, he said, is finding partners with a long-term orientated view and ambition, as the DA business requires a long-term approach.

“We are going to get years when catastrophe has happened and years when there are large losses,” he said. “And we’re prepared for that within our business plans and our models. I think the thing to be avoided is people coming into the marketplace and then exiting when conditions get tough because this leaves customers and brokers in a difficult position.

“We have seen some exits this year so I would advise [potential DA partners] to really understand the context of the market and how it works, and to work with those who have long-term commitments to being in this for the long run – which we certainly are.”

On that note, Head advised DA partners to look to the pedigree and history of those they are considering entering into the schemes business with. Those with a strong history tend to be able to bring better data, more insights and a stronger capability to work through tough market conditions and steer their partners through the marketplace sustainably and profitably.

“Because at the end of the day, that’s what customers need most of all,” he said. “They need to know they’ve got support and clarity around their insurance spend, and most critically, that when they have business-threatening losses or issues, they have strong financial support behind them to put them back on their feet as quickly as possible.”

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Aon has officially announced the launch of its new pricing platform, a new software solution that aims to provide insurance companies an edge through better risk selection and meaningful analytics.

Helmed by the firm’s Strategy and Technology Group, the pricing platform will allow insurers’ in-house teams to develop tailored workflows for underwriting all classes of both commercial and reinsurance businesses. Aon enumerated its benefits across different divisions as follows:

• Underwriters can easily access the data they need through system integration
• Actuaries can build and update models swiftly to react to market changes
• Executive managers can access near real-time portfolio information
• IT teams can handle other value-add activities, with Aon hosting the platform

The pricing platform uses Aon’s proprietary model builder technology to allow pricing teams to configure their own web dashboards via drag-and-drop features in minutes, as opposed to days or weeks. The pricing platform also allows choices of calculation engines, whether it’s the widely adopted Python or the high-speed Tyche. It also features a flexible data schema that automatically captures data to generate management information.

To help insurers in their pricing, reserving, and capital modelling decisions, the Strategy and Technology Group also provided a suite of technology across property and casualty and life businesses. Aon Strategy and Technology Group head of pricing Dr. James Gillespie said that this new proposition helps insurers raise both their performance and profitability through accurate pricing.

“Accurate technical pricing is key to insurers’ operational performance and profitability, informing better decisions in an environment of macroeconomic volatility and subdued investment returns. It is vital not only for business planning, but also in ensuring the front-line implementation of an insurer’s business plan,” Gillespie said.

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SCOR chairman Denis Kessler has died aged 71, the reinsurer said on Friday.

The business paid tribute to Kessler, who it described as “an iconic figure of the insurance and reinsurance world, and more widely of the French business world”. Kessler joined SCOR in 2002 as chairman and CEO, becoming non-executive chairman of the global reinsurer on June 30, 2021.

SCOR vice-chairman Augustin de Romanet is set to chair the board for an interim period, with a new chairman to be appointed following an ongoing process.

The reinsurer’s directors hailed Kessler as having made a “profound imprint” on the group.

“We salute the memory of a great man and an extraordinary leader, who was passionate about the insurance and reinsurance industries, their techniques, their values and their philosophy,” they said in a joint comment. “Denis has made a tremendous contribution to SCOR’s development over the past 21 years, and more widely to public debate on major contemporary economic and social policy issues.”

SCOR CEO Thierry Léger praised Kessler’s “unparalleled passion” for reinsurance and his ambitions to make the business a leader in the reinsurance space.

“I am privileged to have had the opportunity to work alongside Denis,” Léger said. “He leaves us an extraordinary legacy.

“It is now up to us to carry on his work.”

SCOR chairman Denis Kessler – a life’s work

Kessler was born on March 25, 1952 in Mulhouse, France. Prior to entering reinsurance, he taught at a secondary school before taking up a career as an economics researcher, acting as an assistant lecturer in economics at Paris X-Nanterre University from 1978 to 1985.

From 1982 to 1990, he chaired CEREPI, the Center for Study and Research on Savings, Wealth and Inequalities.

Further notable roles previously held by Kessler include professor at Nancy II and later a professor at EHESS, the School of Advanced Studies in the Social Science, from 1990.

He was chair of the Foundation for Economic and Financial Research from 1985 to 1990 and sat on the board of directors of Union des assurances de Paris for two stints,  from 1983 to 1986 and 1988 to 1990.

In 1985, he was named chairman of the Banking Services Users’ Committee at the French National Credit Council, a role he held until 1990. That year, Kessler became chairman of the French Federation of Insurance Companies (FFSA) and remained in post until 1997, and then from 1998 to 2002.

He was on the executive committee of the National Council of French Employers (CNPF) and became its executive vice-chairman in 1994, and was vice-chairman and chairman of the Economic Commission.

Kessler was appointed senior executive vice-president and executive committee member of AXA in 1997, later leaving to support Ernest-Antoine Seillière, chairman of the CNPF.

Kessler acted as a board member for several companies, including Dexia (1999-2009), Bolloré (1999-2013), BNP Paribas (2000-2022), Invesco (since 2002) and Dassault Aviation (2003-2014).

The late SCOR chairman was elected to the Academy of Moral and Political Sciences of the Institut de France in 2016.

Earlier this week, the Confederation of British Industry (CBI) won a survival vote over its future following a string of misconduct allegations.

The CBI reported that 93% of the 371 members who voted had affirmed their support of its plans to reform the organisation, with its new director general Rain Newton-Smith calling the results, “a really strong mandate from our members“. However, coverage from the Financial Times quoted one executive at a company which has quit the CBI as saying the group has “a nerve” to claim the result was a vote of confidence.

Whatever your view of the vote, it seems that the way ahead is still not clear for the UK’s leading business lobby organisation which has faced claims of sexual harassment, a toxic working environment and two allegations of rape. Industry commenters have pointed to the need for the organisation to win over politicians and big business once more if it is to recover from the multiple body blows it has been dealt in recent months.

Broadly speaking, the insurance market reacted responsively to the allegations surrounding the CBI, with many top insurers and associations exiting the body, and coherently rationalising that decision. But as the tone of discourse around the controversy has evolved from a drip feed of shocking allegations to broader-level conversations around necessary reforms and a way back into the favour of government and industry alike – commentary has also shifted.

A #CBI hashtag on LinkedIn or Twitter will dredge up no shortage of individuals happy to share their 2020-vision insights into the oh-so-obvious mistakes made by the organisation. They point to the merry band of villains and fools that it takes working in conjunction to brew up a scandal of this magnitude, and the blend of complacency and complicity that it requires for a toxic culture to thrive.

That’s not to say these commentators are wrong. But these discussions need to be held in a broader context, swapping finger-pointing at the self-evident for an honest and open appraisal of where these same failures of culture are being carried out away from the glare of public opinion.

Make no mistake, these scandals have resulted from a breakdown in culture. And no business that prides itself on its culture can risk dismissing the graphic case study offered by the CBI of what that looks like when exposed to the light of day. A culture that champions accountability and does not shrink from culpability is as fragile as it is powerful and should not be taken for granted, but rather treasured and protected.

Culture has become a board-level agenda topic among insurance businesses of every size and scale, and rightly so. But whether it’s a question of culture, cyber risk or business interruption, companies run the risk that increased C-suite level scrutiny can lead to a reduction in the sense of ‘ownership’ of that risk across the lower echelons of the business. Every effort needs to be made to ensure buy-in across organisations and open up as many lines of communication as are necessary to allow every voice to be heard.

A root-and-branch approach needs to be taken to digging out poor behaviour and embedding accountability at the heart of insurance businesses – but fundamentally, this starts and ends with the individual. It’s one thing to be able to look back and identify poor behaviour by colleagues or breakdowns in the stated culture and values of your organisation. It’s another thing entirely to be on the front-line, pointing out those failures in real-time and running the very real risk of alienation or making yourself a target.

There will always be people who fall short of expected behaviours and no recruitment process or learning and development initiatives in the world can provide a fail-safe guarantee against these individuals. As we’ve seen from the discussions that emerge from failures in our police departments as well as our institutions – financial or otherwise – the argument of a “few bad apples” is often seen as discrediting, if not downright insulting, to the victims let down by institutional-level failures in culture.

But I would say businesses ought to take the “few bad apples” protestation not as a get-out-of-jail-free card but rather an admonishment. Is your culture so weak that a few bad actors can dilute it so completely? Are the fair or ethically-minded people who make up the bulk of your teams so inhibited that they can’t call out inequities they’ve witnessed?

Businesses across the insurance ecosystem need to engage in creating the right structures to empower the right behaviours as well as preventing the wrong ones. And the people within insurance businesses need to actively engage with these lest run the risk of becoming after-the-event prognosticators, able to predict only what has already been. Hindsight will always remain 2020 so it is better for us all if we focus on updating our present-day prescriptions.

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MPs have criticised insurers over their response to the Galpin’s Road gas explosion that killed a young girl and forced hundreds of people to leave their Thornton Heath homes, some of which have since had to be demolished.

Speaking during a sweeping Treasury Committee hearing on insurance, Siobhain McDonagh MP, the Labour representative for the Mitcham and Morden constituency in which the August 2022 blast occurred, took aim at slow response times to the emergency situation and claims barriers.

The local authority has spent around £2 million on alternative accommodation costs despite many displaced individuals having had buildings insurance in place, according to McDonagh.

“Nearly all those people were owner occupiers with building insurance, but it wasn’t the insurance companies who set up the emergency resource centre or found out how those people would have somewhere to live or had any clothes on their back,” McDonagh said.

The MP gave examples of people being told they could not be supplied with a courtesy car despite police cordons barring access to theirs, and others who were not provided with temporary accommodation by their insurer because loss adjusters had not yet inspected the premises. She also gave the example of insurers demanding receipts for contents from a man whose wife was severely burned, despite the house having “fallen down” months ago.

“People couldn’t get what they were paying for, they couldn’t get emergency services, and that was universal across the companies,” McDonagh said. “How can that be right?”

 The MP also flagged underinsurance issues, with some policyholders facing unexpected bills for contents and their buildings, and this having a knock-on effect preventing others in terraced houses from getting their homes back.

“A number of houses had to be knocked down, because they were structurally unsafe, and so in a terrace, you’ll get somebody who’s insured for a million pounds to replace their property and the people on both sides are insured for half a million,” McDonagh said.

“To clean and prepare the site, and then build the houses, the people insured for half a million pounds are not going to get their four-bedroom houses back, and the person in the middle of the terrace [who was] properly insured can’t do it, because the others can’t.”

Some policyholders have been fearful of claiming on their insurance due to anticipated premium cost rises as a result, insurer bosses were told.

“They’ve lost everything they worked for, through no fault of their own – and one of the constant feedbacks the council would get at its public meetings … is people saying, ‘I don’t want to claim on my insurance, because I don’t want my premium to go up’,” McDonagh said. “‘I [the policyholder] didn’t cause the gas explosion, how fair is it for my premium to be increased?’”

The Galpin’s Road case was later raised in proceedings by Rushanara Ali MP, who called for an insurer inquiry into loss adjuster accountability.

“We would have examples where there have been very significant floods in parts of the country and we have made sure that there is an emergency response there so that people can be supported on the ground,” Clark said. “In this instance, in this example, as you describe it, the response doesn’t feel acceptable, but I’m not aware of the details.”

From job creation, to GDP growth, to nurturing the spirit of entrepreneurship – the critical role SMEs play in shaping the UK economy is underpinned by their access to the right insurance programmes and risk management expertise.

As regional director of the North and Scotland for WTW, Chris Milnes (pictured) works with businesses of every shape and size, and so sees first-hand the responsibility insurance businesses have to support their clients at every stage of their growth journeys. Entrepreneurship drives growth for everybody, he said, and getting the right support structures in place is what enables businesses to scale-up and develop.

He noted that working in the North of England brings incredible variety to his day-to-day life, because there is capital in the market that is being invested (albeit cautiously) across the region. Looking to Scotland, he highlighted how he gets to work with some amazing family businesses which are undergoing exponential growth journeys without losing their entrepreneurial spirits.  

“People in the North and Scotland tend to be quite resilient,” he said. “They’ve been through industrialisation, through the lack of investment in infrastructure projects and they just crack on and get on with what they’re doing. It’s great to see that resilience within some great businesses, who maybe haven’t yet had the external investment that they need but are still providing amazing growth stories.

“And when you get to know these businesses and you become trusted by them, it’s fantastic. No two days are ever the same, no two clients are ever the same and everybody’s risk profile is completely different. So, I get to work with some super interesting businesses and support them getting to the next stage in their growth.”

It’s a particularly interesting and rewarding time to be doing his role, Milnes said, as businesses are crying out for the right advice. The current risk environment is incredibly complex with inflation, the cost-of-living crisis, geopolitical instability and talent pipeline concerns all impinging on clients at the same time. So, clients’ recognition of the power of ‘value’ above price when it comes to insurance is coming up against the brick wall that is their financial constraints.

“For quite some time now, it has felt like one crisis after another,” he said, “Whether it’s political instability within our country, or war elsewhere, or supply chain concerns, people are more aware of just how risky the world is today. But I think sometimes, as humans, we can be a bit myopic and just focus on the thing that’s right in front of us and forget about everything else.

“For us [at WTW], it’s about supporting our clients through that immediate challenge while also helping them map out the broader risk environment. And we recognise that everybody’s a little bit more price conscious because of what’s going on in the world in terms of inflation, the energy crisis. Cost is on our customers’ minds.”

Insurance is a significant outlay for businesses, Milnes said, and with cost proving such a critical consideration at this time, clients have heightened expectations of value from their insurance programmes. Clients are more aware than ever of how accurately their insurance programme reflects their risk profile and they’re more willing to ask questions from their insurance partners about whether these programmes are fit for purpose.

“We’re actually seeing a lot of our clients ask for analytics as well,” he said. “They’re actively using the data we can supply them to give them real meaningful insights into what they look like as a risk, how they compare with their peers, the total profile of their risks and how they can restructure those risks to make sure they’re deploying their capital effectively.

“Clients want more of a partnership with [their brokers and risk managers] which is where we’ve really been able to step in. We’re holding a 99.2% retention rate with our clients in the North which is absolutely amazing but where we’ve picked up new clients is through that ‘Insights’ piece, by spending time with them and going through their risk profiles with them.”

Where WTW stands out is that it isn’t looking to be all things to everybody, he said. Milnes and his team are not interested in building short-term or transactional relationships with their clients but rather to evolve genuine partnerships with them as a trusted broker and risk advisor that is looking to add value to these businesses through insight and analytics, as well as the right insurance coverage.

There’s a great team within WTW who have been nurturing these client relationships for many years now, he said, but there has been a tendency in the past to “hide our light under a bushel”. For Milnes, who stepped into his role at the beginning of the year, a key area of focus now is on communicating WTW’s client-centric proposition better across the wider market, and on capitalising on the group’s reputation while leveraging it for further growth.

“I think we’ve got a great brand, but I just don’t know whether enough people know about us,” he said. “So, we’re just looking to have more conversations with more people about what we can do. Because we’ve got so many things within our armoury that we probably don’t talk about enough as it stands. And I’m looking to change that record.”

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Kingfisher Insurance (Kingfisher) has today announced its acquisition of the specialist motorsport insurance broker REIS Motorsport Insurance (REIS).

In a Press release, the insurance group noted that the deal underscores its strategy of growing both organically and through the acquisition of high-quality businesses delivering specialist products to niche markets. The addition of REIS complements Kingfisher’s established motorsport offering which supports motorsport teams, competitors, event organisers and enthusiasts at all levels.

Having operated in the motorsport market for over 15 years, REIS brings substantial knowledge to Kingfisher, as well as a highly experienced team which is well-regarded in the motorsports market.

 Commenting on the deal, Jacquie Boast, chief executive officer, at Kingfisher Insurance said the group is delighted to welcome the clients and employees of REIS. She added that the deal will enable Kingfisher to offer a wider variety of motorsport insurance products to the market.

“The REIS name is well-known for its expertise in the industry but also for its genuine passion for the sport and makes it an important addition to our group,” she said.”The acquisition aligns with our strategy to become the leading specialist insurance provider in the UK and the REIS staff add further depth and experience to our existing expert teams in other niche sectors.”

 Mary Singleton, senior operations manager at REIS said the team is excited to be joining Kingfisher and looking forward to continuing to deliver excellent products and service to its clients.

“Motorsport insurance can be complex with many variables to consider so it’s fantastic to be part of an organisation that is dedicated to, and truly understand, specialist insurance,” she said. “With Kingfisher’s support we aim to grow our market presence, increase our client base and offer additional products to our suite of specialist market leading capabilities.”

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