Insurance news

Towergate Insurance Brokers (Towergate), part of Ardonagh Advisory Holdings Ltd (Ardonagh), has appointed Richard Tuplin (pictured) as its new chief executive officer (CEO).

Tuplin joins Towergate from Ethos Broking, part of the Ardonagh Advisory platform, where he spent over three years in leadership positions, such as chief development officer and managing director, until becoming the CEO. He also worked in independent broking for 18 years, including as managing director of Jelf Insurance Partnership and regional director of Jelf Insurance Brokers.

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Read more: Minster Law reports financial performance

That transformation programme is still ongoing and is comprised of three distinct threads – culture, process and new ways of working.

“We’ve been on those three tracks for a while,” she said, “and I think anybody that suggests that transformation is easy and done very quickly is deluded. In many ways, when you start a digital transformation journey it’s like painting the Forth Road Bridge. It’s constantly investing to make sure you learn, understand, adapt, pivot and respond to [allow] customers to interact with technology in a way that makes you want to interact with it.”

Having the right team and organisational structure in place is critical to pursuing those three transformational pathways, and Woolham highlighted that, from her perspective, Minster has two sources of competitive advantage which make that possible. The first of these, she said, is its shareholder structure as the firm has a long-standing shareholder focused on long-term investment. That promotes a healthy environment for long-term orientated growth, negating the need for short-term decision-making.

“Our other [differentiator] is the diversity of our executive team,” she said. “We come from a wide range of backgrounds, including legal, but not exclusively legal. We have insurance people, we have financial services people, we have people from legal services – but what binds us all is an absolute passion to do things the right way, and accepting the fact that the right way will generally have to be a different way.

“As the CEO of a business, you work really hard to foster that sense of collaboration with the team, around a common set of values, a common strategy, and a common way of working. A lot of my time is spent making sure that culture really is our source of competitive advantage. And I believe it is. We’re just good people who work hard to get the job done and know it’s our responsibility to make things better.”

After two years of living and working through a pandemic, against a backdrop of changing consumer expectations and a rapidly evolving regulatory environment, Minster is excited about what the future holds. Given all the changes sweeping the claims industry, Woolham believes this is one of the most exciting times to be part of the industry in decades. There’s so much change happening, she said, and the firm is already considering how it can continue to support its strategic partners and clients alike.

Read more: Minster Law on putting the customer at the heart of digital transformation

As is always the case with the regulatory sphere, when one thing is out of the way, another comes along, she said, and the expanded fixed cost regime is now due to go live in October.

“[Similarly] to when the small claims portal was announced, many law firms ran for the hills whereas Minster squarely saw it as an opportunity – we see this as the same thing,” she said. “It’s a change in the billing structure, a change in how we manage the cases. And our track record has been that when we say we’re going to do something, we do it. That might sound boring or repetitive, but I think there’s a predictability about it, which gives our shareholders confidence and our business partners confidence. It’s through that lens that I’m optimistic about the future.”

There are several core areas of focus for Minster over the course of the next year and the theme underpinning them all is that of diversification. Given the investments the firm has made in improving the motor claims experience, it is now looking to take that into other product verticals. In addition to its diversification beyond motor PI, the business is continuing its growth in the bike market – where it has long since proven its expertise.

The third area is at more of a group level, Woolham said, and will see Minster take the collaboration mindset that has been behind its success to date and evaluate how to deploy that across the wider motor claims market. This will see it pull together a motor claims solution that knits together companies like itself – whether that’s through strategic partnerships or investments Minster makes – to bring together experts in the field to collaborate and deliver a better claims experience for MGA business partners and customers.

“We will also continue to drive organic growth,” she said. “Many insurers have been watching the market to see what the post-reforms landscape looks like and we’re looking forward to engaging with them and showing them what the world looks like and what a great motor claims service can look like.

“We’re also going to look out for growth through acquisition. But because culture is really important to us, we are very circumspect in the acquisitions that we do… We’re looking for scale, we’re looking for where they tick one of our strategic boxes. We’re interested in introducing new skills, new capabilities and new business partnerships. So, it’s already proving to be a really exciting year.”

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Specialist insurance and reinsurance broker BMS has appointed Chris Harding and James Ferris as new directors of its capital and risk advisory to widen its capital solutions, effective April 2022.

Both hires will be based in London and Bermuda, respectively, and will report to Hannah Watkins, managing director of BMS Re in the UK. 

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Oman Insurance Company (OIC) and Lloyd’s third-party managing agent Asta have announced that OIC’s syndicate 2880 has received Lloyd’s approval to commence underwriting.

The syndicate, which was launched under the syndicate-in-a-box (SIAB) initiative, will operate on the Lloyd’s platform under the Dubai International Financial Centre (DIFC).

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In its announcement, Allianz said its partnership with Solar Energy UK will enable it to support solar power insurance customers better and help the association and its members understand the key risks facing the industry.

Steve Kelly, head of insurance for Allianz engineering, construction, and power, said Solar Energy UK was a perfect fit for Allianz because the insurance giant has diverse engineering and insurance expertise within the renewable energy sector, but it still wants to build on that expertise to become a leading force in the insurance industry.

Cherry Parker, director of business development at Solar Energy UK, commented: “We’re delighted to welcome Allianz onboard as our first associate member. It’s impressive to see Allianz reinforcing its credentials for decarbonisation and seeking to grow its services portfolio in the fast-growth solar energy and storage industry.”

Commenting on being Solar Energy UK’s first insurance member, Kelly said: “We are happy to be the first insurer member of Solar Energy UK, and we hope we are not the last.

“No doubt other insurers and brokers will follow suit, not necessarily with Solar Energy UK, but with other trade associations or groups that promote and support the path to a more sustainable way of doing business.”

The move is the latest step in Allianz’s commitment to a more sustainable future. In 2021, it joined Aviva, AXA, Generali, Munich Re, SCOR, Swiss Re, and Zurich Insurance Group in establishing the Net-Zero Insurance Allianz (NZIA), convened by the United Nations Environment Programme’s Principles for Sustainable Insurance Initiative.

As part of their commitment, the founding members will transition their insurance and reinsurance underwriting portfolios to net-zero greenhouse gas emissions by 2050, as well as individually set science-based intermediate targets every five years and independently report on their progress annually.

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Reflecting on the move, Lloyd’s CEO John Neal said: “We are deeply disappointed by the behaviour highlighted by this case, and I want to be clear that discrimination, harassment and bullying have no place at Lloyd’s. The robust action we have taken today, including the largest fine ever imposed by the Lloyd’s Enforcement Board, shows that we will not tolerate poor conduct in our market. Lloyd’s expects all participants in the market to meet the highest standards of professionalism, and we are continuing to use our powers to intervene when needed.”

Everyone in the Lloyd’s market and corporation should expect to work in a culture where they feel safe, valued, and respected, he said, and should feel empowered to speak up when they see unacceptable behaviours, with full confidence that action will be taken.

Christopher Stooke, independent non-executive chairman at Atrium, also commented on the rulings and said they are fully accepted by the MGA. It is with deep regret that Atrium failed to live up to its values, he said, and serious errors were made in the handling of the charges. He added that the firm apologises for the hurt this caused and the difficulties it placed on those affected.

“The behaviour outlined in the Notice of Censure has no place in our business or our industry, and we recognise that we must go further to ensure that this situation is never allowed to happen again,” he said. “We have moved quickly to address and learn from these past failings and update our policies and procedures to ensure the highest standards. Furthermore, we have also been working for a number of years with colleagues from right across our business to strengthen our culture.”

He noted that Atrium has made significant progress in many areas and worked closely with Lloyd’s throughout this process. Atrium has also appointed an independent third-party to review the allegations and make recommendations on actions to the Atrium Board, which are now being implemented. Stooke said Atrium will continue to engage with Lloyd’s and other stakeholders to ensure its workplace is somewhere colleagues feel supported.

Meanwhile, the Lloyd’s Market Association (LMA) announced its support for the decision reached by the Lloyd’s Enforcement Board in response to the three charges of detrimental conduct.

Commenting on the news, chairman of the LMA, Andrew Brooks said the judgement by the board and the penalties levied against Atrium send “an unequivocal message” that bullying, harassment and inappropriate behaviour have no place in the Lloyd’s market. He added that the association supports Lloyd’s for its decisiveness and the “unprecedented” level of the fine which demonstrates the market’s commitment to fostering a better culture.

“Any individual or organisation which threatens this or condones those who do, must now recognise that there will be severe consequences,” Brooks said. “We applaud those individuals who had the courage to speak up. To stamp out this behaviour, we need people like them who come forward and we need to ensure that we cultivate a supportive environment across the market which encourages anyone who experiences or witnesses bullying, harassment or similar inappropriate conduct to speak up.” 

CEO of the LMA Sheila Cameron also commented on the decision and said that, while there is clearly still a lot of work to be done, the market has made strong strides in improving its culture and now has structures in place that allow individuals to speak out on inappropriate behaviour, safe in the knowledge they will be taken seriously.

She noted that the LMA encourages anyone who has experienced or witnessed inappropriate behaviour to report it either via their own internal procedures or to the Lloyd’s confidential Care First Bullying & Harassment line.

“Further,” she said, “the LMA will support any individual in the market to report unacceptable behaviour through to the delivery of appropriate consequences. We are committed to working with Lloyd’s to improve the culture in the market and welcome the strong stance taken today.”

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He noted it’s a good albeit leading question as it calls to mind the intricacies and idiosyncrasies that come with a career in financial services. It’s a huge market in terms of the GDP of the country but really a very niche market in terms of the people who make it up and, during a career, you often come across the same people, systems and distributors time and time again. And while trying to explain that to an 11-year old is not straightforward, he said, it’s interesting to reflect on your journey and what brought you to where you are today.

Oakes started his career as a field sales agent with Pearl Assurance in the mid-90s and the last 25-odd years have seen him advance through the ranks of businesses including Cardif Pinnacle, Legal & General and Gallagher.  

“[My latter roles] really consolidated my experience, and were when I started to get more into the leadership and strategy side of things,” he said. “That’s in part why I am where I am today, because I’ve had the opportunity to do so many things – to run a very important part of a business and to bring all the skills I’ve built up over the years to lead a business, and to help them with their strategy and [to pursue] the direction they want to go in.”

Source has been supporting brokers with their general insurance businesses for some 25 years, Oakes said, and it’s a business he has known for a long time. When he had the opportunity to meet with them, it was a simple decision for him as it represented a chance to work with a business he had admired for many years and to bring his skills and experience to bear in a market he enjoys working in alongside a team that is highly respected.

After a quarter of a century serving the market, Source’s primary focus remains on providing an insurance proposition facing into the mortgage intermediary market with a brand that’s trusted. Throughout the different iterations of technology and broking propositions the last two decades have seen, at its heart Source is still a fintech, he said, which has provided it with the adaptability and forward-focus required to become a challenger in the space.

“One of the challenges of the market today is that you have to have a bit of cash to play in it,” he said. “There are demands from certain elements of distribution that are almost ‘pay and play’. So, it’s hard for new entrants to come to it. But Source has always been very honest about what it does, and what its proposition is about. It’s always been very customer-led, customer-driven and very clear, and offered a fair and straightforward proposition that hasn’t changed in 25 years.”

Read more: Establishing a professional map for insurance careers

Source’s offering is quite unique in that it strives to always offer choice to the mortgage broker that they can then in turn offer to their customers. Some of its competitors offer more of an “illusion of choice”, he said, while Source’s offering focuses on separate insurance policies from separate insurers. From its outset, its proposition has been marketed as a ‘whole of market’ insurance solution for mortgage brokers – which has held fast even as the business has grown and evolved.

Over the course of this year and beyond, Oakes’ role as sales and marketing director for the business is to help the business achieve its strategic ambition of going firmly back to its roots as a fintech business that happens to sell insurance products. He is looking to support the wider team as it seeks to redefine its future growth strategy and to execute that strategy.  

“[That’s] making sure we continue to maintain really good and strong insurer relationships, that we continue to maintain good strong distribution relationships and partnerships,” he said. “And that we execute that through a good-quality, high-performing sales team, backed up by good-quality marketing support.

“We have a real stated ambition of growth, that’s what’s interesting me. And [I’m looking] to deploy my skills and my experience into a market that I like, with a company that I respect, at a time when it wants to grow – and I can help take it on that journey, that growth strategy that is underpinned by that technology and people service.”

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Insurance Business UK’s fifth annual Rising Stars report, proudly supported by the Insurance Cultural Awareness Network (iCAN), the African-Caribbean Insurance Network (ACIN), the Managing General Agents’ Association (MGAA), the Chartered Insurance Institute (CII) and the British Insurance Brokers’ Association (BIBA), has begun its search for the up-and-coming stars in the insurance profession.

To be eligible, candidates must be aged 35 or under, and currently working in a role that relates to the general insurance industry.

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Read more: National Apprenticeship Week – Insurance apprenticeships

“It’s a bit of a running joke in insurance that nobody everybody leaves school saying, ‘I want to work in insurance’,” she said. “People tend to either fall into it or are guided into it by family members. A downside of this is that, as an industry, it lacks some diversity. Traditionally, it has been quite white and middle class, which is perpetuated by the families involved and by people not really knowing about insurance unless they’re consumers themselves. That’s something the taskforce is really keen to change and modernise.”

Against the backdrop of an ageing demographic and a shifting cultural mindset about the future of work, conversations about different routes into insurance are more critical than ever. Examining the inroads the taskforce has made since it began, Blunt highlighted that changing how people think about insurance and apprenticeships is a work in progress. However, recent developments in the higher education sector and governmental sectors are going some way to further move the dial.

“It used to be that it was when people hit the £28,000 per annum earnings, they would start paying back their student debt, but that has now been reduced to £25,000,” she said. “There’s speculation that a lot of graduates who are coming out of university with significant debt are going to be paying back money for a very long time.

“Particularly since the pandemic, when online teaching wasn’t giving people the university experience, more people are deciding it’s not worth taking the risk of going to university to potentially learn online and then come out with all that debt. They’re thinking, ‘I might as well start working and learning at the same time’. And more organisations are now putting together apprenticeships schemes, particularly for early careers.”

Read more: Insurance apprenticeships – what to look for

Interest in apprenticeship opportunities is being piqued by a variety of factors including the above, and she noted that the level of prestige associated with apprenticeships is also changing, albeit at a measured pace. One of the key findings to come out of the taskforce was that people take great pride in the professional qualifications they obtain via an apprenticeship from the CII. They’re proud to put ‘ACII’ on their email signature, she said, but they don’t put ‘senior insurance professional, ACII’ which is the designation of the apprenticeship.

The taskforce determined that it was necessary to create a cultural change to empower people to feel proud of that designation, and the dedication and hard work it took to achieve. So it worked with a non-profit organisation called Badge Nation, the CII and Zurich’s Jude Pilcher to come up with a digital badge that companies can purchase and download for apprentices to use on their signatures once they’ve passed their exams and their apprenticeship.

“It’s not instant, but by getting more of that out into the sector, and with people seeing that on other people’s email signatures, over time people start to recognise [the designation],” she said. “Where the prestige for the ACII comes from in a lot of places is that people see it on the signatures of the more senior leaders in the business and think, ‘that’s what I want to have’.“

The Davies team are particularly busy around National Apprenticeship Week, she said, and keep active in the media and on social to raise awareness of apprenticeships and the opportunities they offer. Apprenticeships need to change in people’s minds, she said, they’re not just about trades or even just early careers and graduates. An apprenticeship is an opportunity for all existing staff to avail of further professional development.

Read more: UK insurers commit to doubling apprenticeships

“The levy fund is now becoming an organisation’s first choice to fund people development,” she said. “Many employers are saying they have a levy-first rule. If you come to your L&D department and say you want to do a qualification or training, they will look and see if it can be funded by the levy first. And that means that more people are actually doing apprenticeships at different stages in their lives and careers, and making sure that they receive the opportunity to learn with a supportive, long-term, structured approach.”

Different sectors have different specialist providers who are able to do quite prestigious work, she said, and that’s what Davies is aiming to do for insurance. She’d love to get rid of the word ‘apprenticeships’, as it is a word mired in confusion, but seeing as it’s not going away any time soon, the next best thing is to bring the word out into the open – to open up discussions around it and change the slant of those conversations.

“And the more line managers seen to be getting involved in apprenticeships, the more helpful that is,” she said. “Later this year, we’re launching a new apprenticeship programme called Learning Mentor. It’s a learning mentor level three programme, so if I’m a line manager of 10 graduates, while they’re going through their senior insurance apprenticeship, I can be going through my learning mentor apprenticeship.

“That means I’ve got hands-on experience of what it means to be an apprentice, but also that what I’m learning is relevant to supporting [my team’s] learning on that programme. It’s helpful when people see their line managers exemplifying why it’s really important to do this a certain way. So, a lot of top-down leadership is what we need to keep this momentum going.”

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Commenting on his appointment, Swift emphasised the role’s “strong sense of responsibility” amid the transformative movement for the world and the financial services sector.

“I’m proud to be taking on this role on behalf of the Lloyd’s broking community,” he said. “With Brexit receding slowly in our rear-view mirror, COVID’s impact still playing out and the resultant changes in the geopolitical landscape, net-zero, and now Ukraine, brokers are responding to a global economy in a state of flux. During my 32 years in the market, I’ve not known a period during which we’ve seen so many systemic changes interacting and affecting our clients.”

Swift also thanked Dudley for his work during two of the most volatile yet progressive years that the UK insurance industry has known.

“When Richard took over in early 2020, the pandemic’s impact was still to be understood, yet he rose to the challenge, and our members emerge stronger and more closely aligned,” he said.

For the rest of 2022, LIIBA aims to help London’s insurance brokers achieve net-zero carbon emissions amid huge economic and cultural changes in the UK, aligning with the UK government’s goal to make London a global green finance hub.

Swift commented: “While Ukraine presents a set of immediate challenges, we must press ahead with our work on net-zero, having accomplished much in the last two years. The House of Lords inquiry into commercial insurance and the regulation of the London market also remains high on our agenda.”

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