Christmas Q&A with Tim Ryan and David Williams

2019 reflections with Tim Ryan, executive chairman at Ryan’s and Una Alliance

Which insurance issue has defined 2019?

A reduction in capacity and therefore the prospect of a hardening market! Not a bad thing as insurance seems to have been under-priced for years.

What has been the year’s most surprising moment in insurance?

For me, Aspen running off their book. This was a great shame as they had a differentiated proposition that gave benefits to brokers and customers alike.

Which product launch has made the most impact?

I’ve not seen anything that has made a huge and resonating impact on our sector in terms of underwriting and schemes but I have seen some great strides in improving claims propositions.

How has technology changed insurance this year?

There is a demand for using technology to drive out frictional cost but we seem to be apathetic and merely working around solutions rather than driving change. It is critical that we manage costs better.

2019 reflections with David Williams, managing director of underwriting and technical services at Axa

Which insurance issue has defined 2019?

This may be because of our close involvement with the Fire Protection Association and RISCAuthority but I would say the use of combustible materials in building construction.

Grenfell was two and a half years ago and the conclusions of various reports are now being published, so local authorities and private landlords finally have to take action to reduce the risk these materials present.

Insurers are heavily involved in both providing guidance to our customers and also helping influence future building regulations.

What has been the year’s most surprising moment in insurance?

Amanda Blanc leaving Zurich is probably just pipped by the government settling on a discount rate that was outside the range it had told everybody to expect.

Which product launch has made the most impact?

Axa XL has done ground-breaking work with blockchain in marine insurance.

People have been waiting for a really good use of blockchain within the industry and I genuinely think this is the one that we will look back on as the moment when blockchain went mainstream in insurance.

How has technology changed insurance this year?

There is much wider use of technology in settling claims, with video really gaining pace in 2019. We have used it conclusively in personal lines, and now we think we can make use of it in commercial lines claims as well.

What has been your biggest professional achievement in 2019?

Being awarded Insurance Personality of the Year Award at the British Insurance Awards was definitely my personal high point!