Market People Magazine Spring 2021 Edition 5

issue 5 - Spring 2021 market £3.00 2021 CHANGE IN tHE MAKING Celebrating International women’s day Kamala Harris: Reaching new Self-empowerment heights: tips what her rise teaches us PPL’s Sue Jakobek with Dr Victoria Soell the magazine for insurance professiona1ls

London Market Forums Bringing Insurance Professionals Together time to join Benefits LMForums • FREE EVENTS • NETWORKING LMforums is the fastest growing “FREE TO • TOP TIER SPEAKERS ACCESS” networking and thought leadership • ACCESS TO PRESENTATIONS community group IN EC3, bringing insurance • KEEP INFORMED professionals together from across the London • INVITATION TO SOCIAL MEDIA Market. Throughout the year, our Practitioner and Corporate Members have the opportunity to attend GROUPS OVER 50 EVENTS annually, AND MORE, covering a • FULL WEBSITE ACCESS wide variety of subjects. • THOUGHT LEADERSHIP MATERIAL • NEWSLETTER at LMForums, we provide a platform for everyone, • FREE MAGAZINE FROM GRADUATE TO CEO, working in or supporting • RETAIL BENEFITS this unique Marketplace. • PRIZE DRAW LMforums is the Market’s an MGA, coverholder or Free Membership: popular thought leadership one of the insurance trade www.LMFORUMS.com and networking hub, run associations. by insurance professionals for insurance professionals. Join in, learn, make some We provide a platform new business contacts and for everyone working in be part of your popular our supporting this unique Market hub. The key words Marketplace. in business today are collaboration, knowledge Access is free to those who and networking. This is what are bona fide employees LMForums does best. of insurers, brokers, Lloyd’s, 2

editorial team market Roger FROM THE Oldham EDITOR BA(Hons), FCII, MCIArb, FInstLM Dear Market Colleague Chartered Insurance Despite these most exceptional times, I do hope you and Broker your family are safe and well. It’s a fact that nobody would Editor In-Chief have imagined that a year later, professionals who usually find themselves in the glass and stainless steel offices within EC3, Roger is a long- would still be working from their home offices and dining room standing insurance tables. However, despite these challenges, the insurance market professional, having spent has once again proved it’s resilience and has demonstrated that 35 years working in the we can adjust. London and international insurance markets. Over the last 12 months, LMForums has continued to provide During his time on the front line of the London a platform for the Market, to come together to learn, network Market in areas such as Claims, Broking and and collaborate. For many professionals, our Practice Groups Operations, he held senior positions at Aon, HSBC and Summits have provided a valuable channel to maintain and Marsh and in latter years spent a lot of time the connectivity with the marketplace, that is the bedrock of working in the centre of the Market on the various our community. The discussions we’ve hosted on our various Market modernisation projects, such as ECF, A&S Groups has given us a clear insight into how Market companies and Contract Certainty. have responded to this crisis, ranging from their technology and process response to the new ways that they are interacting with Roger is a Fellow of the Chartered Insurance their clients and trading partners. If you’re not already part of our Institute and of the Institute of Leadership and network, then do join us today at www.lmforums.com - there’s Management, as well as a Freeman of the never been a more important time to stay connected and Worshipful Company of Insurers. During his time informed. working in the Market, he also studied at the Chartered Institute of Arbitrators in Bloomsbury We hope you enjoy reading this Special Edition of the Market Square, London, where he qualified as mediator, People Magazine, where we are celebrating International specialising in insurance dispute resolution. Women’s Day. One of the most noticeable successes in recent times has been the appointment of Kamala Harris, as the first Roger is best known for founding the highly popular ever female Vice President. We thought we’d commission a London Market Forums, the networking and thought piece talking about the Vice President’s journey to office. We’ve leadership group, as well as acting as an advisor also assembled some great content from other very interesting and subject matter expert to insurance carriers, contributors, covering everything from IT and change to nutrition brokers and suppliers to the insurance sector. and healthy living. We hope you enjoy this edition and we also hope to see you in person very soon. Stay safe. Oscar Padilla Thomas Oakey Roger Oldham - Editor Sub-Editor Sub-Editor Pawel Konopski © LMForums Limited. All rights reserved. No part of this magazine may Senior Graphic Designer be reproduced without the written permission of the publisher. All information contained in this magazine is, as far as we are aware, correct at the time of going to press. LMForums Limited cannot accept responsibility for errors or inaccuracies in such information. If you submit unsolicited material to us, you automatically grant LMForums a licence to publish your submission in whole or in part in all editions of the magazine. All material is sent at your own risk and although every care is taken, neither LMForums or its employees, agents or subcontractors shall be held liable resulting for loss or damage. LMForums endeavours to respect the intellectual property of the owners of copyrighted material reproduced herein. If you identify yourself as the copyright holder of material we have wrongly attributed, please contact us. To receive your complimentary subscription of Market People Magazine straight to your desk, email us at [email protected] 3

There’s no shortcut to great service. That’s why we go the extra mile. Taking the time to understand your business. alliedworldinsurance.com Making the effort to design innovative, customized solutions. At Allied World, we don’t just do what is expected of us. We do much more. #alliedworld Insurance. Straight up. This information is provided as a general overview for agents and brokers. Coverage will be underwritten by an insurance subsidiary of Allied World Assurance CompanyHoldings,Ltd,aFairfaxcompany(“AlliedWorld”),orbyAlliedWorldSyndicate2232.AllofAlliedWorld’sratedinsurancesubsidiariescurrentlycarryan A.M. Best rating of “A” (Excellent), a Moody’s rating of “A 3” (Good) and a Standard & Poor’s rating of “A-” (Strong), as applicable, and our Lloyd’s Syndicate 2232 is rated “A+” (Strong) by Standard & Poor’s and “A A-” (Ver y Strong) by Fitch Ratings. Coverage is only offered through licensed agents and surplus lines brokers. 4Actual coverage may vary and is subject to policy language as issued. Risk management services are provided or arranged through AWAC Services Company, a member company of Allied World. © 2021 Allied World Assurance Company Holdings, Ltd. All rights reserved.

Contributors Matthew Marsh Sue Jakobek Olly Venables Business Change Consultant, Managing Director Strategic Client Solutions Director Author, Professor Placing Platform Limited Charles Taylor InsureTech Paul Wishman Suneeta Padda Dr. Victoria Söll PUBLISHED BY Vice President, Insurance Founding Director Co-founder of CLU London Market Forums Ltd CGI Padda Consulting Limited Level 30, The Leadenhall Building, 122 Leadenhall Street, London EC3V 4AB T: +44 (0)20 3551 9188 e: [email protected] WWW.LMFORUMS.COM SUBSCRIPTIONS A free subscription service is available for The Market People Magazine. Email us at [email protected] to be added to the list Monica Quiroga Simon Newman Charlene Toener Co-Founder Head of Cyber & Business Services Account Manager Corporate Sub3Travel The Police Digital Clos19 at Moët Hennessy Security Centre ISSUe 5 Spring 2021 ISsN: 2397-3781 5

Contents MARKET NEWS LIFESTYLE 10. EDITOR’S VIEWS – A PERIOD OF 40. SELF EMPOWERMENT TIPS WITH TIME WE’LL NEVER FORGET DR SOELL 14. DIGITAL TRANSFORMATION – THE 44. WHEN LONDON CALLS, RUN CHANGE BY DESIGN APPROACH FAST! 46. WIDOW CLICQUOT – THE TECHNOLOGY WOMAN WHO REVOLUTIONISED CHAMPAGNE 18. REACHING NEW HEIGHTS – PPL’S SUE JAKOBEK 48. THE TOLL OF COVID-19 ON MENTAL HEALTH 20. DATA – THE ESSENTIAL COMPONENT OF MARKET 50. MARKET PEOPLE AWARDS 2022 TRANSFORMATION market 22. KEY THEMES FOR 2021 IN THE LONDON MARKET CYBER 26. THE CYBER CHALLENGE – police digital security center PEOPLE 32. KAMALA HARRIS – WHAT HER RISES TEACHES US 36. PERSEVERANCE – MY JOURNEY TO EC3 6

London Market Forums Bringing Insurance Professionals Together www.lmforums.com are you a vendor or supplier? AT LMFORUMS WE WORK CLOSELY WITH VENDORS, SUPPLIERS AND ADVISORS FROM AROUND THE WORLD, HELPING THEM UNDERSTAND THE INSURANCE SECTOR AND DEVELOP A STRONG NETWORK OF CONTACTS. WE ARE THE FASTEST GROWING NETWORKING AND THOUGHT LEADERSHIP ASSOCIATION IN THE FAMOUS LLOYD’S AND LONDON INSURANCE MARKET WE INVITE YOU TO BE PART OF our special professional hub Join Here Benefits • INDUSTRY guIdance • quarterly NEWSLETTER • PRACTICE GROUP SPONSORSHIP • SOCIAL MEDIA + service • Summit & roundtable sponsorship • branded VIDEO CAST SERVICE • MARKET PEOPLE MAGAZINE coverage • full EVENT MANAGEMENT service 7

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A period of time we’ll never forget We continue to live through the bring people together to create maintain contact with their peers most unique period in our living something tangible. and to keep abreast of Market memory, with EC3 still mothballed, developments. This year, we’ll as we continue to fight this awful “we’ve seen a host over 50 Market events, mostly virus. Despite this, the Market big increase in virtual in the first half of 2021 and has shown great resilience and the number of we are delighted to say that determination. international since lockdown, we’ve seen a professionals big increase in the number of “There’s never been a international professionals joining more important time joining our our sessions. Check out our website to stay connected” sessions” today and be part of one of the fastest growing hubs of its kind in Every month, I, along with my For many, having a regular cross the insurance sector. There’s never team at LMForums, bring together market hub, like LMForums, has been a more important time to stay professionals from across the London provided that vital channel to connected. Market of all disciplines, to discuss topical matters and collaborate on LMForums remains committed to everything from underwriting and a “free to access” platform, open claims, to operations technology to all insurance professionals. We and cyber. Our Cyber Insurance are immensely grateful to our Working Group, in collaboration with commercial sponsors who support the Police Digital Security Centre, our events and can take an which is half way through producing active role in sharing their subject a guide for businesses on cyber, matter expertise with our growing is a classical example of how we audience. 10

MARKET NEWS As Editor and Founder of LMForums, I Leaders of Tomorrow Virtual core values of trust, transparency wanted to share with you one of my Conference 2020 – Our biggest and loyalty, with people at the highlights from last year. There were ever live event very heart of this face to face so many to choose from, including trading environment, supported by our New World Series last June and The London Insurance market, like technology. our Technology & Innovation Summit most sectors, is evolving constantly; and not forgetting our five day every single day seems to bring Back in October 2020, LMForums Cyber Summit, but our Leaders of something new, but there is one staged the biggest learning event in Tomorrow is such a favourite with a common denominator at the centre our 6 year history, involving hundreds wide range of professionals, that I of everything we do here in EC3: our of hours of preparation and 7.5 wanted to give you a flavour of this PEOPLE. Everybody in our market hours of live broadcasting. It proved fascinating annual event. plays an integral role in the overall to be an incredible conference, success of this unique trading place, with over 30 Market leaders and from the receptionist to the CEO. practitioners speaking /participating on panels and some amazing “At LMForums, we questions from delegates from are committed to over 100 firms from across the EC3 helping the younger community and beyond. Helping professionals in young professionals on their journey our Market and through the Market is something we those considering are proud of and this conference is just one example of the work we do a career in with young people throughout the insurance, learn, year. collaborate and most importantly, Developing and supporting our build networks.” future leaders in EC3 has always been of paramount importance to This hugely important industry the London Market. We are, at the sector with more than 300 years end of the day, recognised as one of tradition, continues to rely on its of the World’s leading insurance markets and the original home of insurance, attracting professionals from all over the globe, who come When it comes to skills development for this year, what would Would you say that being away from your bosses you say were priorities for you? and colleagues has slowed down your “on the job” learning and development? Learning how to maintain a Yes \"virtual\" presence within your firm No Somewhat Independent learning Don't know Mentoring or being mentored Learning new technical skills Learning how to maintain \"Virtual\" relationship with clients Progressing qualification Self Management 11

to London to gain the unique What we learned over the 5 days experience offered by the Lloyd’s Market. 1Leaders of tomorrow will need a 5Learning & development is dual management skillset; both changing and will become more Over these three centuries, we virtual and real time - These new digital – with people being able have created a World class pool skills will need to be learned and to learn when they want and how of talent, through a mixture of development will need to be far they want. Whilst companies will “on the job” peer led training, as more structured always be there to help, support well as enhanced learning and and encourage learning, young development using third parties and 2Our workforce will continue to professionals will need to push educational bodies. The extended become more diverse in the themselves too and explore new and sudden period of remote years ahead, bringing increased areas – be that technical/soft or working for us all, has substantially value to our clients and growth digital skills tried this reliable teaching model, opportunities for our businesses and resulting in both employers and workforce 6Don’t restrict yourself, when career focused professionals it comes to your career rethinking the best ways to ensure 3It’s important to open ourselves development – be prepared to that learning and development to new ways of thinking, learning move between classes of business continues. and understanding different cultures, and embrace change, as it’s the as well “treat others as THEY wish to only constant in life At LMForums, we are committed to be treated” not necessarily as WE helping the younger professionals in want to be treated ourselves” 7We need to continue to progress our Market and those considering our collective agenda of a career in insurance, learn, 4The Manager of the future will bringing in talent from a variety of collaborate and most importantly, need to be “data savvy” – it will sources, backgrounds and cultures - build networks. Our annual Leaders be at the heart of nearly everything embrace those with different belief of Tomorrow Conference has we do – so an understanding of systems and ideologies to our own, become a firm favourite amongst managing data, interpreting it and if we are to be truly reflective of our London Market professionals, with then acting on it will become a key customers and society at large support from companies across activity of the future the EC3 Market. We are always grateful to Lloyd’s CEO, John Neal, for sharing his thoughts and outlook on the best way for younger professionals to develop their skills. Roger Oldham Founder Market People Magazine & LMForums 12

MARKET NEWS 8We need to make ourselves more visible amongst 11If you’re struggling with the lack of “on the schools, colleges and universities job training” put up your hand and ask your bosses to get involved in other groups/ committees or 9People enjoy working in the London Market the projects that operate in your business or be part of a most for the ”community feel” and exceptional “tag team” interconnectivity between trading firms – the social interaction aspect was quoted as an important factor 12Our Market has a wealth of opportunities to help our people learn, from free events to online 10Tomorrow’s Manager will need to have an courses – continue to ensure you are part of the EC3 awareness of the whole digital landscape, community – continuing to build a network in these including the tools that not only make us efficient, but challenging times of remote working has never been also those to enhance the way we interact with our more important and these types of events play a vital employees and customers role We are grateful to our headline sponsor, Charles Taylor Group and our other conference sponsors, Allied World, Sheridan Resolutions and Sheffield Haworth. Also a big thank you to all of our speakers including John Neal, Rob Brown, Mike Walsh, Erik Johnson, Aideen Quinn, Darren Jacobs, Ting Low, Caroline Sheridan, Marc Mckenna- Coles, Ben Johnson, Andrea Santolalla, Christian Kitchen, Tony Russell and many others. Join us for the 2021 Conference – this year taking place on 19-21 October. click to see 2020 Highlights 13

DTrigaintsalformation The change by design approach Every business that embarks on digital change and transformation hopes that it will result in breakthrough and stimulate a new cycle of growth and prosperity. Regretfully, the data suggests It fuses the ‘exploratory approaches’ ‘To be successful, everyone otherwise. When you look across of design thinking, innovation has to agree on the goal multiple sectors and industries, the process and systems thinking from and the means to get there research is clear—success rates of the world of design management too’ digital transformation initiatives are with the more ‘analytical shockingly poor. approaches’ of business analysis, Fundamentally, the focus of the strategy and modelling used in Change by Design approach is For more traditional and less management consulting. to weather the four ‘headwinds’ technologically savvy organisations, of successful digital change and fewer than one in ten chief When done well, it equips the transformation; uncertainty, lack of executives* report that their digital change leadership team with the consensus, poor accountability and change or transformations actually necessary capabilities to ensure incomplete skill-sets. delivered the improved business that they can react, respond, and performance that was promised. maintain control while change Uncertainty is an inherent part of the Change by Design is a relatively programs are rolled out. business change and transformation new concept that aims to turn those process. uncertainty can lead success numbers upside down. to positive action being stifled, especially if people don’t feel their It chooses to acknowledge, rather views are being listened to. than overlook, the reality that legacy leadership, organisational culture, Conflicting imperatives and management styles and embedded incompatible approaches result in processes can get in the way of the implementation of new ways of working. 14

MATERCKHENT ONELWOSGY a lack of consensus and agreement programs get stuck, stall, and then Critically, embracing a prototyping about what the long-term vision is. fail. mind-set allows for a shared model To be successful, everyone has to of the change journey to emerge— agree not only about the goal, but Designing the digital change journey something that everyone can the means to get there too. equips the organisation with the properly understand and be willing critical foresight necessary to be to buy into. Insufficient clarity causes poor able to pre-empt and neutralise alignment around where change challenges and difficulties before Overall, the Change by Design teams should focus their efforts, and they become problems and approach unlocks from the get-go what to prioritise. And this results blockers. the underlying and intransigent parts in delivery accountability gaps, of the business that are stopping it breakdowns in communication Change by Design focusses on from moving forward and achieving between teams and ultimately to what happens in the very early breakthrough. projects falling by the wayside. stages of the business change and transformation journey. It always Change by Design is for Few organisations possess all the starts with the correct identification organisations of all types that wish necessary skills in-house to pull-off of the unmet future needs of the to move forward, but especially business change and transformation. various types of customers or users, for those who urgently need to Why? because most organisations and then works to align them to the accelerate their capability to hire people to take care of ‘business required business imperatives. reap the benefits of change and as usual’, not to proactively come transformation opportunities. up with fresh ways of doing things Successful change requires and implement them. progressive and radical thinking If you would like to learn more about to keep up in a fast-moving and Change by Design, and achieving ‘Teams comprised of people volatile world. The Change by breakthrough, please contact Matt “just like us” is anathema Design approach seeks out external Marsh. to change—it creates echo and fresh perspective—throughout chambers’ the change journey. Making teams * Unlocking success in digital comprised of people “just like us” transformations. October 2018, Designing your change and is anathema to the Change by McKinsey & Company transformation journey is an effective Design approach because it leads way to mitigate these headwinds of to echo-chambers that embolden Matthew Marsh digital change. backwards thinking. Business Change Consultant, If you don’t design your journey, Finally, Change by Design uses the Author, Professor challenges and blockages inevitably notion of prototyping to de-risk the start to emerge further down the development and deployment of My early roots lie line, once initial interventions are change activity. Prototyping enables in the behavioural introduced. and as resistance to potential change interventions to sciences with a degree change builds, the capability to be tested-out, communicated and in Ergonomics and Human Factors from deploy at scale becomes impeded. promoted, to find out early on what Loughborough University, UK. I have spent The result; well-intentioned change actually works, what doesn’t and the last thirty years pioneering and promoting why. the benefits of adopting a People-Shaped approach in business. My first book, “People- Shaped, Tales and Tricks of a Human Centred Designer”, was published in 2018 and I presented its core findings at TEDx in Krakow, Poland. Alongside my consulting work with businesses, I’m a lecturer on the MBA and Executive education electives at Judge Business School Cambridge University, the MA programs at the Royal College of Art in London, and a visiting professor at Ravensbourne University. I’m also creative director at human-centered design consultancy Firsthand Experience and co-founder of Tickbird & Rhino, a community practice that brings together people from different backgrounds in creative conversation and collaboration. 15

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Coming full “S ”ometimes, it is the unexpected that moves things on. circle Sue Jakobek, Placing Platform CEO, gives Sue Jakobek her a whistle-stop tour of her career so far and some of the things she’s learned. CEO, Placing Platform Limited #IWD2021 18 “As with so many graduates, when I was leaving university, I was completely in the dark about what I might want to do for a career. Graduating in maths and computer science, my first role was as a trainee actuary in an insurance company—not a role I stayed in for very long, I hasten to say! But it was my first brush with insurance, and I returned again when I worked for fintech startup Adsena, and the came back again to Placing Platform Limited (PPL). So, working in the insurance market has been a red thread in my career. “Looking back at my previous roles, the other common thread is how many of them have been about moving things! early in my career I worked at AT&T, leading their internet strategy and roll-out plan; moving their services from proprietary to IP technology and introducing the new services that this enabled such as web hosting, data centres etc. At Ordnance survey, which moved from physical to digital maps while I was there, we used to joke that we were transforming the nation as we developed the products and pricing as part of that shift. And then of course to PPL where we were merely transforming the world’s largest and oldest insurance market! “There is no doubt that this role is unique in the intensely collaborative nature of what we are doing. If you go back to the very beginning of the PPL journey, it was the brainchild of the IUA, LIIBA and IMA, who came together to create the world’s first electronic placement platform for insurance. PPL’s motto is “by the market, for the market” and—by holding this philosophy central to everything it does—the London market built and adopted the world’s first electronic placement platform for insurance.

TECHNOLOGY “But changing long standing “At the end of the second quarter structured and how communication behaviours is hard, and this needs of 2020, usage by brokers and and collaboration will take place. Our collaborative effort from brokers underwriters on the platform had aim is to make electronic placement and underwriters, which is why we risen to an all-time high, with 8,031 as intuitive to users as face-to-face introduced one line of business at a risks bound in the week commencing placement. time. Different lines of business were the 29th June (up 43% from the last introduced at various times and, as quarter), with just under 20,000 user “So, I have come full circle. My you would imagine, adoption has log ins on the platform in the same actuarial job was with Commercial been faster or slower in some classes— period. Union in what is now the Aviva Financial Lines for example was an building on St Mary Axe, and now I early and enthusiastic adopter. “I think the market can celebrate the am working close by in minster Court. fact that it has built and adopted a And, as with AT&T and Ordnance “But, sometimes, it is robust platform that has enabled it to Survey, I believe that the next the unexpected that keep trading through extraordinary generation of e-placement will be moves things on, times. And the collaboration the catalyst for a whole range of new continues. The PPL team and I are services, in the same way that digital and for e-placement the global working to build the next generation mapping enabled satnavs and Ubers pandemic was the trigger. Who platform for the market. and the millions of other apps that rely would have thought that the London on access to location data. insurance market—famed for its “The current platform was built on an face-to-face trading and physical established platform as a deliberate “So, as we enter a new year, I feel proximity, could turn so quickly to decision. This time we are starting very excited about what cross market operating remotely and placing with a blank sheet of paper and are collaboration can achieve in 2021 business electronically? 100% focused on how users want and beyond.” the platform to perform. We are reimaging how placements will be 20,000 up 43% 2000 user log in on from the last quarter new users the platform in set up the same period 700 users have gone through the online training sessions 19

Data: The essential component of Market transformation As the London market drives its reform process, Olly Venables, Strategic Client Solutions Director for Charles Taylor InsureTech, says there needs to be greater awareness in the London market of the value data can deliver. The London Market’s biggest insurance lifecycle. While delegated days of DA data being delivered challenge is set to become the authority business continues to open via spreadsheet are numbered. The catalyst in its ability to redefine new markets, it needs to address Delegated Data Manager (DDM) the way it operates and accesses legitimate complaints around both initiative is already creating market- new business. Lloyd’s blueprint the speed and quality of the data wide data standards and as the for the future and the work being that is transferred between entities ability of technology to impact undertaken across the market by in the value chain. Advances in process reform continues, it is likely organisations such as LIMOSS, is built AI have the capability to change the Market will become ever more on the effective and efficient use market processes for the better, but demanding over data quality. of data. It is a challenge the Market it requires quality data delivered has struggled to address in the past to an agreed standard in order to Any successful future platforms will but is determined to solve. derive the full benefits. need to access data from various sources, manage that data and Traditionally the London Market’s Lloyd’s Blueprint for the Future spells present it in a way that will enable use of delegated data has often out many of the enhancements better decision making. been blighted by the lack of that data can bring. It is clear standardisation and ability to transfer that standards will be key to any data through the entirety of the successful delivery. It is likely that the 20

TECHNOLOGY For those in the Market, there are data to prove it in order to secure are also being recruited by many three questions that need not only to ongoing capacity provider support. companies and tasked with finding be asked but answered: For the capacity providers, they new ways in which the value of data are acutely aware that they in turn can be enhanced. • What actions no longer need quality and consistent data to have a place in the evidence the benefits of the business Much is being done at a Market level. future market? their coverholders are writing. It will be However, individually firms will need to key in their efforts to make the case create systems to access, handle and • What current actions not only internally but also to external deliver greater levels of data in ways should we maintain? partners such as Lloyd’s and their which will drive value for the business. reinsurers as to why the relationship Firms will need to look at whether the • What can we implement should continue. challenges it will pose can be met that enables us to work internally or whether a partnership better? At Charles Taylor InsureTech the approach will deliver greater benefits continued build out of our TIDE in both efficiency and cost. The answer to all three has the ability platform with our partners has to enhance the use of the data the provided some clear insights into Olly Venables Market can access at its heart. their views on the future shape of the Strategic Client Solutions Market. It is apparent companies are Director What has become clear is that the looking to open the whole policy life Charles Taylor InsureTech successful implementation of new cycle and the data around it. The and more efficient ways to transact complexity of most of the business business across the London Market that is written in London requires is dependent on whole Market companies to utilise the experience adoption. The biggest indicator that and skills of their staff to enable them the Market will succeed in its efforts to to become more productive as a transform the way it transacts business business. Therefore, they are looking is the acceptance that things need at ways in which AI and technology to change and that transformation can assume the more repetitive tasks, is no longer a nice to have, but a and handle the more commoditised must have. Coverholders increasingly risks, freeing staff to make a tangible recognise the need to prove their difference. Access and analysis of understanding of the risks they write data are tasks that can benefit from and the requirements to have the greater automation. Data scientists 21

What Key themes can we expect in 2021 for the London market? 2020 was a challenging COO’s/CIO’s Agenda for 2021 CGI’s Lessons Learnt year. The pandemic lockdowns have We are in a constant dialogue with CGI is one of the largest IT and profoundly changed our clients. Here are some of the key business consulting services firms how we all work and priorities that we hear back from the in the world. In the UK we have a interact. The insurance London Market’s COO’s and CIO’s: long-standing relationship with the market has not been insurance industry and have worked immune to shocks and The shift to remote working has with key industry services such as we see a rapid reshaping happened – now what, how do I Polaris and the Motor Insurance of the London Insurance keep my remote-working process Bureau. We work as a trusted Market started in 2020 robust and secure? partner with clients and due to our and continuing into global presence we are able to 2021: Legacy systems – keeping the transfer best practice and learning ‘lights on’ consumes 80% of very from other sectors and geographies. London Market Trends in 2021 constrained budgets and resources, Some of our lessons learnt, which how can I compete with the new would be relevant to the London entrants unencumbered by legacy Market 2021 Agenda are: technology? 1Remote Working – we have • Remote working and e-trading Placing integration – how do I best been working with clients to with the Lloyd’s Room shut on integrate with our platform and how ensure optimal capacity models and off do I ensure my organisation takes full are in place, leveraging cloud advantage of data-first placement, technologies and cyber services, including employee education • Losses in BI, Event Cancellation, whether I am a broker or a carrier? 2Legacy Systems – no-code/ low- Travel code approach to development through our partners allows our Blueprint 2 – how can I shape it, clients to develop and test new solutions fast, alongside legacy IT • Onset of hard market, especially how can I derive benefit from the 3Rating Services – CGI’s Ratabase, in liability and financial lines improved value chain, e.g., simpler is a ‘de-facto’ standard rating tool for US P&C and specialty and faster payments? insurers – with 85% coverage and the largest number of insurance • New entrants unencumbered by installations globally - in the 2021 legacy technology – Vantage, Ecosystems – how can I harness data-first e-trading environment Convex, Ki, Mosaic, Inigo, McGill the power of 3rd-parties for data tools like Ratabase will allow London augmentation, analytics, or know- Market underwriters to rapidly build existing and new product lines (with • New wave of M&A – just how? algorithmic rating, leveraging data- enrichments services) responding completed SiriusPoint, or the M&A – how can I integrate and faster and to a much greater upcoming mega-merger of Aon augment new acquisitions and volume of broker submissions + WTW prepare for the upcoming ones? • Cyber – brewing crisis, an Cyber – how should I protect my explosion of ransomware own estate and support my cyber attacks and Solar Winds underwriters or brokers? demonstrate how serious a systemic attack might be. 22

TECHNOLOGY 4Blueprint 2 – having been one of then establish their optimal target challenges and seizing opportunities the co-founders of Swift nearly operating model – as ever Data is that COO’s and CIO’s will drive their 50 years ago we never stopped key! organisations forward and contribute innovating in payments, including to value creation. distributed ledgers, ISO 20022 7Cyber – Having built the UK compatibility, 24x7 operability, audit- Police National Database and PAUL WISHMAN trail of payments, or “request-to-pay” working closely with the UK Ministry VICE PRESIDENT, functionality – we see a real impact of Defence we have implemented INSURANCE of improved payment, settlement government-grade cyber security. AT CGI and other related services across the There is a huge opportunity for the value chain, post placement insurance industry to engage SMEs through education, guidance and 5Developing Insurance Ecosystems supporting services, to help mitigate – CGI has been instrumental in the current significant and increasing shaping the UK Open Banking (and cyber threats and exposures. Faster Payments) ecosystem, working with the CMA-9 Banks and FinTechs In summary, 2021 is shaping up as to enable APIs to seamlessly and another year of challenges but securely conduct data transmission also of significant opportunities for and synchronisation, similarly working the London Market insurers and with other industry sectors including brokers. It is by staying on top of General Insurance - with Polaris – and the UK Utilities market where CGI is at the heart of Great Britain’s Smart Metering central system 6M&A – having supported several organisations in post-merger integration, and having experienced this ourselves, we learnt that early organisational alignment and IT estate rationalisation are critical, to 23

Something from Canada you might recognise. And something you might not. Founded in Quebec in 1976, CGI is among the largest IT and business consulting services firms in the world, helping clients achieve their goals, including becoming customer-centric digital enterprises. cgi-group.co.uk/complex-well #ExperienceCGI 24

TECHNOLOGY cyber market 25

THE CYBER CHALLENGE BY THE PDSC Cyber-crime is one of the biggest threats to the security of the UK. As one of four high priority areas within the Government’s National Security Strategy, the threat is constantly evolving, affecting millions of individuals and businesses alike. Yet despite the efforts of Government to raise awareness about the importance of good cyber security, the problem continues to grow, accounting for just under half of all crime according to recent data published by the Crime Survey for England and Wales (ONS). However, just 7% of cyber-crimes are reported to the police. 26

At the Police Digital Security Centre (PDSC), CYBER we regularly speak to victims of cyber-crime. What we consistently find among the business 27 community, is that speaking to the police is not a priority. Businesses face a number of competing demands for their attention when they suffer an attack or breach. For some, lawyers will be the first people they call. Others will prioritise customers, staff and suppliers. Business owners may also have to think about speaking to their insurers, their bank or their Managed Service Provider. As a result, the police are often an afterthought, but which point, it may be too late. Clearly, the global nature of cyber-crime presents a number of unique challenges for the law enforcement community. Investigations are time-consuming, complex and require skills and knowledge that are in short supply. Despite every force having a dedicated cyber-crime unit, the sheer volume of cases means that they have to be triaged with the most serious cases prioritised. With a conviction rate well below 1%, many victims of cyber-crime ask whether it’s worth reporting. Another reason concerns the perception of the seriousness of the crime. For many victims, the impact may appear to be minor and below what they would consider serious enough to report it. It’s also true that some people feel embarrassed by falling victim to certain types of cyber-crime, such as romance scams. There are also some interesting studies about how demographic factors affect crime reporting. For example, younger people, who are statistically most likely to be a victim, are the least likely age group to report it. Some have even suggested that cyber-crime is ‘just one of those things’ that young people expect to fall victim to. So what can be done to address under- reporting? First of all, the Police have had success in addressing this problem in other crime areas and it would be sensible to apply those lessons here. Raising awareness about why reporting is important is a good first step. The higher the number of incidents we know about, the greater our understanding of the nature and scale of the problem.

Secondly, raising awareness is also some cases a worse impact, than In summary, the growth in cyber- important in terms of managing comparable traditional crimes crime and the evolving threat the expectations of the public, such as burglary”. A review of the from criminals seeking to exploit particularly in relation to the role current landscape, including the new technology means that it will of Action Fraud, the centralised training given to frontline officers continue to be a strategic issue reporting centre for fraud across would help build confidence and for the foreseeable future. While England, Wales and Northern encourage a greater numbers of much of the focus is currently on Ireland. As a reporting body, it has victims to report cyber-crime to the prevention, the police must work no investigative capability – yet this police. more closely in partnership with distinction is often misunderstood. others to improve the experience Finally, the private sector has an for victims of cyber-crime. The Thirdly, there’s more we can do important role in encouraging insurance industry is uniquely about victim care. While the people to report crime. The placed to be at the heart of this. investigation of every allegation insurance sector in particular can of fraud and cyber-crime isn’t be that catalyst for change that Simon Newman operationally feasible, there are we need. Efforts to promote the Head of Cyber & some big gaps in victim support importance of good cyber security Business Services at a local level, with much of the by insurers to their customers The Police Digital investigative capacity focused at a and providing support during Security Centre regional or national level. A recent an incident can help businesses study by the Institute of Criminal recover more quickly. Taking this Justice Studies at the University of one stage further, insurers can Portsmouth, found that “computer also help educate their customers misuse crime has similar, and in about the importance of reporting. 28

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People market Celebrating international women’s day 31

WELCOMING ‘ VICE PRESIDENT ‘ On the 3rd November 2020, Kamala Harris made history as she was elected as the first female, first Black, and first Asian American vice president. As rousing as the victory for Ms. Harris and President Joe Biden was on that day, you might be forgiven for thinking that what happens in the White House thousands of miles away has little to do with our industry. But we feel there’s a lot to be learned from the METEORIC rise of the former district attorney, who we’re profiling as part of our #IWD2021 coverage. 32

PEOPLE Meteoric Rise Serving nearly two terms in such a prominent position enhanced Ms. Born on the 20th October 1964, to Harris’ reputation among Democrats, American-Indian civil rights activ- leading to her decision to run for the ist and breast cancer researcher position of junior United States sena- Shyamala Gopalan and American- tor in 2016. Campaigning for criminal Jamaican economist Donald J. Har- justice reforms and for the support of ris, in Oakland, California, Ms. Harris immigrants, she took the seat com- was taught from early childhood to fortably. stand against racial discrimination. After graduating from Howard Uni- versity with a degree in economics and political science in 1986, Ms. Har- ris attended law school at the Univer- sity of California until graduating in 1989, from where she progressed to the position of deputy district attor- ney for Alameda County, California between 1990-98. She became assistant district attor- ney in February 1998, developing a reputation as a hard-hitting law- yer, prosecuting a series of cases of heinous crimes, including drug trafficking, sexual abuse, and gang violence. In 2003, she became San Francisco district attorney, before capping her rise in the region six years later with victory in the California attor- ney general race—the first female, the African-American, and the first Asian-American to do so. 33

After taking office in January 2017, she served on ‘action against transnational weapon and human traf- the Judiciary Committee, the Governmental Affairs ficking gangs and safeguarded the climate change Committee, the Committee on the Budget, the Select law of California. Committee on Intelligence, and on Homeland Secu- rity—positions that propelled Ms. Harris to first pursue Lasting change the Democratic nomination for the presidency in the 2020 US Election, and then as Joe Biden’s running In her victory speech, Ms. Harris declared that she mate. The rest, as they say, is history. was the first female Vice President of the United States, but will not be the last. She called Black Courage and Conviction women the ‘backbone of democracy’ of the United States, with this moment only possible thanks to the While milestones and titles roll off the tongue, the efforts of her mother and previous and present gen- career of Kamala Harris has never been about status. erations of Black women. It’s always been about the issues. Her experiences of growing up in ‘70s and ‘80s America, and the It was a message of inspiration for everyone around influences of her family’s experiences, have clearly the world. For us, in EC3, that day in November guided the path Ms. Harris has carved out for her- provided some much needed joy and relief amidst self. In the past, she’s often said her identity makes it the anxiety of the global situation we currently find appropriate for her to raise a voice for marginalized ourselves in. communities—and she’s been true to her word. But more importantly, it reminded us of the struggle Her support for social justice reforms in the 2020 pres- women and minorities have faced, and still face. It idential race following the killing of George Floyd in reminded us of what we as an industry can do to police custody in May 2020 was just the continuation help our own aspiring women break down doors of a career’s work. As well as being a vocal critic and barriers. And it reminded us just what can be of the death penalty, Ms. Harris has long battled for achieved with determination, by sticking to morals equal rights for immigrants, for criminal justice system and values, and with an appreciation of the world reform, as well as healthcare, childcare, and help for we live in. citizens in need. Ms. Harris’s victory embodies much more than her In her time in the Senate, Ms. Harris also took legal achievement of becoming Vice President. It’s a 34

PEOPLE symbol of potential and a reminder of the cour- age that can be found. In victory, she tweeted, “Together, we showed little girls of the country what is possible.” Not just those in the US, either. The waves from this landmark victory for Ms. Harris are huge, and they extend far beyond the United States. The London Market has made concerted strides in recent years in attempting to provide equal opportunities for all, irrespectice of gender, sexuality, race, ethnicity, religion, physical ability and socio economic status. Whilst it still has some way to go, firms across the Market are constantly looking to develop a balanced pool of talent to serve our diverse international clientbase. Long may this continue! From the Editorial team at LMForums 35

Perseverance: My Journey to EC3 We asked our friend, Suneeta Padda, London Market Compliance Director, to talk us through her journey to EC3. Not a conventional journey, as you will discover. To understand the whole of my journey I guess I need to start from the beginning. In 1986, at the age of 19, I had aged 4 and 5 at the time, no job, no and a year later my father. I was 36 an arranged marriage; it was my further education, and no money. at the time and I learned that life was marriage that brought me to London When I left, I knew I would have too short, so I had to make something as it was customary in the Indian nothing, no child maintenance and of it! tradition for a woman to live with her no money from a divorce but it was a husband and all his family. choice I made and a choice I have I started my career at the age of 36 never regretted. at the Financial Services Authority I was a confident young woman (FSA). I joined as a temp and worked growing up who was dominated by I then found myself trying to find hard to get a permanent role – never tradition and culture. It was customary somewhere to live whilst enrolling accepting no for an answer! I worked for a young woman to live with her at university, where I studied part in a few different roles and my last husband’s family. My husband’s time for five years and survived on a position was supervising insurance family, who are a wealthy, did not student grant. It was during this time firms and after 5 years at the FSA it agree with women going out to work, that both of my parents, who had was time to move on. I applied for which led me to become a housewife retired and moved back to India, a role at Marsh as a Compliance and full time mother, which I did for faced the decision of coming back Assistant and worked my way up 10 years. When my marriage broke to England due to poor health. The where I was promoted to head of down, I had two young children – year I graduated, my mother died Monitoring. After 2 years at Marsh, I applied for a job at Willis as the International Compliance Director, there were over 100 applicants for the role, 7 interviews and 6 months later I was told I had the job! I worked hard as I knew I had to prove myself. After a couple of years, I was approached by HSBC to head up the compliance function for the insurance intermediary, which I did, although at the time I was not aware that HSBC 36

PEOPLE Insurance Brokers was going to be Amlin did not want me to leave and During 2021 I am collaborating with acquired by Marsh, so after the asked if I would stay longer than my other companies to extend the acquisition, I found myself back at 3 months’ notice, I did! I stayed 9 scope of our services to include Marsh for a brief period. months. operational resilience. I will continue to mentor and support others in this I now needed a new challenge and I set up Padda Consulting in 2012 incredible Market, as without the applied for a role at Amlin. When (believe it or not, I spent weeks help and support of people in our the interviewee asked “why was trying to think of a name and that industry, my journey would not have a person like me was working in is the best I came up with!) My been as successful as it has been. Compliance” I responded, first consultancy position was with Howden. It was such a wonderful Hard work and self-belief can help “when my primary place to work and taught me some you achieve whatever you want. school teacher asked great values about the importance me what I wanted to of culture and I made some great Suneeta Padda be when I grow up, I friends too. Founding Director said, a Compliance Padda Consulting officer in an insurance Since my first consulting position, Limited company…” I have worked with several firms across the market, including XL the interviewee was taken aback, Catlin, Lloyd’s of London, Navigators luckily, he had a sense of humour! and even went back to Howden’s It was during my time at Amlin to do some work! I now have 6 that I learned of the death of my associates (2 of whom are my ex-husband, something inside me children now aged 29 and 31). just ‘snapped’ as life really was so short, so I questioned what did I really want to do? I resigned from my position and decided I was going to set up my own compliance consultancy…another path to my journey had started! 37

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LIFESTYLE market 39

I am a woman, foreigner, mother and entrepreneur how did I empower myself through these challenges Written by Dr. Victoria Soell. Co-Founder of Clu- Body and Mind Balance for women We asked Victoria, a good friend to the for us on the topic of nutrition, to share team at LMForums and a regular writer with us her story. 40

LILFIEFSETSYTLYELE Being a woman in your 30’s: clinical psychologist. The opportunity they are at the football game.” I Challenge number 1 to work in a very interesting research think that summarises it pretty well. group came along and I took it, Mothers who are good at their work Iwas born and raised in Colombia, despite my original plans and wishes. have normally developed a sense and in my early 20’s I moved to This was one of the best decisions of of efficiency to try to cope with the Europe. Although my family is a my life. Sometimes one just has to extra hours that men usually have very old-fashioned Latin American recognise a wonderful opportunity to work with. Because we work, and family, my sister and I were luckily when it pops up, even if you had not simultaneously have our kids and raised to believe that everyone has intended to go down that path. My family in our heads (the medicine opportunities. In all honesty, I never years years in Spain meant having to has to be taken, the baseball gloves saw an issue with being a woman prove myself all the time but it made have to be bought, etc.), it might be until I was older. When you are a me push myself harder. that our brain connections develop woman in your 30’s, employers are differently. The constant need to always asking themselves about Being a foreigner in Germany have “control” over the situations of your family plans, and that is when I brought me challenges with the ourselves and those who depend on realised it was indeed a challenge to language; one that many face, as us, makes us adept at making the be a woman in business. As women, they move away from their native impossible: possible and achievable. we are not only expected to have country and language. For me, not It is like as mothers, we have a sign children, but we are also expected speaking the language made me on our foreheads that reads “We’ve to take care of them full time, decide to change my career and got this.” especially if you are Colombian! go to Design School. Although I had That meant for me, as I became a validated my degree and studied for The birth of Clu- and it´s mission mother, a big pause in my personal many years, how could I practice if I to bring Body/mind balance to dreams, in exchange for quality couldn’t communicate properly? As women: Challenge number 4 time with my child. That pause was a Psychologist, I was almost doomed amazing, but with that pause, also if I could not speak the language Being an entrepreneur that happens came the fear of not being able to fluently. It is curious how a negative to be a woman, a foreigner, and reach my professional goals. thing, like not knowing the language, a mother, has been one of the led me to a totally different field that most exciting and challenging My advice is to just do it. There is I love: design. That is when I realised experiences of my life. But here is no standard recipe. Each life and that a challenge can also present where all the previous challenges family unit are unique. The working itself as a wonderful opportunity and everything that I have worked place is still an unequal world for and encourage us to venture into for in all the past years came women, especially in their mid 30’s. something we’ve always been together to make sense: I started If you are single, does that mean drawn to, but somewhat anxious to Clu, a Nutrition company specially you are prone to moving away?, If try. For me, the opportunity was in developed for women, that aims you have a partner, does that mean the world of Design but for many it at helping them acquire their you want to start a family and if so, could mean a totally different career body and mind balance through when do you want to have kids (like or life path. I started attending design carefully developed products and if one could ever know for sure), if courses and working on projects in specialised articles and content you already have them, do you want Italy, Spain and Portugal, which I written by me - using my expertise more? In this respect, I am positive. I really enjoyed, until the opportunity I as a Psychologist and Researcher. believe change is coming - and it is was waiting for showed up. Here, my design experience was about respect and support for each not left out: on Clu´s first anniversary, other. Are we Super Women when we in times where women all over the become Mums? world were working from their home Starting all over again? office, we treated our customers with Mallorca, Granada, Nuremberg Mothers that work efficiently custom made phone bags specially and Schauenstein: Challenge or a new brain plasticity theory: designed and produced by Victoria number 2 Challenge number 3 Soell - in a small family-owned company in Portugal. I have lived in various places. Each As a friend of mine said, “If I would move meant starting all over again have to employ personnel, I would In the end, I am a Psychologist with and they brought many challenges. employ mothers. They are faster, a Master in Research Design and In Spain, having to validate my more focused and efficient. For one Applications in Psychology and Psychology Degree obtained only reason: they can´t afford to go Health, a Doctor in Bio-Social and in Colombia was only the first of out late, because they have to pick Health Sciences, an Accessory many obstacles. The most difficult up the kids at the kindergarten and Designer, and the co-founder of Clu, challenge: changing my plans and they won´t daydream because they a Nutrition Company developed becoming a researcher, instead of a can´t work on Saturday because specially for women. How did this all 41

come about? The key for me has always been to trust each one of my decisions; and to put all my energy in each project, independent of the difficulty, failures or what people may think. Empowerment is a road that starts with believing that every step of the way counts That every project or task in front of you deserves your attention, along with every effort, to ensure you do a good job. My most important tip: Ignore failure. It is definitely overrated. As a matter of fact, you will need tons of it to succeed (unless you are one of the very few exceptional cases that achieve success without a long history of hard work and failure). Develop an attitude of learning from life’s experiences. It has been the best tool I have acquired on my life journey so far. Asking myself, what do I have to learn from this (mess?)? There is always something to learn. Every situation in my life has taught me something. Living in various places around the world has shown me many difficulties, but also highlighted a strong facet of my personality that I did not know existed. That is the power of challenges. With them, we discover our strength, our ability to do and excel at something or just at life itself. My advice to every woman, mother, or foreigner is to embrace whatever difficult situation they are faced with, analyze what capabilities and actions are needed to overcome them, and then set themselves a goal and a plan to follow step by step. And don´t forget to enjoy the ride along the way! Dr. Victoria Söll Psychologist. Doctor in Biosocial and Health Sciences. Co-founder of CLU – Body and mind Balance for women. We help you find your Balance. www.clu-you.com 42

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When London Calls, run fast! As LMForums continues to expand its Practitioner Membership around the globe, especially in this lockdown period, we thought it would be nice to feature one of our international members, Monica Quiroga, now working with Chubb in Miami. It all started with my last social media post on December 31, 2019. “Cheers to a productive year! Despite the highs and lows from starting my own business and working full time as a PM (Project Manager), I can’t wait for what 2020 has in store!” If you didn’t roll your eyes or gasp after reading that, who are you? Surely, I’m not the only one who wanted to delete their NYE post after the end of Q1 in 2020. Seriously, was that the best content I could come up with to reflect on what was a very fulfilling year? If I may humble-brag, in 2019 I made one of my dreams come to life. I co-founded a marathon travel company with my husband. But before I explain, I should mention that by the age of 15, I dreamt about being a world traveler. Also, I should mention that 20 years later, I became a runner, in fact, a marathoner. When I combined my two passions – travelling and running – the stars aligned and formed my own company, Sub3travel. Sub3travel is an official International Tour Operator of the Abbott World Marathon Majors – a series of six of the largest and most renowned marathons in the world: Tokyo, Boston, London, Berlin, Chicago and New York. 44

LIFESTYLE Before I dive into my passion as a runner, I need to give birth or existential moment and I knew I needed to find my justice to how my life as a Project Manager in the insurance dream job. I sold my possessions, resigned my steady job industry began, which of course made my original dream and headed to South America: Bogota, Colombia, to be of becoming a world traveler come true. precise. About 8 years ago, I was living in California, where I was Once in Bogota, I landed an amazing opportunity with AIG born and raised, working as a Project Manager for a as a Project Manager where I led business transformation major electric utility company. I enrolled in a Leadership projects in the region. A year later, I was offered an Programme, where I learned about transformational opportunity with AIG to work in London. Living in the City leadership. My level of consciousness and self-awareness was flat out the most magical experience ever. London grew exponentially that year. I experienced a bit of a re- may not be for everyone, but it was definitely for me. I loved commuting on the Central line, while eating sushi from Itsu on the tube….and nobody cared. A few of my favorite things: jogging through Hyde Park, getting tipsy on Samba Sours at Sushi Samba, and taking endless photos of pretty much any building. London is the most photogenic city in the world! I ‘fell in love with’ Londoners because of their acute sense of humor and sarcasm. I was captivated by the City because of its diversity and its people. But like most love affairs, it came to end. I moved back to Latin America, but I knew one day I would return. I had no idea it would for both personal and professional reasons. The next three years (from 2016 to 2019) I continued working as a PM, this time based in Peru. It was there that my company, Sub3travel, was born. As you can imagine, when my company secured a contract with the London Marathon organisation, I was elated! If I had to choose my favorite place to run 42.195 kilometers, it would definitely be London. I ran it in 2019 and it was the most exhilarating running experience EVER! It really feels full circle to have the opportunity to travel to London every year and share my love for the city with a new group of people every time. In hindsight, 2019 was one of my most productive years, preparing me both personally and professionally for the uncertainty that 2020 would bring. Thanks to the amazing network of professionals I made in the insurance industry, I was fortunate to start working for Chubb in Miami in mid-2020, and once again work in the industry where I thrive the most. I’m ready for what 2021 will throw my way, with one foot in front of the other and more kilometers behind me. Here’s to my next chapter in the international insurance market and of course on the marathon circuit too! Monica Quiroga, Co-Founder 45

Widow Clicquot The Woman who Revolutionised Champagne Veuve Clicquot’s story is one of boldness, creativity and entrepreneurial spirit. Highlighted by its distinctive yellow label, Veuve Clicquot translates to “Widow Clicquot” named for the first woman to run a champagne house. 46

MARLKIEFETSNTYELWES Madame Clicquot to the quality of her wines, she Bold Woman Award – to honour perfected new techniques of this bold woman. For 50 years, the was born in Reims in 1777. In 1798 production. She invented the House has awarded women who she married François Clicquot, “table de remuage” (riddling have built, taken on or developed a son to the founder of the Maison table) to clarify champagne and business. To date, 350 women in 27 Clicquot. François shared his passion innovated the very first blend of rosé countries have been honoured. and knowledge for champagne champagne. creation and distribution with his Today the annual ceremony young wife. It was because she Within just a honours inspiring leaders steering had spent this time at his side that few years she successful organisations, as well as Madame Clicquot was able to take made her name those entrepreneurs who emulate the reins of the family house after into a brand of Madame Clicquot’s values of the untimely death of François in innovation, audacity, fearlessness 1805. excellence, and drive with the Bold Future Award. a name today renowned At just 27- years In an era throughout the world. Even then, old, Madame her peers recognized her formidable when contributions, and referred to her as the “Grande Dame of Champagne. Clicquot women Highlighting a community of BOLD became a young were women, first created in 1972 to excluded celebrate its 200th anniversary, the House created - the Veuve Clicquot widow. from the business world, they couldn’t work or weren’t even allowed to hold a bank account, she dared to assume the head of the company, a role she undertook with passion and determination. Madame Clicquot’s character might be summarized with two words: audacious and intelligent. She would seize each new opportunity that arose, willing to take risks, and as such she was able to expand her business to all four corners of the world. Uncompromising when it came Veuve Clicquot today still lives by Madame Clicquot’s motto: “Only one quality, the finest” SHOP HERE shop at Clos19 to discover Veuve Clicquot’s personalised bottles, limited editions, rarities and more. 15% LMFORUMS MEMBER DISCOUNT - CODE LMF15 47

The toll of Covid-19 on mental health 2020 was a year that will go down in history. With it, it has threatened to seriously impact the nation’s mental health, although we look to the second half of 2021 with cautious hope, as the UK starts to emerge from this most unique period in modern history. “Mental health have never experienced issues paramount, not only to help reduce related illness with it before. The consequences the rising numbers of people was already one of of restrictions, lockdowns and contacting mental health services the biggest disease health anxiety from coronavirus has for support but also because work burdens worldwide triggered what is likely to be the next related stress can contribute to the with depression being epidemic; a mental health epidemic emergence of mental health issues, the second leading on a scale we’ve not seen before. such as depression and anxiety, with cause of disability, the consequential impact of lower globally” Mental health related illness was productivity and social detachment, already one of the biggest disease in both one’s personal and business The insurance sector is burdens worldwide with depression life. The shift from working in an office renowned for being prepared for being the second leading cause of space to working from home has unexpected challenges, major disability, globally. Although we’re still increased the feelings of stress and events and catastrophic losses. unsure of the true extent coronavirus those with children have faced the However, even our sector hasn’t on people’s mental health, we do added challenge of home schooling got away with being affected by know that reports of depression, alongside undertaking their job. We the effects of this coronavirus. anxiety and suicide have increased are now all familiar with the sound of Entire businesses have transitioned across the last year and in response, children in the background of most to working from home, people countries around the world are now business zoom calls. Having to work have needed to self-isolate, pushing the message to prioritise in solitude can also heighten feelings battling with the debilitating mental health and have been of loneliness and isolation, especially symptoms of the Covid-19 and supporting work programmes to help for those who live on their own or much like other areas of the those in need. who normally thrive working around economy, the financial impact others. of 2020 on the insurance sector “At LMForums, we’ve is likely to be as unprecedented seen a big uptake in The EC3 environment is one based as the year itself, over the longer our online Practice almost entirely on relationships and term, with losses impacting both Groups and other LMForums Members tell us repeatedly the primary and reinsurance events, not just from at our online events and in our polls markets for years to come. London Market of their desire to return to the office, practitioners, but at least part time, to ensure that If any positives (for want of a from insurance part of the their role continues. Most better word) could be taken from professionals around Members report that they significantly this turbulent past 12 months, it’s the world” miss the social side of working in EC3, that people are realising just how which has been the bedrock of the important it is to take care of their Like many other sectors, it has Market since its inception 300 years mental wellness and just how fragile become apparent that promoting ago. At LMForums, we’ve seen a big it can be, even for those who the wellbeing of our staff is uptake in our online Practice Groups and other events, not just from London Market practitioners, but from 48

LLIIFFEESSTTYYLLEE insurance professionals around the Increasing staff wellbeing will be a priority and take steps outside world. People like to stay connected dependent on two things. Firstly, their working day to maintain their and we’ve been happy to provide acknowledgement by the employer own wellbeing, through activities that channel during what has been that staff mental health needs to that they know work for them, such a difficult time. be prioritised and implementing as online socialising with family and effective support to everyone, friends, watching tv and movies or Having to be based at home hasn’t especially those who are at higher exercising outdoors. As the better just had an impact on people’s risk or isolated. Secondly, workers weather approaches, we should all work satisfaction or productivity. must also make their mental wellness begin to feel better soon. Being limited to our own homes has also increased the risk of more It is unlikely that we’ll be back to frequent drinking, increased intake anything that resembles normal of unhealthy or takeaway foods and at least until the Autumn of 2021, decreased the amount of exercise so without taking action now people are taking. All of which to look after mental wellbeing, have a direct impact on mood and the mental health crisis we’re tip wellbeing and when sustained over toeing around is likely to escalate long periods of time, it is a breeding and with it will come more staff ground for a variety of mental sickness, higher rates of burnout health conditions. and work-related stress and more people experiencing mental health On average we spend most of our problems. With the right support, the time during the week working. If insurance sector can enable their our working day doesn’t contribute workers to manage the demands of in some way to positive wellbeing this changing climate, adjust to new it’s likely to have a negative or temporary working conditions impact on the quality of work and and most importantly feel valued productivity. Within the working and supported by their employers day it’s worthwhile for employers not only in a working capacity but to take staff wellbeing seriously as as a person - at the end of the day, it has been found that increasing work is a major component of our wellbeing at work can increase lives. productivity by up to 12%. Finishing the day not satisfied, From the Editorial feeling stressed or like you can’t team at LMForums manage will then reduce the chances of enjoying free time or being able to relax away from work and result in a vicious cycle. “With the right support, the insurance sector can enable their workers to manage the demands of this changing climate” 49

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