The market wants innovation & more streamlined Technology
This week’s guest on The Voice of Insurance podcast is Pina Albo, Hamilton Group CEO, who speaks candidly about the Class of 2020, Hamilton’s presence at Lloyd’s, diversity in the industry, her views on the Blueprint Two, and the psychology of today’s insurance market.
The podcast kicks off with Pina discussing the long-term vision for building a global, diversified specialty insurance and reinsurance organisation with the right talent and committed to providing superior customer service and the ability to respond to the market’s needs. Pina also outlines the types of expansion opportunities that Hamilton is pursuing, and its differentiation strategy.
When asked about growth plans for Hamilton, Pina explains that there are opportunities across all areas Hamilton plays in, with the company recently re-entering the mortgage business and with a focus in areas such as aviation, marine, and energy. Pina adds that one area with significant momentum is the specialty insurance space, including a focus on the U.S. E&S business.
No insurance discussion can avoid talking about the pandemic. In this interview, Pina explains that although Covid-19 has led to wording clarity, the industry is still around 18-24 months away from any certainty of the pandemic’s full impact and a final figure on the cost.
The Lloyd’s Factor
As the conversation turns towards London, Pina chats about Hamilton’s presence at Lloyd’s and about the exceptional talent they have in the London Market. With the Pembroke Managing Agency Limited acquisition completed, Pina discusses how the company can now focus on executing its specialty insurance strategy.
Speaking about Lloyd’s Blueprint Two and if it has set out the right priorities, Pina explains that such a large transformation project to streamline Lloyd’s is a huge undertaking that can’t be accomplished overnight. However, Pina explains that the latest Blueprint has provided the laser focus the market needs to achieve its goals and praises its move to establish stronger data standards and processes.
Do you think the more traditional insurance market is becoming irrelevant? asks Mark Geoghegan. Pina explains that Insurers need to find a more efficient way of delivering their products and services and that “the market wants innovation and more streamlined technology… and that anybody who denies this reality will suffer in the long-run.”
Speaking of InsurTechs, Pina comments that there are ample collaboration opportunities for Insurers to partner with InsurTechs and add much-needed technology and efficiency to their offerings, as Pina says, “there is a need for modernisation, for the embracing of technology, both Covid and the success of InsurTechs has taught us that.”
Pina is a focused leader with clear views on where the market is heading. We highly recommend you listen to this insightful podcast.