Building a sustainable business model – Patrick Tiernan, Chief of Markets, Lloyd´s
This week’s podcast episode of The Voice of Insurance features Patrick Tiernan, Chief of Markets, Lloyd’s. There is so much covered in this episode that interviewer Mark Geoghegan writes in his intro on the podcast, “With unlimited time, we could have done a series of at least five separate podcasts,” and we couldn´t agree more.
This podcast covers Patrick’s main objectives in his role, sustainable underwriting, how Lloyd’s is driving and promoting innovation, and what digitisation means for the industry.
Joining Lloyd’s earlier this year, Patrick oversees Lloyd’s market performance, oversight, and development and is responsible for distribution and the global network. He is a member of Lloyd’s Council and the Lloyd’s ESG Advisory Group.
Kicking off the discussion, Patrick speaks about his leadership style and what people can expect from him: “In terms of leadership style, I like to think I’ll be quite apparent for those who work on the team with me. I think learning to listen and be humble in what you can achieve on your own is a key part of what I’ve learned over the years, that nothing can be achieved in isolation; it’s all about winning hearts and minds and winning people over to your agenda for the future.”
The conversation moves to Patrick’s top priorities with a central focus on helping businesses build sustainable plans and removing obstacles in the way of progress: “I think it would definitely be more evolution than revolution, I think that’s not what’s needed at the moment. I think we’ve probably shifted our focus such that the amount of times spent by the team on the underperformers was inordinate over the last few years because it needed to be. What we want to do going forward is to shift the balance of our resources towards helping those who are good and strong businesses, and they need our support to grow, our support to take maybe some rocks out of the stream that are blocking their progress and blocking their ability to compete and bring new business in.”
The EC3 Fulcrum
Mark asks Patrick about Lloyd’s role in promoting innovation; Patrick explains that Lloyd’s strength is in its ability to convene. Commenting further on this, Patrick says, “That we create the conditions where we are looking to understand new risk rather than always saying if its new, it´s bad. New doesn’t have to be bad. We must be confident in our ability to take measured risk and learn from that.”
When asked about what the new normal may look like in EC3, Patrick responds that Lloyd’s remains a focal point for the industry: “From a building perspective, the one common thing that you hear a lot is that the Lloyd’s building is the fulcrum of the ecosystem within EC3.”
We could write a lot more about this highly insightful and engaging podcast, but we recommend you take the time to listen to hear Patrick discuss what needs to change to keep Lloyd’s relevant, influential and competitive today and in the future.