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Ep.27 - A global pandemic and its impact on the insurance industry, Simoney Kyriakou, The FT
The Key Learning Points:
1. The long term financial impacts of Covid-19
2. How insurance companies are helping those struggling financially in the pandemic
3. The impact of negative mainstream press on the insurance sector and the importance of discussing financial issues both personally and professionally
Today on the Risky Mix Podcast (our first-ever remote episode!) we’re joined by Simoney Kyriakou who works at the FT and is editor of Financial Adviser, which delivers investments, mortgages, protection insurance and regulation news to the financial services world. When Simoney’s not keeping us all up to date on the latest industry news, she’s dabbling in cookery, jewellery making and practising ancient languages!
Simoney started her journey in financial journalism back in 1999 and admits: “For quite a long time, I didn’t know I was in financial journalism and didn’t even know I was a journalist!” After completing her master’s degree in Anglo-Saxon, Norse and Celtic, she remembers thinking: “Oh my gosh, I have no skills for the modern world.” Simoney did some work at a pensions office during her time at university and was contacted by a lady from Pensions World who was looking for an assistant editor. Simoney explains that at one particular conference she was directed to the press bench: “It was at that moment that everything suddenly clicked! Okay, so I’m writing, I’m an assistant editor, I’m on a magazine, I’m covering conferences, I’m wearing a press badge and some guy’s just called me a journo. So, four weeks in I realised, I’m a financial journalist!” A rather unconventional entry into the financial services journalism industry.
When asked what she is seeing across the financial industry, Simoney explains: “Coronavirus has subsumed nearly every aspect of the financial and mainstream press over recent weeks, that’s not surprising. I think this is leading to some long-term trends that we need to be very aware of. One is an increasing financial pressure on more people, especially middle-income households. I think we will see a lot more credit card debt exploding in people’s faces this year. I think we are likely to see the continued erosion of the Highstreet happen at an accelerated pace this year which will lead to more questions about corporate responsibility and shareholder pressure.”
We touch on the impact of coronavirus on inforce protection policies. Simoney explains that the ABI recently put out a warning explaining that people who are feeling cash-strapped may look for easy savings, their protection policy being one of those. She also refers to the insurers who are now offering premium payment holidays, which give people a financial break and help to ensure that important protection policies stay in place.
We talk about the rise of rogue lead generators who are looking to prey on those who are financially vulnerable at this time. Simoney believes that it’s important for all of us to call this behaviour out. We also talk about the mainstream consumer press and some of the negative messages which are going out and are reducing the (already low) trust in our industry. Most people don’t get financial advice, so many rely on the messages coming out from the media. Simoney adds: “I think it’s important for us to have conversations with our friends and our families, raise these issues personally and professionally.”
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By Katie and RajThe Key Learning Points:
1. The long term financial impacts of Covid-19
2. How insurance companies are helping those struggling financially in the pandemic
3. The impact of negative mainstream press on the insurance sector and the importance of discussing financial issues both personally and professionally
Today on the Risky Mix Podcast (our first-ever remote episode!) we’re joined by Simoney Kyriakou who works at the FT and is editor of Financial Adviser, which delivers investments, mortgages, protection insurance and regulation news to the financial services world. When Simoney’s not keeping us all up to date on the latest industry news, she’s dabbling in cookery, jewellery making and practising ancient languages!
Simoney started her journey in financial journalism back in 1999 and admits: “For quite a long time, I didn’t know I was in financial journalism and didn’t even know I was a journalist!” After completing her master’s degree in Anglo-Saxon, Norse and Celtic, she remembers thinking: “Oh my gosh, I have no skills for the modern world.” Simoney did some work at a pensions office during her time at university and was contacted by a lady from Pensions World who was looking for an assistant editor. Simoney explains that at one particular conference she was directed to the press bench: “It was at that moment that everything suddenly clicked! Okay, so I’m writing, I’m an assistant editor, I’m on a magazine, I’m covering conferences, I’m wearing a press badge and some guy’s just called me a journo. So, four weeks in I realised, I’m a financial journalist!” A rather unconventional entry into the financial services journalism industry.
When asked what she is seeing across the financial industry, Simoney explains: “Coronavirus has subsumed nearly every aspect of the financial and mainstream press over recent weeks, that’s not surprising. I think this is leading to some long-term trends that we need to be very aware of. One is an increasing financial pressure on more people, especially middle-income households. I think we will see a lot more credit card debt exploding in people’s faces this year. I think we are likely to see the continued erosion of the Highstreet happen at an accelerated pace this year which will lead to more questions about corporate responsibility and shareholder pressure.”
We touch on the impact of coronavirus on inforce protection policies. Simoney explains that the ABI recently put out a warning explaining that people who are feeling cash-strapped may look for easy savings, their protection policy being one of those. She also refers to the insurers who are now offering premium payment holidays, which give people a financial break and help to ensure that important protection policies stay in place.
We talk about the rise of rogue lead generators who are looking to prey on those who are financially vulnerable at this time. Simoney believes that it’s important for all of us to call this behaviour out. We also talk about the mainstream consumer press and some of the negative messages which are going out and are reducing the (already low) trust in our industry. Most people don’t get financial advice, so many rely on the messages coming out from the media. Simoney adds: “I think it’s important for us to have conversations with our friends and our families, raise these issues personally and professionally.”