Insurance Covered

Welcome to Insurance Covered summer special mini series Meditations on Insurance and Society.  

Normally on this podcast Peter is joined by a guest to discuss an aspect of the wonderful world of insurance. But, this August, we are doing something different. Instead of our normal fortnightly podcast, we are releasing an 8 episode mini series focusing on the role that insurance has played throughout history in shaping society. They will incorporate a bit of history, a bit of philosophy, some psychology, a lot of insurance and… who knows what else.

In part one we look at:

• What are the social and developmental pre-requisites for insurance? 
• What are the things that need to be in place before one even contemplates the concept of insurance?
• what are the problems that insurance seeks to solve?
• The first steps towards what we know as the modern form of insurance.

We hope you enjoy the first of our summer special series and will follow along with new episodes releasing every Monday and Thursday throughout August.

Regular episodes will resume in September

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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Rebecca Reidy, Head of Compliance, UK & Rest of World at Beazley Insurance. They will be discussing her role and the wider world of insurance compliance.

In this episode we cover:

• The main responsibilities for an insurance compliance team.
• How Rebecca describes her role
• The different regulators that are involved in insurance compliance
• An overview of the FCA's new Consumer Duty (published in July 2022 and now in the implementation phase)
• How ESG has impacted developments in compliance obligations

We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.

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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Alan Sheppard, senior advisor at the PRA, specialising in insurance regulation, which is what we will be discussing today.

In this episode we cover:

• The role of the PRA.
• The distinction between the role the FCA and PRA have in regulating insurers.
• The day to day role of the PRA supervising insurers.
• The powers the PRA has in enforcing compliance.
• An overview of Solvency II.

We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.

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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by James Platt, former Global Chief Operating Officer and Chief Digital Officer and now an Advisor at Aon. They will be discussing the 4 questions every organisation should be able to answer before considering changing and deploying digital technology.

In this episode we cover:

• What is meant by the 'digital revolution'.
• Why it is important for insurers to be transitioning to digital.
• What is meant by 'digital disruption' in the market.
• The 4 questions James believes should be considered by insurers before embarking on a digital change journey:

1) is the desired outcome clear?

2) Is the technology potential understood?

3) Is there real commitment to change?

4) Is the deployment capability in place?

• Which of these questions James believes is the most important

We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.

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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by ChatGPT, an AI chatbot developed by open AI, and they will be exploring ChatGPT's views on insurance.

In this episode we cover:

• How ChatGPT defines insurance
• The role it sees insurance play in society
• The issues ChatGPT identifies as the biggest concerns for the insurance industry
• The role insurance can play in achieving net zero
• Whether ChatGPT thinks insurance could be entirely automated
• How ChatGPT sees the future of insurance panning out.

We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.

With thanks to Lauren Butler, Trainee at RPC, for voicing ChatGPT's answers in this discussion

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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Adrian Leonard of Strategic Insurance Communications and in this episode they discuss the Smyrna catastrophe of 1693 and its impact on marine insurance and Lloyd's of London.

In this episode we cover:

• What the Smyrna Catastrophe is
• The events that occurred that led to the catastrophe.
• The impact it had on the marine insurance market
• How the Catastrophe shaped the marine market as we know it.

We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.

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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Bruce Carman, Founder and CUO of HIVE Underwriters. They will be discussing aviation war insurance.

In this episode we cover:

• Why Bruce set up HIVE.
• How war insurance (risks) became separate from 'all risk' policies.
• How plane hijacking played a huge role in the war risks market.
• The impact the 9/11 attacks had on war insurance.
• What can be covered by the term 'war' (cyber attacks, political meddling, spying, other malicious acts).
• Typical exclusions and limitations from war risk policies.
• How war and terrorism risks are rated and the research that goes into these decisions.

We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.

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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Mary O'Connor, CEO of Howden Capital Advisory (Howden CAP), and they will be discussing the Insurance of long term capital risks.

In this episode we cover:

• What long term capital risks are and who needs this kind of cover.
• What policies can be offered as solutions to this kind of risk.
• What risks are uninsurable in this market.
• What is meant by 'structured credit solutions'.
• What the 'CAP' in Howden CAP stands for.

We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.

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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by James Benham, CEO and co-founder of three insurtechs; SmartCompliance, Terra and JB Knowledge. He is also the co-host of the Insuretech Geek Podcast. In this episode they discuss the rise of artificial intelligence and the impact on the insurance industry.

In this episode we cover:

• An overview of technological advancements that changed the insurance industry in the last 50 years.
• What Artificial intelligence (AI) and Robot Process Automation (RPA) are.
• The current state of AI and its uses in the insurance industry.
• Current limitations of AI
• How AI and big data could impact insurance distribution, underwriting and claims management.
• Will an insurance robot take my job?

We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.

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Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Robin Pearson, Professor of Economic History at the University of Hull and they will be discussing insurance during the time of the Industrial Revolution.

In this episode we cover:

• A background on the industrial revolution and the key developments that took place in the 18th and 19th centuries.
• The extent to which insurance and particularly fire insurance shaped developments in the industrial revolution.
• The relationship between Britain's economic growth and the growth of insurance.
• Who the big insurers were during this time period.
• The success of valuing and insuring commercial assets during the industrial revolution.

We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release.

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