I’m thrilled to sit down with Simon Glairy, a renowned expert in insurance and Insurtech, with a deep understanding of risk management and AI-driven risk assessment. With years of experience in the London insurance market, Simon has a unique perspective on how the industry is evolving, particularly in areas like underwriting expertise, emerging risks, and talent development. In our conversation, we explore the critical role of technical skills in today’s market, the challenges of navigating systemic threats, and the strategies for fostering the next generation of industry leaders. Let’s dive into how the market is balancing tradition with transformation.
Can you share what excites you most about the current state of the London insurance market and the opportunities you see for growth?
The London market is at a fascinating crossroads. What excites me most is its ability to adapt while maintaining its reputation for technical excellence. The market has always been a hub for complex risks, and with challenges like cyber threats and geopolitical shifts, there’s a real opportunity to lead globally in innovation. Growth will come from leveraging technology—think AI for risk assessment—and ensuring we don’t lose that human judgment in underwriting and claims. It’s about blending the old with the new to stay competitive.
Why do you believe underwriting and claims expertise is more important than ever in today’s market cycle?
We’re in a phase where market conditions are softening in several areas, which often means tighter margins and more pressure on results. Underwriting and claims expertise becomes the differentiator—knowing how to price risk accurately and settle claims efficiently can make or break a company. Beyond that, the complexity of risks today, from social inflation to emerging liabilities, demands a deeper technical understanding. Without that foundation, firms risk being outpaced by competitors who can navigate these challenges better.
How do you see emerging risks like cyber threats or geopolitical instability reshaping the way insurers approach their strategies?
These risks are forcing insurers to think beyond traditional silos. Cyber, for instance, isn’t just a standalone product anymore—it touches everything from property to liability. Geopolitical instability adds another layer, impacting supply chains and even policy wording around exclusions. Insurers are having to adopt a more holistic view, using data and predictive models to anticipate scenarios. It’s also pushing collaboration—whether through industry bodies or with tech providers—to develop frameworks that can address these systemic issues before they spiral.
What role do you think industry associations play in helping insurers balance the needs of diverse stakeholders, from small firms to global players?
Associations are vital as a unifying voice. They create a platform where small firms can have as much say as global giants, ensuring that policies or initiatives aren’t skewed toward just the biggest players. They also act as a bridge for international members, addressing concerns like regulatory differences or market access. By fostering dialogue through committees or forums, associations help align diverse needs around common goals—whether that’s tackling new risks or influencing policy—so everyone feels represented.
In terms of thought leadership, how can the industry better position itself as a leader in addressing modern challenges?
Thought leadership is about anticipating what’s next, not just reacting. The industry can do this by publishing research on emerging risks, like the impact of AI on underwriting or pollution liabilities, and sharing actionable insights. Hosting events or webinars to engage a wider audience—beyond just insiders—also helps. It’s about visibility, showing that the market isn’t just a black box but a source of solutions. I’ve seen some great initiatives where firms collaborate on white papers or pilot projects, and that kind of openness builds trust and influence.
Talent retention seems to be a growing focus. How can the industry better support young professionals in their early careers?
Early-career professionals need both technical grounding and a sense of belonging. Programs that offer mentorship, access to real-world case studies, and networking with senior leaders can make a huge difference. It’s also about giving them a voice—maybe through advisory groups or projects where their ideas are taken seriously. I believe focusing on skill-building in areas like data analytics alongside traditional underwriting can prepare them for future roles while showing them a clear path forward in the industry.
With regulators shifting toward competitiveness and growth, how do you think this impacts the relationship between the industry and regulatory bodies?
This shift is a game-changer. Regulators are now more open to dialogue about balancing oversight with innovation, which creates space for the industry to advocate for practical reforms—like simplifying rules without compromising safety. It’s led to more constructive engagements, where industry bodies can present data or case studies to show how certain policies impact growth. This collaborative approach helps build a regulatory environment that supports competitiveness while still protecting consumers, which benefits everyone in the long run.
What is your forecast for the future of risk management in the London market over the next decade?
I see risk management becoming far more integrated with technology over the next ten years. AI and machine learning will play a huge role in predicting and pricing risks, especially for complex areas like cyber or climate-related exposures. But I also think there’ll be a stronger emphasis on collaboration—between insurers, tech firms, and even governments—to tackle systemic issues. The underwriter’s role will evolve, relying on data-driven insights while still applying that critical human judgment. If the London market can stay ahead of these trends, it’ll solidify its place as the global leader in managing uncertainty.
