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What it means to be a truly specialist insurer

Over two decades of serving the insurance market has equipped Graham Taylor, vice president, head of business insurance retail, Travelers Europe with the understanding that, much like black swans themselves, ‘black swan’ events are not as rare as they are lacking contextualisation. Exploring some of the milestone moments that have marked his career to date – among them seeing how the industry rose to the personal and professional challenge of 9/11, his time spent in Manchester and watching the sector continually navigate hard and soft market cycles – he highlights how the dynamism inherent to insurance still holds his attention today.

The industry is constantly striving to find solutions that meet the financial requirements of policyholders, he says, which, in turn, means

management team, are invariably just focusing on their immediate risk profiles, without the context of broader external market risk considerations. So, Travelers is setting itself the goal of utilising the full value of the data it is collecting, collating and enriching to provide its brokers and their clients with a more accurate understanding of their risk horizon.

The terminology ‘black swan’ event became quite popular in the context of COVID-19, Taylor says, but it’s interesting to hear how people discuss COVID as a once-in-a-lifetime event when, in reality, there have been several pandemics in living memory and there will inevitably be several more. These discussions emphasise the gulf that still exists between risk and risk management, and also the integral role of maximising the full potential of data in bridging that gap. “We talk about [pandemic risk] as if it’s something we never knew would happen,” he says. “But there was plenty of data to prove that it could and would occur. [The question I put to our team is], How many more once-in-a-lifetime events do we need to see before we realise that they’re part of a trend over our lifetime, not one-off events?” Taking Brexit, for example, he says, while in and of itself it was a unique event, it takes its place among multiple other political ruptures including the seismic event of the UK leaving the ERM in 1992. There’s a host of significantly sized economic and political events we can each point to within our lifetime that provide context for what might otherwise appear to be exceptional market upheavals.

Many clients, understandably, without the luxury of a dedicated risk

“I find when people talk once-in-a-lifetime events, and when we look at the data around, that we usually only look at the recent history and not utilise the full data that we have nor take the good and the bad in equal measure,” he says. “It’s a bit like my golf, I always try to remember my good shots and forget about the bad ones. “What we need to do as an industry is make sure that we use the data we have in abundance in the right way to inform us, to provide that laser-focused risk management – from both an internal standpoint in managing our portfolios and managing our capital base, but also utilising the knowledge that we have in spades within the insurance industry to educate and inform our clients. I actually believe, in many respects, we have a moral obligation to do that.”

“We see ourselves as a specialist insurer, but that specialism isn’t just a policy wording that’s tailored to your sector,” Taylor says. “It’s also about delivering insights that we’re seeing through our own data, whether that’s around loss insights, changing exposures, or potential future risks. By imparting that to our broker and clients via the underwriter, risk control or claim person interaction … we’re providing the added value of consultancy that is synonymous with a specialist.” In this context, he says, the march of artificial general intelligence (AGI) is presenting a heavily interconnected risk and opportunity for the insurance market. While today, digitisation efforts focus largely on straightforward risk profiles, that inevitably will change, and the market needs to be careful to avoid the trap of insurance becoming too commoditised. As it stands, insurance blends art with science, with people, with technology – forming a fourth layer that complements this foundation. It’s this blend that drew Taylor to the insurance market, and he notes that it’s integral to drawing the next generation of talent. Looking at where Travelers stands today, he highlights that while the insurer is looking to leverage the new capabilities AI will deliver, its key aim remains ensuring it continues to differentiate itself – which means focusing on its delivery of specialisation. “Our focus remains around the added value we bring, our expertise, our specialist knowledge of a sector that not only augments our pricing evaluation but also enhances what a client is experiencing when they think about their own risk management,” he says. “When we look at the underwriters we have today and those we want to have for tomorrow, they are moving away from just people who are good at analysing risk and pricing that risk. “We’re focusing on what we call our ‘pathway to specialism’ and that is built around not just specialism from an underwriting standpoint but also a sales and service standpoint. It’s those two elements that are proving a differentiator already today but will prove even more so in the future. Because when you do that [insurance], it is not just a commodity from a price standpoint, but you’re actually adding value, providing knowledge and building trust. And trust has always been and will continue to be the critical piece that adds long-term value for brokers and clients.”

Spotlight

“And that’s what adds energy to the world of insurance,” he says. “It's constantly changing. The world we live in now is not the same as it was 20 years ago. There are new threats as well as new opportunities as things evolve over time. “But to be at the forefront of an industry that is so important in enabling the world to change and to respond to that change is something I don’t think I'll ever get bored of. How can you get bored when you know, in 10 years’ time, the world will be different still? And in response to this change the market will be trying to come up with new solutions, utilising that creativity to ultimately deliver on what clients need.”

In a dynamic world, your clients need insurance protection they can trust. That’s why Travelers tailors insurance and risk management guidance to each organisation we insure. We cover a wide range of specialist business classes and can help protect a company as it evolves – so your clients can focus on driving their business forward. We have been insuring your clients’ ambitions for generations: Travelers wrote the first auto insurance, aircraft liability insurance and personal accident cover for astronauts. We are backed by more than 160 years of experience and financial strength, and we continue to be among the world’s leading commercial property casualty insurers.

Company Profile

Established

offices across the UK & Ireland

Works with

600+

experts in the UK & Ireland

A++

Rated by AM Best

Bio

Spotlight

Milestones

Media

Accolades

Company Profile

Years of Experience

Tenure IN current position

2020 - Present

Fast Facts

Gaining international experience and learning about different people and cultures

Graham Taylor

Travelers Europe

In an increasingly complex and interconnected risk environment, the value placed by Travelers Europe on data, consultancy and specialism is proving the key to preventing the commoditisation of insurance

Read on

[The question I put to our team is], How many more once-in-a-lifetime events do we need to see before we realise that they’re part of a trend over our lifetime, not one-off events?”

Graham Taylor, Travelers Europe

Years of Experience

Tenure at current position

2020 - Present

BAsed In

Toronto, Ont.

Fast Facts

Gaining international experience and learning about different people and cultures

Karen Adams

President and CEO at Fundserv

Before becoming CEO of Fundserv, Karen Adams held a variety of leadership roles around the world – and she learned that listening and understanding are key to both providing service and developing talent

Read on

Fundserv is the indispensable connectivity hub for the Canadian investment industry. Headquartered in Toronto, we electronically connect Manufacturers, Distributors, and Intermediaries, enabling them to buy, sell, and transfer investment funds. With more than 100 employees, Fundserv serves hundreds of members—executing up to 63 million yearly network transactions—and provides online access to more than 70,000 investment fund products. Established in 1993, Fundserv is a private corporation that is owned by the industry we serve. Our 10 shareholders are a cross-section of Manufacturers, Distributors, and Service Providers who represent our members. We operate using a cost-recovery model, meaning any unused profit may be rebated back to our members. In addition to our network and applications, we lead and facilitate industry committees and working groups that promote automation initiatives and establish the industry’s electronic standards. By ensuring every trade is processed timely, accurately, and securely, Fundserv has rightfully earned a reputation for service excellence—a hallmark of more than 25 years in the investment industry.

Company Profile

Years of Experience

Tenure at current position

2020 - Present

Karen Adams

President and CEO at Fundserv

Career highlight

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Published 18 Oct 2023

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“To be at the forefront of an industry that is so important in enabling the world to change and to respond to that change is something I don’t think I'll ever get bored of ”

Graham Taylor, Travelers Europe

over

brokers globally

Constant change

constantly finding new and creative ways to balance the complexity of the tripartite insurer, broker and client relationship. That complexity is driven by the fact that clients generally want the best policy at the cheapest possible price while insurers want to deliver a robust product at a fair value.

30,000

experts worldwide

Rated by Standard & Poor’s

1998

2002

2004

2016

2017

2020

Taylor joins the insurance market via a graduate entry role with Chubb

1998

Taylor is awarded his A.C.I.I.A from the CII

2002

Taylor relocates to serve the Manchester insurance market

2004

Taylor joins Travelers Europe as vice president, head of field, Business Insurance, UK&I region

2016

Taylor is promoted to vice president, head of corporate & field, Business Insurance, UK&I region

2017

Taylor steps into his present role as vice president, head of Business Insurance Retail, Travelers Europe

2020

Milestones

Find out more

Company Profile

1998

2002

2004

2016

2017

2020

Taylor joins the insurance market via a graduate entry role with Chubb

1998

Taylor is awarded his A.C.I.I.A from the CII

2002

Taylor relocates to serve the Manchester insurance market

2004

Taylor joins Travelers Europe as vice president, head of field, Business Insurance, UK&I region

2016

Taylor is promoted to vice president, head of corporate & field, Business Insurance, UK&I region

2017

Taylor steps into his present role as vice president, head of Business Insurance Retail, Travelers Europe

2020

Milestones

1998

2002

2004

2016

2017

2020

Taylor joins the insurance market via a graduate entry role with Chubb

1998

Taylor is awarded his A.C.I.I.A from the CII

2002

Taylor relocates to serve the Manchester insurance market

2004

Taylor joins Travelers Europe as vice president, head of field, Business Insurance, UK&I region

2016

Taylor is promoted to vice president, head of corporate & field, Business Insurance, UK&I region

2017

Taylor steps into his present role as vice president, head of Business Insurance Retail, Travelers Europe

2020

Milestones

13,500

165

years ago

over

Established

brokers globally

Works with

over

years ago

165

Established

brokers globally

13,500

Works with