Chris Jones has been associated with IUMI for 10 years as Secretary to the Legal & Liability Committee and a member of the Policy Forum. He has recently been appointed CEO of the International Underwriting Association.
Congratulations on being appointed CEO of the International Underwriting Association in London. Can you tell us how your career has brought you to this role?
I was appointed Chief Executive as of 1 May but have been at the IUA since the early 2000s – the definition of a lengthy succession process! Like many people, I ‘fell into’ insurance having worked outside the sector for several years. I am legally trained and a qualified Company Secretary – on reflection ideal traits for running a trade association – but actually for the past decade was Director of our Underwriting and Claims department, where I worked with our 70+ insurer members across multiple wholesale non-life insurance classes to drive technical expertise.
What is currently top of the IUA agenda?
Our mission statement is to secure an optimal trading environment for London insurance companies. Broadly, this encompasses three key areas – transforming business processes by driving a modernising agenda of digitisation and automation; delivering knowledge and expertise for innovative underwriting and claims handling; and representing members on matters of public policy and regulation. Inevitably, the context for our engagement with IUA members is conditioned by the state of the market, macro events and the evolution in how insurance is provided and buyer demand. So, for example, as we move into softer market conditions, a focus on market expertise, risk management and discipline come to the fore and we try to bring that to our member offering. One other key item deserves mention – the huge increase in engagement with junior practitioners in the last year or so.
What are your plans for the IUA now you are CEO?
I’ve been very fortunate to inherit a stable and successful company. But change brings opportunity to reflect and I have identified three key areas to focus on. First, London as a global hub lives or dies by its underwriting and claims expertise and we aim to bring that front and central to our thinking, particularly in challenging market conditions where striving to maintain growth is key. We do that by facilitating member engagement on improving risk management, on managing emerging and systemic risks and developing our thought leadership function. Second, retaining talent. There is a lot of great work being done to attract new entrants to the market but we are concentrating on the 0-5-year period and putting in place the ‘IUA Futures’ initiative to improve education and peer engagement for these practitioners who are crucial to industry succession. Thirdly, we will revisit how we view risk as an association – whether that is looking at emerging risk, systemic risk and bringing new products / trends to the forefront of our traditional class of business focused offering.
The IUA is an IUMI member, how does that partnership work in practice?
We have been strong supporters of IUMI since our inception in 1999, and long before that in predecessor associations. IUMI offers direct value to our own operations, whether in the provision of global statistics, its lobbying work or in its education and training programmes. These are all complementary to our own services and having access to the global reach of an international association dedicated solely to marine insurance is extremely valuable.
Personally, you have been involved with IUMI for many years, what is your current role in IUMI and what does it involve?
My own IUMI journey started in 2015 as Secretary to the Legal & Liability Committee under the chair-ship of our current President, no less. I retain that role and was also more recently appointed to the Policy Forum. I have also chaired IUMI webinars, penned the odd article for IUMI publications and also get involved in IMO lobbying activities when time permits. Overall, I’ve found the more I work with IUMI, the more I get out of it – not least in working with some of the outstanding practitioners I’ve met through IUMI committees.
What are your thoughts on IUMI and the role it currently plays? Where would you like to see IUMI in the future?
There is no other body like IUMI in the marine insurance sector. It was always well known for its statistics and annual conference and these continue to be great selling points. A gamechanger in IUMI’s value proposition to members, for me, was the increased presence in the lobbying space. IUMI has a hugely increased its profile with governments and regulators – a reach that can be difficult for individual associations to match. Looking ahead, IUMI has started to focus more on the next generation and also standardised education and training opportunities. We will all benefit if IUMI can build upon these initiatives and increase its visibility in promoting the sector to our rising stars.
Assuming no barriers, what would you change in the world of marine insurance?
The time to effect regulatory change can be a frustration, when compared with the pace of technological advancement, and I fear that sometimes we are inhibited as a sector in being as efficient and as innovative as we can be. We see this in areas such as unmanned vessels and the current approach to alternative fuels. Being able to fast-track certain aspects of legislation at the international level would be a great benefit – though completely unrealistic, I fear. More directly, I think the marine insurance sector can be a little more on the front foot in telling its story and showing its value as a fundamental facilitator for global trade.
What do you like to do away from the office?
Most of my activity is family based or travel, with the occasional gym session squeezed in but, as my two children get a little older, I am retiring from my role as professional chaperone for their activities and am looking forward to getting the bike out again, maybe even the golf clubs.
