Diary of an Insurer: Phil Denman of Capacity Insights

Monday

Today started like any other day, going for a run with the dog. When I get home it’s the post-Covid routine – logging-on at home rather than rush hour traffic and planning the week’s priorities.

First task of the week is a team call with operations and compliance for final preparation on Consumer Duty implementation and then a high street bank audit debrief from the previous week.

Finally I review and finalise a new retail health proposition for launch this month. With so much work involved in new regulated products, I can sometimes see why innovation isn’t top of people’s agenda when it should be.

Then it’s out to a meeting with a new data management service. Data is a real challenge for SME underwriters. Data recruitment is expensive and complicated for smaller units like ours.

Back home, I take the dog out. Cook dinner for my daughter and I, and catch-up on Wimbledon opening day. Ashes cricket and Wimbledon - heaven.

Tuesday

I’m in the office early to discuss a large government health renewal. Insurance is such an important part of people, companies and governments managing risks.

I think we need to be careful of falling into the ‘engagement trap’ of wanting to insure small easy things when insurance should be there for the unfundable, important parts of life.

My own training now. Doesn’t matter my position, I have to learn and develop both technically, regulatory and as a leader.

Then it’s multiple calls lasting all afternoon with insurers and two new clients. They are both going live this week. Both in large scale travel facilities but both completely different. This is what I love – the diversity of programmes we see across the four classes we write and the diversity of clients we can support.

Gym tonight, although my heart’s not in it. Tired after an intense day and my mind wanders even with the headphones in and the treadmill whirring.

Wednesday

This morning I’m working through the last pre-launch checks on the two new clients knowing that I’m out all afternoon.

Contracts are signed, but there are always last-minute wobbles. The level of regulatory foundations that need to be laid, much of it pre-emptive for Consumer Duty requirements coming down stream, is immense.

Reporting templates and system considerations are checked and double checked. We believe we’ve covered everything and approved the risk for launch. Friday is L-Day.

All afternoon is spent peer reviewing new business and renewal quotations. This month we are also totally reorganising the quotation document set that supports our UK medical stop loss business – sounds simple but with underwriting, legal, compliance and distribution considerations all being heard this is not a short process.

Wednesday nights are golf with my 19-year-old son. Two hours of very average sport, but wonderful to have a common passion for this great game. These times are a highlight of my week.

Thursday

Managing General Agents’​ Association conference today so up at 6am to walk the dog and get the train into London for 8.30am networking.

It’s a great morning at our first MGAA Conference. We are currently reviewing whether to use outsourcing as a way to support our growth; especially around data management and insight analytics.

We know that small companies will not be able to keep up on data, insight and AI so are trying to get ahead of that curve before it becomes an issue - this conference was extremely fruitful in this regard.

Quick dash into the city to meet our reinsurance brokers – thankfully their office is only a short distance from the conference. Along the River Thames in the sunshine – beautiful and mingling with tourists in the middle of a crazy work day is always a nice energiser.

I get the train home having had to miss an insurer’s drinks due to the dog needing me.

The kids are grown up now but my beloved Nacho still needs me. I have a great dog support team that allows me to have this work/life balance, but they weren’t around tonight and, to be honest, I’m glad as a long walk with him is a great way to decompress.

Friday

A hybrid day today. I find that the combination of home, office and City really works for me.

I always had the opportunity, but habit would mean I spent way too much time commuting. I find my energy levels on a Friday are better than even when I was much younger. I rise at 6am and the light mornings and great weather recently have made the early morning dog walk a real boost.

Friday is a reflection and plan day. As well as make sure key projects are assessed. At 4.30pm every Friday is our ‘all hands’ team huddle.

I bring the team up to date with my thoughts on comparing insource versus outsource on key operational functions.

Change is obviously a constant, but making sure the team is engaged and empowered by the process is a key part of this informal Friday afternoon meeting.

We finish with everyone chatting about plans for the weekend and sharing stuff that’s important to us all at home. I can see that we all need the impending July and August’s well deserved holidays – they’ve put in a fantastic effort and we all look forward to driving Capacity Insights forward.

Phil Denman is the CEO of Capacity Insights