Allianz blog: Leaving Lockdown: Focus needed as new challenges approach

Nick-Hobbs,-Allianz-UK-Director-of-Broker-Markets,-Commerical-and-Personal

So, BIBA has come and gone for another year. It was as different this year as every other aspect of life has been this past 15 months but it was good to have the conference back, at least in some capacity. We trust it will return to its usual format in 2022.

Well done and thank you to all those at BIBA who have adapted and managed to put on a very decent event. The tech posed some challenges Day 1 (a real resilience test) but we had some great meetings and exchanges because of the focus that the BIBA Conference provides. The clear adaptability in crafting and hosting the Conference in the virtual form was obvious. That ability to make the best of circumstances and show our collective “Resilience” was a good choice for a Conference theme - especially as we emerge, blinking, from Lockdown.

When we were preparing for the Conference, we did the usual taking stock of the past year. We, the industry (and of course our customers) included, have had to adapt a huge amount since March 2020: moving to a working from home basis almost overnight; enabling field workers to support critical industries; dealing with new exposures and claims as they came in.

We all worked hard to ensure every issue was addressed and prepared for. As an example, for Allianz we set up 98% of employees for home-working within the couple of weeks, we gave brokers easy access to experts when reliable communications were still in question, we increased our broker engagement frequency, and we changed our policy wordings (and workings) to ensure those who needed it were covered where they needed it to be. In terms of the BI claims test case, Allianz paid out in over 75% of valid claims before the verdict was given. No less than would be expected in a time of real challenge and uncertainty – and it isn’t over yet.

As we come out of lockdown other challenges are rearing their heads. The unwinding of the Government’s employment and business support schemes will likely reveal underlying issues hidden to date. Another concern would be underinsurance – well covered by Allianz, in partnership with BIBA, in recent weeks. Many clients would have difficulty accurately assessing values and earnings at a time of a widely swinging economy and in/out lockdowns and it’s up to us to ensure those are helped to avoid that potential difficulty down the line at point of claim. This is therefore an opportunity to get ahead of a potential reputational risk for the entire industry.

Speaking of claims, we have seen that some lines continue to see significant inflation. Recessionary factors, latent austerity factors, medical report delays, legal process delays, exacerbated Covid-related anguish. They all play a part. These are issues we could see coming, and some of this was discussed at Conference, but they are still issues that must be thought through and prepared for to provide best support and information to our customers on such matters. Interestingly we have more customer interest in insurance purchase, and interest in the quality of what they are buying in terms of products and advice, than at any time in recent memory. This is when good insurers and brokers, and the good education and information that come with them, come into their own.

Notwithstanding BIBA Day 1 I think we are all somewhat amazed that the global technology that we all use every day in business has held up so well. I would never miss Webex/Zoom/Teams and video-conferencing but it is now a fact of business life. We are though really looking forward to having those in-person meetings and seeing our colleagues in the flesh again. We are also genuinely excited about the new work models and operational flexibility that will follow the return to offices.  The transition from home to ‘new normal’ might be a bit fluid for a while but we are all genuinely intrigued to see how we utilise our spaces better, and give our colleagues and partners the very best support for whatever changes the future brings. At least we now know that the adaptability our industry has spoken about in the past is quite real and stands us in great stead for the future.   

Which brings me nicely to our enhanced broker proposition, ‘Strong Partners for what’s ahead’. This is aimed at ensuring we provide the best support system for our brokers both professionally and personally, whatever the world may throw at us. As an example last week was mental health awareness week, and at Allianz that is important to us. I’d therefore encourage our broker partners to sign up for the Mental Health First Aider course included in our proposition.  It further helps further the Resilience the Conference was exemplifying.

We also look forward to the BIBA Conference 2022 - and the book is already open on what the Conference theme for next year will be. Whatever it is we look forward to seeing you there and giving you a warm embrace, provided you’ve been double-jabbed of course.

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Nick Hobbs's picture

Nick Hobbs, Chief Distribution & Regions Officer at Allianz UK

Nick has been with Allianz group since 2001 and with Allianz UK since 2011. Prior to joining Allianz UK, he undertook various roles in AGCS (Allianz Global Corporate & Speciality) in the UK, Europe and North America.

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