Ep 117 Channelling a Raging Torrent of Insurance Innovation: George Beattie, Head of Incubation Underwriting at Beazley and Co-chair of the Lloyd’s Product Launchpad

Tuesday Mar 29, 2022

Today’s guest is someone with a really difficult and really important job. You could say that the future prosperity of the insurance market is a big part of his remit.

We keep fretting about how hard it is, and how it seems to be getting harder still, to innovate in our industry and how if we don’t do it fast enough we are all going to become irrelevant.

Well, Head of Incubation Underwriting at Beazley and Co-chair of the Lloyd’s Product Launchpad George Beattie is both inspiring and eloquent and listening to him should make you feel a bit more positive about the industry’s long-term prospects.

The structures he is part of both within and outside his own organisation have been designed to make innovation easier by very deliberately removing the disincentives that currently exist for it to happen.

After all, who wants to risk their bonus on a new idea that by definition doesn’t come with years of claims data or actuarially-approved pricing models attached to it?

It turns out the problem is absolutely not a lack of original ideas and far more a lack of time and resource to do all the best ones justice.

Listen on for a fascinating and uplifting episode.

NOTES and LINKS:
I refer to the Episode with Relm Insurance. That’s Episode 113
Lloyd’s Product Launchpad
The IVF venture with Gaia is also backed by Chaucer
We thank our naming sponsor AdvantageGo