Lloyd’s coverholder founder: “It’s all very tangible… what we do”

Lloyd’s coverholder founder: “It’s all very tangible… what we do” | Insurance Business New Zealand

Insurance News

Lloyd’s coverholder founder: “It’s all very tangible… what we do”

Bounce Insurance owner talks about what’s attractive about the industry

Insurance News

By
Terry Gangcuangco

Wellington-based Paul Barton (pictured), a risk management expert who has transitioned into insurance after being exposed to the industry through a previous role at BT Financial Group in Australia, is among those who deliberately made the switch and has since been part of the sector for several reasons.

“I don’t think I fell into insurance,” the ANZ and Medical Assurance Society alumnus, who founded Lloyd’s coverholder Bounce Insurance, said during an interview with Insurance Business. “I sort of evolved and migrated into it in quite a conscious way. I moved out of the fund management industry into the insurance industry.

“The closer I got to it, the more I really appreciated the fact that we deal with real risks and real impacts. That means that everything we do is about supporting our customers when they really need it, and I like that aspect. What I really like about it is there’s nothing theoretical about it; it’s all very tangible in terms of what we do.”

According to Barton, it’s the impact piece that got him initially “hooked” into the world of insurance. More recently, in relation to his earthquake parametric insurance company Bounce, the attraction lies in the sector’s willingness to improve and transform itself.

He said: “There is currently an ecosystem that sort of allows small businesses to think differently and develop propositions and try propositions. I think that aspect of it – that openness to change and innovation – is attractive, because it allows you to learn as you build businesses. I really like that aspect.”

A third trait that’s keeping Barton attracted to the industry is a popular response among those asked by Insurance Business why they love working in insurance.

“It’s a people business,” he said. “It’s all about relationships. You’ve got relationships with your customers, distribution providers, and your collaborators that support the capacity of your business. It’s an industry that’s driven by people, and very much about the connection that you have through those relationships.

“Those are the three key things that come to mind when I think about insurance.”

Lastly, for Barton, the fact that “it is a changing world” makes him appreciate being in insurance even more.

The Bounce managing director told Insurance Business: “It’s really interesting being part of the insurance industry at the moment because at one end of the spectrum you’ve got a changing risk profile with climate change and artificial intelligence and all of those other things that contribute to the risk exposure, and on the other side you’ve also got an evolution that’s happening with insurance businesses and the propositions that they bring to market to try and solve those insurance gaps.

“I find that quite an interesting proposition.”

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