Interview with Kevin Sandom
- Date: 07/06/2016
How long have you worked at ITIC?
I have worked in ITIC for just over 9 years having previously worked at the UK P&I Club (part of Thomas Miller), where I was a senior account executive.
What does your role as ITIC’s broker development manager entail?
With 80% of ITIC’s business coming from insurance brokers, the relationship between ITIC, as an insurer, and the broker is vital. It is important to maintain the strong relationships with the brokers who support ITIC and to develop relationships with those we don’t know as well. We also appreciate that not all brokers will regularly see the types of risks that ITIC insures, so we will assist the broker as much as required in their dialogue with their client.
How do you balance this with your other roles and responsibilities?
Like all things in life, it’s a challenge but we have a very experienced team in ITIC who know their individual markets. All account executives have numerous responsibilities, including underwriting, claims handling and sales and marketing within their geographic regions. This varied role helped to prepare me for the additional role of broker development manager. Support is also offered by the specialist underwriters who are focused on rail, offshore, aviation, marine surveyors and P&I Club correspondents. It’s a team effort.
What is the biggest challenge of being ITIC’s broker development manager?
The insurance market is very fluid. It’s important to keep abreast of any changes, particularly movements of individuals, takeovers and mergers.
How do you see ITIC and brokers working together over the next five years?
We are continually trying to develop and adjust to make the insurance broker’s life easier. I would hope that in the next 5 years insurance brokers will be able to access their clients’ documents and records on line. We are also looking at providing a wider product range which has been in response to various insurance brokers’ suggestions. Naturally ITIC is very keen to enhance the brokers’ knowledge and understanding of our product and we are more than happy to bring our roadshow to a place near you.
How important are brokers to your business?
Insurance brokers are essential. As mentioned earlier, over 80% of ITIC’s business worldwide comes via insurance brokers. All insurance brokers – in London, regional UK and internationally – are key to selling ITIC.
To emphasise the importance of brokers, there is a dedicated insurance broker section of ITIC’s website. This allows easier access to some of the areas of the ITIC website which brokers tend to need on a daily basis: http://www.itic-insure.com/insurance-brokers/
I’ve read that you are offering continuity credits again this year, how does that affect me as a broker?
ITIC pays commission on the gross premium paid so it’s a win/ win situation; the member receives a credit and the broker receives the commission on the gross premium.
Can ITIC provide worldwide cover?
Unlike many similar insurance covers available on the market, ITIC provides worldwide cover. Many other covers exclude claims arising from work carried out in the United States of America. ITIC does not.
What is the profile of ITIC’s client base?
ITIC’s business is very miscellaneous. ITIC has historically been a provider of professional indemnity insurance to those in the marine industry. The core business today still focuses around marine related risks. However, widening the professional indemnity cover to transport related businesses has meant that there are a significant number of assureds in the aviation, rail and offshore industries. A list of potential assureds, which is by no means exhaustive, can be found on ITIC’s website: http://www.itic-insure.com/cover/assureds/
What does the future look like for ITIC?
ITIC is always looking at ways to improve what can be offered. There are a range of additional products, such as debt collection, D&O, cash in transit and the new cyber liability extension. ITIC has an excellent and experienced underwriting and claims team as well remaining very strong financially. This has enabled ITIC to continually grow even in a depressed market. So, I would say the future looks bright!
If you didn’t work for ITIC, what would you be doing?
One of the most enjoyable parts of this business is getting to meet people (home and abroad) and I feel privileged to have a job where I can do that. If I wasn’t working for ITIC, I would love to take on property renovations, whether that be doing up a house to restoring or converting old buildings into an elegant living space.