David Nichols' 2023 review
12/14/2023
David Nichols, Zurich Insurance UK head of retail reflects on 2023 and gives his thoughts on what 2024 has in store for the industry.
This article is taken from an original interview with Insurance Age, to view that article please click here.
1. What has been your insurance/broking related highlight of 2023?
It’s my first year in my current role and while it’s been a big one for me all round, the opportunities we’ve had to enhance our broker relationships have been the highlight of the year for me.
Our business is built on these partnerships, and this year we have made major strides in enhancing that commitment, be it with the launch of our Club Blue network, the reopening of our regional offices, or our return to Broker Expo. Our partnerships are stronger than ever, and we’re really excited to continue building on those relationships in the coming year.
2. What has been the most over-hyped insurance/broking buzzword or phrase of 2023 and why?
“War for talent”. There has always been a war for talent, but as an industry we haven’t always put enough emphasis on growing talent. If we were to trade the words “war for talent” to “nurturing talent”, the industry would be in a much better place. Our focus now is about making sure we attract great people to the industry by looking in the spaces that the sector hasn’t historically paid attention to.
3. What was the M&A deal or personnel hire that raised your eyebrows the most in 2023 and why?
It’s been a market on the move this year, and we know that there’s been a number of insurers revaluating their books, which has driven different M&A activity as a consequence. For example, there’s never been a bigger drive towards e-trading and serving brokers better. For me, the RSA acquisition of NIG was a good example of that.
4. On a scale of 1-10 how scared are you by the growth in use of AI with 10 being extremely worried?
I’m not scared, providing that everyone behaves sensibly with their use of AI. I see loads of value from AI being introduced to support closer customer connectivity and closer collaboration across the industry, but only in cases where you’ve also got good quality human intervention. AI will change the roles that we have, but it’s about supplementing humans not replacing them. Providing everyone works to that principle, it will be a very positive development for the industry.
5. Are you expecting an FCA crackdown on premium finance and commission next year?
With the industry’s focus on Consumer Duty and fair value, I would observe that we already have those two measures in our sphere of consideration. It’s up to the insurance industry to demonstrate compliance with Consumer Duty and demonstrate fair value for customers, to prevent the FCA intervening,
6. Make one bold prediction for the insurance market in 2024, that you think MIGHT happen.
I hope that we’ll finally see talent attraction into the industry fully align with the population from a diversity and inclusion perspective, and I hope we will see a substantive move in our diversity across the insurance world.
7. With a General Election set for 2024 what is the one thing any party could promise as a manifesto pledge to make you guaranteed to vote for them?
I would very much like for whatever Government that comes in to reform the Apprenticeship Levy to be more agile, future-focused, and flexible. It is vital that we attract new, diverse talent to the sector, with fresh ideas about how the insurance sector can best serve our customers, and a reform to the Levy would be a huge step in the right direction.
8. Who would you cast as Barbie and Ken in an insurance related remake of The Barbie Movie and why?
I struggle to use the words “Barbie” “Ken” and “insurance” in the same sentence; however, if I was going to remake a film for the insurance industry it would be “Field of Dreams”.
9. On the 1st January 2024, you have seven months of training ahead before the Olympics in Paris; what sport are you taking up with the best chance of making it?
Obviously with my great physique and gymnastic capabilities, I would be on the diving platform!
10. Roll on to December 2024, what might have happened over the previous 12 months to have made it a ‘good year’ for you?
I would hope that the current conflicts across the globe will have ceased.
