An Interview with Ben Cubitt

Senior Underwriter, Financial Institutions

Ben’s insurance career began to take shape in 2004 after accepting a claims position at AIG Europe. Here he developed a keen interest in Financial Lines business. Moving to Ace European Group ‘AEG’ just prior to the Global Financial Crisis, he became an established Senior Claims handler. Keen to gain Underwriting experience and with the support of AEG’s management personnel, he accepted an internal move into their Commercial D&O Underwriting team. Following a period with a fast growing MGA, he has spent the past 7 and a bit years as a key member of the Financial Institutions desk at International General Insurance (IGI). In February Ben will begin the next chapter of his career, and is excited to be joining a new start MGA where he will be responsible in helping to establish and build a Financial & Professional Lines practice.

• Why did you enter the Insurance market?

My dad was a Firefighter and as a child it was my dream to follow in his footsteps. After passing each of the London Fire Brigade’s selection phases, I was eventually told that my eyesight wasn’t strong enough! Fortunately, at that time, I was already working for a local family run Underwriting Agency. My intro to the world of Insurance had already begun and so I made a conscious decision to focus my efforts on building a career within the industry.

• What was the best piece of advice you have been given in your career?

A couple of things come to mind for me actually and in many ways are just as important to my underwriting role, as they are to some aspects of everyday life. The first is, if you do not understand something then don’t simply accept ‘it’. We should have confidence in our decisions and be able to justify what we do and why. The second, would be to engage with peers and absorb as much as possible. Don’t be afraid to ask questions and learn from those that have good reputation and relevant experience.

• The market has seen many changes over the years, what stands out in particular to you ?

The insurance market has historically trailed other industries in terms of adopting and embracing new systems and technologies. It is here where the biggest changes have come, and no doubt will continue to do so. How we engage, trade and conduct all aspects of our business is different in many ways now compared to when I first started out.

• What advice would you give to any aspiring Insurance practitioner who is new to or looking to join the market ?

I’d have to refer back to my earlier comments on the advices I received. It’s also worth stressing the importance of gaining a solid understanding of the mechanics of Lloyd’s and the London insurance market, it’s history and extreme importance to the wide client base it serves as well as how it supports domestic and international economies. You need to truly understand the products and services you are involved in. If you wish to go down the underwriting route, then I’d recommend gaining some knowledge of the types of claims you can expect to see and how that service is managed. You can’t sell or underwrite a policy, if you do not understand how it should operate when it truly matters.

• Who has had the biggest influence on your career?

I’ve been fortunate enough to work for, with and alongside some of the industry’s most talented and experienced practitioners. Many of which have made a positive impression over the years and I’ve gained some invaluable knowledge along the way. It wouldn’t be right to choose one individual over another. It’s cliche but, work hard and surround yourself with good people. It would be remiss of me however, to not mention my partner, Johanna. Whilst forging her own incredibly successful career (also in Insurance!) she gives 110% to everything including, her support to me and my work and the parenting of our 2 children. She’s most certainly an inspiration!

• Knowing what you know now, what would you tell your 21-year-old self.

Balance the socialising and studies a little better (no prizes for guessing which had more of my attention in the past!).

• What threats or disruptors to the market are most concerning to you?

I guess that for me, as much as technology is becoming increasingly important to all of us and the world we live in, the tradition of face-to-face communication and trading should always remain available. Business is built on trusting relationships and without engaging with real people we would lose an extremely valuable tool.

• Describe your / the current market WITH 5 words

Unpredictable

Competitive

Evolving

Collaborative

Fast-paced

• Describe your career WITH 5 words.

Exciting

Interesting

Rewarding

Challenging

Social

• You have a magic wand to enhance an area or aspect of your role / the market, what area would that be and why ?

I think it would have to be the general perception that those outside of the industry may have of it. It’s far from dull, and plays a crucial part in keeping policyholders protected from risks that could cause loss and/or damage. It is filled with opportunities including personal and professional development, travel and building lifelong friendships.