Rising stars


warranty protection for the smart meter technology; this was unheard of in the London Market and is quite capital-intensive, but through our market relationships and Aon Benfield’s actuarial expertise we identified reinsurance carriers that were prepared to support the product. As part of the Aon Group, we aim to drive products across the Aon network, using the wide-ranging skills, expertise and distribution capabilities of Aon Benfield, Aon Risk Solutions, and Aon Hewitt, in order that we can present our clients with appropriate solutions, in which the value to their businesses is easily identifiable.


Name: Kurt Cripps


Company: Aon Benfield Job:


Global head of weather re/insurance


Timeline: 2013: Global head of weather re/insurance


2009: Broker, Aon Benfield


2005: Broker, Group business treaty, HSBC


Describe your career so far and current role. I started my career at HSBC where I trained as a broker. I moved to Aon Benfield where I have been since 2009. As global head of weather re/insurance, I am part of the management team responsible for sale of international weather re/insurance products through Aon Group. Through Aon’s multiple distribution channels, I lead the team


responsible for the structuring of weather protection products for a variety of insurance and reinsurance clients and industry sectors, as part of their risk management strategy. At HSBC, I worked mainly on property and casualty products. At Aon, I’m more focused on alternative risk and innovation. Recently, I have created diverse and pioneering new products in the market. I develop weather re/insurance products for Aon, which are being marketed globally. I’ve created some combined products that are new to certain sectors, such as the construction sector, and have been involved in a number of radiation products. My primary role is to assist our insurance-linked securities (ILS) colleagues, and bring new markets and opportunities to our Aon colleagues. One such opportunity was to develop a product to help the UK


government implement its ‘smart meter drive’ initiative, which aims to ensure that UK households will be utilising smart meter energy systems nationwide by 2020, in order to cut emissions and analyse how we use our energy. We secured 15-year extended


Why did you choose the re/insurance industry? I was drawn to the dynamics of the environment, particularly that of Lloyd’s and its live trading floor with face-to-face interaction. In terms of reinsurance, the sector was attractive because it still allows for, and indeed encourages, innovation and creativity.


Do you think the industry is attractive to young


professionals? Yes I do. Whether you are a university or school-leaver, or have even been pursuing a different career, there are opportunities to work within the re/insurance industry across such a wide range of specialisms—from traditional reinsurance to alternative risk transfer and financial and catastrophe modelling and other analytical services. The industry is so diverse and evolving that there will always be scope for new products and new ideas, new ways of mitigating risk and providing ways for our clients to achieve growth. Lloyd’s in particular is still a very dynamic marketplace.


Do you think the re/insurance industry offers good opportunities and career development to young professionals? Yes, and Aon in a prime example of a company that encourages career development. I joined Aon after completing my broker training at HSBC, and was given the chance to design and structure new products at a very young age under the guidance and leadership of some very experienced market individuals. In the reinsurance industry, the success you achieve and the career opportunities that are available are often limited only by your personal drive and work ethic. As the saying goes, you get out what you put in.


What are your aspirations for the future? At the moment, I am content to continue my work in structuring and launching new products. Eventually, I would like to lead my own team.


If you had chosen a different profession/career path, what would it have been? I would have worked as a commodities trader.


May 2015 | INTELLIGENT INSURER | 21


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