100 influential women in re/insurance
“We are a modern and innovative organisation, but to remain at the cutting edge of the insurance industry we need to maintain a workforce that reflects the global nature of the insurance sector.”
Name:
Inga Beale
Company: Lloyd’s Job:
Chief executive officer
Timeline: 2014—CEO, Lloyd’s 2012—Group CEO, Canopius Group 2009—Global chief underwriting officer, Zurich Financial Services 2008—Head of M&A and organisational transformation, Zurich Financial Services 2006—Group CEO, Converium
Inga Beale is CEO of Lloyd’s, with three decades of international insurance and reinsurance experience. Before Lloyd’s she was group chief executive of Canopius. Prior to that, she spent four years with Zurich Insurance, including a period as global chief underwriting officer, and was Group CEO of Swiss reinsurer Converium. While at Converium, she led a major turnaround of the business
before it was acquired by SCOR in 2007. Beale started her career as an underwriter with Prudential before spending 14 years in a variety of international roles for GE Insurance Solutions. Commenting on her appointment at Lloyd’s, Beale
“Lloyd’s is already an international leader, but this unique market has an extraordinary opportunity to increase its footprint and to cement its position as the global hub for specialist insurance and reinsurance. I’m looking forward to working with the Lloyd’s team and the wider market to deliver a strategy for profitable and sustainable growth alongside Lloyd’s robust market oversight.”
What has been the highlight of your career so far? I know many people would expect me to say my appointment as CEO of Lloyd’s but I don’t want to pre-judge what we are trying to achieve here. I think my time working at Converium in Switzerland has been my proudest moment so far. When I was appointed Group CEO there was a lot of hard work to do before selling it on to SCOR, but we achieved a fantastic outcome for the organisation and for clients.
14 | INTELLIGENT INSURER | 2015 said:
What has been
the
biggest
challenge
you have
encountered? The biggest challenge is always the next one. We all know that there are a number of different pressures facing the insurance industry right now, like low interest rates and an influx of capital putting pressure on prices. Lloyd’s posted an excellent set of results in 2015, but we need to continue to innovate, modernise the market and maintain robust oversight to weather these challenges. It’s important at the same time to realise that opportunity is on
the flipside of the coin. First, there is huge appetite for insurance and re/insurance products in growing markets like Brazil, China, and Dubai. Second, technology and the digital economy is transforming the insurance industry. As we’ve set out in Lloyd’s Vision 2025 strategy, the market is in a great position to realise our long-term opportunities in underinsured, high growth economies. Now we need to ensure that this expertise and innovation enable us to deliver in these markets, support economic growth across the globe, and help protect growing communities from potential setbacks like natural disasters.
What are your career aspirations now? I’m very grateful for the help and support I’ve received in my career from numerous people. I think one of my most important aspirations is to help ensure that other people can succeed, regardless of their background. Lloyd’s attracts a diverse array of talent from the broadest range of backgrounds, but we need to do more. We are a modern and innovative organisation, but to remain at the cutting edge of the insurance industry we need to maintain a workforce that reflects the global nature of the insurance sector.
www.intelligentinsurer.com
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