Leadership Insights: Belinda Steedman discusses the continuous investment in Multinational
Welcome to the next video of our Leadership Insights series, in collaboration with Insure TV. Each month, you’ll hear from our senior leaders on what’s important in their respective areas and what you and your clients can expect moving forward.
In this video Director of Multinational Belinda Steedman discusses how we've continued to build a globally diversified proposition to support our ambition to become a lead carrier.
Belinda shares an update on the Multinational partner network, the opportunity that entering the Lloyd’s market presents and the team’s ambitions for continued growth in 2025.
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Transcript for video Aviva Leadership Insights investing to be a lead multinational carrier
Mark: Belinda Steedman is Director of Multinational and she's also responsible for the Delegated Underwriting Authority proposition at Aviva. She joins me now. We're talking towards the end of 2024, Belinda, but what are some of the major changes you've been making over the course of this year? Why have you done them?
Belinda: Good to see you again, Mark. Since we last caught up, GCS continues to build out our globally diversified proposition that is both lead Multinational and DUA. And our ambition is to be a dual platformed carrier, which is underpinned by the acquisition of Probitas earlier in the year. My remit, which is to ensure that we are a lead multinational carrier, is evidenced through the amount of work that we've done through 2024. We've undertaken a significant amount of activity and invested in our lead multinational proposition through reshaping our global service team, brought together talent and expertise; we have refreshed our captives proposition, which is really interesting given the fact that the UK government are considering a UK captives regime. And another thing that we've spent a lot of time and energy and invested in is in our network proposition. We've brought on an additional 30-plus partners. Some of those are new partners in areas in far-flung places that we haven't previously written programs and some are supplementary partners in areas like LatAm in particular.
Mark: And what are some of the main trends that you're seeing in the industry right now and how are they affecting business for you and for your clients?
Belinda: With global business, you're not only subject to the regulatory environment of the UK, but obviously we need to protect and ensure that we keep our customers safe wherever they may choose to operate. So, we're working in a global regulatory environment. One of the things that we have done is it's been quite deliberate in putting together a global assurance team and their responsibility is to do a large amount of horizon scanning, so understanding the regulatory environment as it changes across the globe. Where we see this work particularly well is in regions like Europe, where they are continuing regulatory changes, as well as in Latin America, particularly places like Brazil and Argentina, where we're able to lead on our carriers in those markets for advanced warning on some of the changes that they see coming up.
Mark: And looking ahead, what can brokers and clients expect from you in 2025?
Belinda: Well, we'll continue to grow our lead multinational proposition, both property, casualty, financial lines, specialty lines, we are growing and continuing to grow that. We'll continue to refine our capital proposition, particularly in the light of the UK government considering a UK captives regime, similar to what we've seen in France and Italy in the last couple of years. Something which we're really proud of is the Mid-Market proposition, which has been launched as a pilot in the last quarter of this year, and we'll continue to grow that into 2025, looking to support those smaller commercial clients who operate outside of the UK.
Mark: And what developments are there likely to be in the Probitas-Lloyds relationship?
Belinda: Something really exciting for us is to be in a position to provide non-UK domiciled multinational programs in the future. We're seeing this at the moment, at the moment we're working on a couple of propositions, particularly in that financial lines space, where you have clients who are domiciled outside of the UK looking for a comprehensive multinational program.
Mark: There's obviously a huge amount going on, but if you had to really focus that down to one or two key messages to brokers, what would those be?
Belinda: We continue to build out our lead multinational proposition and are really serious about writing global business and providing solutions for our brokers and our end customers. We will continue to invest in our global network, our captive proposition and the reshaping of our frameworks.
Mark: We have to leave it there, Belinda Steedman, thank you.
Belinda: Thank you, Mark.
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