Simon Lotter is underwriting director at Marketform Managing Agency Limited. Simon joined Marketform in 1998 having previously been a director of one of the largest Lloyd’s managing agencies. He talks about the importance of managing claims, and helping experts find and defuse second world war bombs in London.
What, in your opinion, is the key challenge facing the UK insurance industry today?
The key challenge is to make profits for investors and stakeholders that are commensurate with the risks to which they’re exposed.
To return appropriate profits and remain competitive in world terms, the UK industry needs to be able to manage claims volatility from events such as terrorism and climate change, enjoy a competitive tax regime, and not be burdened by the costs of any unnecessary and duplicated regulatory reporting.
Indeed Lloyd's is currently working to deliver a more co-ordinated and customer focused relationship with the market.
Why did you decide to become an underwriter?
Becoming an underwriter seemed like a good idea at the time! I’ve been pleased with the decision ever since.
Why did you choose to work at Lloyd’s?
I moved from a company insurer to Lloyd’s because of the prospect of working in such an exciting and dynamic environment. I’ve stayed because it’s an ideal market for the specialist lines of business we underwrite at Marketform.
What do you like most about your job?
Working with a group of enthusiastic and talented people and some great clients.
What do you like least about your job?
Not winning!
What’s your speciality and what made you focus on that area?
My underwriting speciality is casualty business, which I chose because of the continuously expanding variety of interesting risks that need to be insured. Perversely, increasingly political and social liberalisation and the ever-growing public awareness of consumer rights, create new business opportunities.
What’s the strangest thing you’ve ever been asked to insure?
One of the stranger risks was insuring the potential consequences of searching for and making safe, unexploded second world war bombs in London. A number were discovered and, happily, they all were successfully defused.
When was your best underwriting day – and why?
Every day!
