Wealth & Finance International - January 2017

17 January 2017 London remains the centre of the insurance industry globally. With the Lloyd’s market celebrating its 325th year of operation, this longevity speaks volumes for the expertise and experience that is inherent in London. Safeonline, as a Lloyd’s broker, has the ability to tap into this extremely unique marketplace for the benefit of its clients and sees London as the ideal hub for its future success. Responding to Emerging Developments in the industry There are several techniques that we employ in this regard. Firstly, we listen. We listen to our clients, to the changing risks that they face and to the challenges that manifest themselves in dealing in the inter- connected world. Secondly, we work with industry experts, in the Cyber security field and within the insurance industry, to ensure that we are fully aware of the type of attacks that hackers and miscreants are perpetrating. Then finally, we anticipate. We anticipate what is around the corner in terms of innovation and risk. For example, the Internet of Things (IOT) is creating a whole new world of potential losses due the intrusive nature of the technology being adopted. From smart meters to self-monitoring fridges, the ability to cause harm is ever evolving. The firm’s financial performance Safeonline has seen double digit percentage growth over the past 12 months. This growth is a testament to our success, set against a backdrop of intense competition and consolidation within our industry. This success is built on a foundation of astute cost control, coupled with the speed at which we can innovate, specifically through the provision of online, low touch solutions, for our clients. It is the ability to move fast and to be extremely flexible, that maintains our positon as a leader in the market. Internal culture within the firm Safeonline believes in employing good people and then letting them ‘get on with it’! Our culture is very open and we encourage all our staff to contribute ideas and to challenge the status quo. We let staff have the freedom to be creative and encourage them to interact freely with our clients. Most of all however, we want our employees to have fun and to enjoy the work that they do. As an FCA regulated entity, we are naturally bound by the practices and procedures inherent in our industry. So, we ensure that we are compliant and follow all the relevant rules by which we are governed. However, this does not mean we cannot be seen as a great place to work. In fact, we are continually being approached by talented individuals who want to join the team, for this very reason. Through open forums, lunch & learn sessions and social gatherings we are able to successfully nurture our culture. Therefore, teamwork proliferates and every staff member is seen as an integral part of the overall company performance. Approach to hiring new staff Success breathes success and people want to be part of a successful and progressive company. We are lucky in the fact that people want to work for Safeonline, as they like the management style, our fun environment and our team ethic. We ensure that every new candidate gets to meet the senior management over a number of separate interviews. This way they can gain an insight into the strategy and plans of the business from different perspectives. Our first meeting is always spent gauging the potential employees ‘cultural fit’ to ensure that they will gel with the rest of the team and to see if they like our approach. Subsequent meetings focus more on their ability to get the job done. Safeonline also relies on referrals from the market and personal references to ensure that the individuals with whom we engage are the right fit. Developments on the horizon We are focussing on enhancing our online presence to ensure that our ability to offer products through this medium remains ahead of the pack. We are also expanding our international reach, as the rest of the world data laws and corporate entities’ understanding of the risk that they face in the technology reliant world catch up with their peers in the US market. With the adoption of the new European General Data Protection Regulation likely to drive greater demand for insurance solutions to combat cyber risk, Safeonline is working hard to develop new products and distribution channels to respond to this growing client demand. It is extremely hard for clients to be fully up to speed with the developments in the cyber insurance space. Policy wordings are changing daily and the coverage afforded from provider to provider differs greatly. The policy wordings are forever changing and it is now possible to insure risks that were once automatically excluded. It is therefore essential more than ever, that clients partner with the right service provider. As a winner of this prestigious award, Safeonline would like to be considered as the right partner for your business. Company: Safeonline LLP Name: Geoff Kinsella FCII MBA Email: [email protected] Web Address: www.safeonline.com Address: 80 Leadenhall Street, London, EC3A 3DH Telephone: +44 (0)20 7954 4400