2023 NIBA Convention: Patrick Tiernan, Chief of Markets, Lloyd’s of London

NIBA caught up with Mr Tiernan to get his thoughts about where the industry is headed and what he is most looking forward to at the Convention. 

Be open to innovation
The theme for this year’s Convention is “Reimagine: Think Differently”. Mr Tiernan considers this theme to be a fantastic opportunity for the industry and the broking profession to be more innovative in approaching challenges and not rely on methods that may have worked in the past. “In today’s world – where stability and certainty are hard to come by – insurance has never been more critical,” he said. 

“The power of our industry to understand societal concerns and customer aspirations, and to navigate a path that allows companies and communities to accomplish their goals without being paralysed by uncertainty, is unparalleled.”

“That’s why we need to think differently about what our industry and the broking profession can do at this critical juncture, execute it, and tell our story well. We have been guilty of being insular in the past. Now is the time to be confident in our value. Underpinning this is the need to innovate: doing things as we’ve done them won’t equip us for the challenges we know are ahead.”  

Know your value and don’t sell yourself short
Mr Tiernan believes that the industry can, at times, sell itself short because of how it is perceived through the lens of public discourse. Brokers need to have self-belief and confidence in what they do because the value they over their clients is critical and essential, especially in a world that is becoming increasingly disruptive. 

“In a stable, prosperous and peaceful environment, insurance is often seen as another cost of doing business or living our everyday lives,” he said.

“As an industry, we were not always afforded an equal seat, with other areas of finance having a voice in the corridors of government or in corporate decision making. The industry is undergoing significant and exciting changes. We need to think differently about our customers’ needs and how we address these going forward. Filling existing protection gaps in the market is critical to ensure insurance stays relevant.” 

Cyber: a challenge and an opportunity
Looking forward, how the industry responds to the cyber challenge will be one of the key things to look out for. The continuously evolving nature of cyber threats make them a unique challenge to tackle successfully.  

“Cyber is one of the hottest topics in our industry at the moment,” said Mr Tiernan.

“In 2021, the estimated economic loss due to cyber-attacks was $6 trillion. Global premium was less than $15 billion. The first challenge is to develop solutions and products that increase take-up, so we can start to mutualise the risk. While there is huge opportunity in the class, it’s not without challenge. Cyber threats themselves are constantly evolving and our industry is yet to be tested by a truly major event. This makes it difficult to assess risk and understand aggregations.” 

The NIBA Convention: a great opportunity for knowledge sharing
In October, the industry will converge on the Gold Coast for three days to discuss some of the most critical challenges that lie ahead, while also taking the time to reflect and celebrate. Mr Tiernan believes that you cannot put a price tag on the value of people coming together under one roof. “Having the industry come together for an event like this is invaluable in my opinion,” he said.  

“It’s a unique opportunity to share knowledge and deepen our understanding on the key issues we are collectively facing. The best and brightest in the industry are going to be at the event so it will be an incredible opportunity to learn from one another and collaborate.”  

The Convention will also be an opportunity for many to catch-up with their colleagues and peers face-to-face after a considerable hiatus. For an industry that is heavily people-focused, the return to a more traditional form of interaction is a welcome breath of fresh air.  

“While I think collectively we’ve done a great job of adapting to this new way of working, there’s no substitute for getting together in person, face to face,” said Mr Tiernan.  

“There’s a lot to be excited about in our industry right now, but also a lot of challenges to address – and some of those complex problems can only be solved when you’re in the room together. So, I’m really excited to get together and hear about all of the wonderful things everyone is working on.” 

The full interview of Patrick Tiernan is available in the June issue of Insurance Adviser.
 

Early bird tickets close on 17 July 2023   
Book before 17 July to secure your member-only early bird discount for only $1140, which saves you $230 on a standard registration.   

Group bookings are available  
Book your team of eight or more now and reduce your registration costs by an additional $57.00 per person. That’s $1,083.00 per delegate.  

Also benefit from fantastic rates on a range of hotels at or within a short walking distance to The Star.    

Further information is available on the 2023 NIBA Convention website, www.2023nibaconvention.com.au