Hiscox recently hosted its inaugural Binder Broker Academy for the rising stars of its core US Property coverholders. With the help of Hiscox’s key broking partners, the first-of-its-kind Academy gave coverholders a crash course on the inner workings of the London Market and deepened their appreciation of Lloyd’s; an industry steeped in history and expertise.
The annual course, which was attended by 12 coverholder representatives nominated by their respective CEOs, were treated to workshops on a wide range of product areas as well as shadowing Hiscox underwriters at the Box and spending time with their London brokers. This was topped off with a guided tour of Lloyd’s, opening their eyes to the fascinating history of the London Market such as the Adam Room, the Lutine Bell, the Loss Book, the Nelson Collection and the Old Library.
Kortney Eidson, AmWINS Group praised the academy:
"In a world where survival is dependent upon adapting to “AI”, “Millennials”, and “The Internet of Things”, Hiscox has developed an academy that balances the wave of the future with the reliability of the industry’s history. This balance is a reflection of Lloyd’s of London.
I cannot say I know what it was like to be an underwriter twenty years ago when sending a fax was commonplace. In fact, I have never sent a fax before in my life. I have grown up with a cell phone in my hand and the world at my fingertips. A world where instant gratification is not a luxury; it is the only reality I know. As a millennial myself, I can tell you that Lloyd’s ability to meet my ever-evolving needs while maintaining respect for traditions that were developed hundreds of years ago is nothing short of amazing. The buzz inside the Lloyd’s building is inexpressible. Observing the interactions of brokers and underwriters left me with a keen sense of the criticality of relationships and trust in this market. Universities with RMI [risk management and insurance] programs teach us about Lloyd’s, but to gain firsthand experience from the broker’s and the underwriter’s perspective was an invaluable experience.
Constant development in domestic markets, distance, and unfamiliar terminology for our clients in the States creates a challenge for Lloyd’s to stay top of mind. Hiscox defined themselves during our week with them, with Lloyd’s as their centerpiece. They put a spotlight on Lloyd’s being the historical foundation of our industry and on the traditions it still holds today including the unparalleled relationships between broker and underwriter. The Lloyd’s building may seem small now, surrounded by the skyscrapers, but the depth of knowledge in that building towers above the rest.
The Hiscox Binder academy brought twelve people to a foreign country who were not only strangers, but competitors, and created an enjoyable environment that fostered learning, creativity, and even friendship. Hiscox’s leadership and culture was inspiring. Each person’s attitude dripped with the confidence and reassurance of the firm. I believe the greatest benefit the London market has today is the flexibility and courage to take on new and emerging risks. My visit to Hiscox reaffirmed that they are one of the syndicates leading the way. They are willing to take risks and make the sacrifices needed for the benefit of their coverholders, their brokers, and our industry."