CEO Brad Irick puts TMK in “winners” corner
TMK’s CEO Brad Irick says there will be winners and losers during these “challenging and turbulent” times, but is confident TMK will be one of the former.
In an interview with The Insurer TV, Irick said he cannot remember a year in recent times that has been sans turbulence in some shape or form.
“But it almost forms the basis for the purpose of the reasons why we exist. And, the thing that I focus on is, are we able to understand those issues? Do we have smart people able to address those things and be able to adapt to those changing times?”
“We think we have the right kind of people in place and the right skills within the company to adapt,” he continued.
“I think, hopefully other companies do too, but [...] there's always winners and losers in that - we'd like to think that we'll be one of the winners.”
Turning to TMK’s successful track record in claims, Irick said claims “defines your purpose as an insurance company”.
“The claims side is the fundamental and core part of serving your clients”, he said, citing Robert Kiln’s saying: "Always look for a reason to pay a claim."
This sentiment formed the basis and value of the company from the beginning, but still rings true today; “even before my time - with Kiln there was just a dedicated purpose to focusing on really delivering on the claims' side and for our clients. And, I think, that's paid dividends.”
Another way TMK aims to set itself apart from its peers is through the group’s use of technology, the focus of which has been “mostly around data and analytics”.
Specifically, Irick explains, in relation to “how to harness data, and then how to use it to be decision-useful, ultimately to get information into our underwriters to increase our odds of making an underwriting profit with the information that we had”.
TMK are keen to future proof themselves, working closely with the "Future at Lloyds" initiative on projects which will allow data to “flow through the system quicker”, in turn allowing for faster access to data which will enable faster decisions as trends emerge.
Irick’s vision for TMK over the next 10 years is one of sustainability.
“You really want to be thinking about creating a company that is sustainable, to ensure we'll be around for another 60-100 plus years into the future,” he said.
He hopes TMK will “continue to be viewed as an innovative player in the marketplace”. To do so, he said consistent profitability will be essential, and reverted back to TMK’s mantra in delivering on their purpose to clients.
“I also want us to be part of the solution when it comes to some of the major challenges facing the world today, including climate.”
He concluded: “The industry is sometimes seen as a bit of a laggard when dealing with [climate], but I believe we are moving towards going to the front of the table and being part of the solution, as opposed to being part of the past.”
Watch the 8-minute video interview with Brad Irick by clicking on the video at the top of the page