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Profile: Paul Richmond of Price Forbes

LM TOM is helping to drive modernisation in the London Market through its Innovation Exchange which educates practitioners on the opportunities that new technology can provide to their businesses. Paul Richmond, Director, Business Change Manager at Price Forbes, is a member of the Innovation Exchange’s Shadow Council*. He talks about his passion for innovation and insurance.

How long have you been working in the insurance industry?

I have been working within the insurance sector for over eight years.

What interests you about innovation?

As my job title suggests, I’m a big advocate of change. Innovation challenges the status quo of a process, it provides opportunities for development in all areas of the supply chain and drives forward-looking processes.

What do you consider to be the most exciting InsurTech business today?

I deal with a number of technology vendors that are looking to deal with changes that I’m sure most of the market will be facing.

One firm, in particular, that stands out is WhiteSpace Software. This firm is really nimble, has a great attitude to innovation, is quick to produce a proof of concept and always focusses on quicker, easier transactions for the market.

Why did you join the Innovation Shadow Council?

It was a way to grow my network and leverage the thoughts of the many instead of just my own.

Being the only change-focussed member of Price Forbes, it allows me to build a support network as I evolve our internal innovation culture.

Is there anything you’re working on with an innovation focus that you can share?

I’ve recently worked on bringing together the first innovation group within Price Forbes. I am very excited to see what ideas come from the firm’s new Think Tank and what direction the group begins to take.

Among the standard areas of digital transformation and reporting, I’m particularly interested in e-enabling any processes where we see manual intervention across different departments.

What are your predictions for change for 2017 in the London Market?

I think the LM TOM is tackling some fantastic initiatives. For me, what’s really exciting for this year and the next is the ‘big data’** piece and our approach to this within insurance.

Big data brings incredible opportunity to the client, broker and carrier. However, there will need to be some serious thought put into the management of such huge volumes of data, plus smarter dialogue between parties if we are to truly leverage its potential.

* The Innovation Shadow Council is a subsidiary of the Innovation Council. Developed for young insurance professionals, it looks at new ideas and solutions to deliver to the London Market to benefit all stakeholders. The Innovation Shadow Council also offers networking opportunities, professional support and evaluates and makes recommendations for proof of concept considerations to the Innovation Council. Contact sebastian.dezulueta@lmtom.london for more information.

** Big data is high volume data that can be mined and analysed to reveal patterns, trends and associations for business gains.