I am so pleased to write the inaugural edition of the Skyward Specialty blog, Horizons. Having taken a moment to think about topics that would fit, I quickly concluded that simply reflecting on this moment for our industry and our Company would make a great launch point for our first blog entry.
For the better part of 35 years, I have worked primarily in London and the US in the property and casualty industry. During this time, I have run a major management consultancy insurance practice, a specialty division for a diversified insurer, an Insurtech company, have been a board member of both public and private insurers, and, of course, now as CEO of Skyward Specialty. Yet, as we start the new year, I can only think about how this moment is the most dynamic and unique period for our industry, my career, and our Company since its founding.
We have witnessed a fundamental change in the distribution landscape in recent years, given massive consolidation in retail and wholesale brokerages driven by attractive economics, investor interest, and cheap debt. Simultaneously, we have seen a deconstruction of the traditional insurance company structure into MGAs, new forms of permanent and temporary capital, and greater direct involvement of capital markets in providing risk capital. Meanwhile, customer needs are changing given the cost of risk (going up) and increased diversity of risk (financial, social, climate, geopolitical, other) that altogether form an industry and market landscape that is very different compared to even 10 years ago.
“Our commitment extends beyond merely transferring risk. It involves consistently innovating and creating better solutions year-over-year with the simple purpose of providing affordable protection against the potential financial loss our customers may experience.”
And, of course, technology will, without a doubt, fundamentally change our industry (hello, generative AI). Changes, such as the types of risks we can measure, price and address, the design of products (e.g. continuous vs episodic), the approach to risk management and risk mitigation, and, of course, cost to deliver and ease of use of solutions to our customers and distribution partners.
As a significant employer in the US and given our industry's role in transferring risk, we have an outsized responsibility to make the communities in which we live and work a better place. Our commitment extends beyond merely transferring risk. It involves consistently innovating and creating better solutions year-over-year with the simple purpose of providing affordable protection against the potential financial loss our customers may experience. We strive to not only secure economic well-being but also actively contribute to the improvement of the communities we call home.
In the posts that follow, which will be written by my colleagues, our trading partners, and customers (but not with a GPT 😉), we will share how we as a Company are leading in response to these changes. More specifically, how we are earning a preferred position with our distribution partners and delivering products and solutions to allow our customers to transfer risk to a safer place. We, like others, are working hard every day to be better than the day before, and the progress we are making is promising, and we believe worth sharing.
- In our A&H division, we use big data and AI-driven predictive analytics to help our customers and distribution partners quantify the benefits of moving from a guaranteed cost solution to our self-insured solution that leverages our unique approaches to medical cost management.
- Our Industry Solutions division delivered our SkyDrive technology for real-time information to drivers and risk managers so risky driving behaviors and fleet risk can be proactively eliminated.
- In Professional Liability, we make our clients and distributors more efficient by delivering renewal coverage through predictive analytics so our clients can remain focused on their business.
- We focus on investments that will lead to more of these sorts of positive changes for our trading partners and customers - whether it be new product launches in agriculture supporting the need for sustainable foodstuffs, our new surety offering to serve the small business (administration) market, or our alternative energy captive.
- Beyond investments in products and solutions, we invest significantly in our team of more than 500. The resulting compassionate culture we've created is being recognized across the industry, including as a "Best Places to Work in Insurance for 2023" by Business Insurance, one of the "Elite 50 Internships" by Rise Professionals, and a "5-Star Winner 2023 - Professional Liability Provider" by Insurance Business America.
- Fundamental to the changes we are driving is our investment in technology, which is also being recognized in the industry - by Datos Insights, where SkyVUETM, our proprietary underwriting platform, was awarded the Insurance Technology Impact Award, and SkyDriveTM was named an Insurance Innovator by PropertyCasualty360.
- In the three and a half years since I joined the Company, our employees and the Skyward Foundation have raised more than $420,000 for the organizations and causes important to the communities in which we work and live, and in this past year, 130 of our employees volunteered across six different Company events in addition to their personal time committed to charities.
Amid the most interesting and dynamic period in our industry, I am confident Skyward Specialty will stand out as a driving force, pushing boundaries, spearheading initiatives to better serve our customers, strengthen partnerships, support our workforce, and positively impact the communities where we operate.
“As we start the new year, I can only think about how this moment is the most dynamic and unique period for our industry, my career, and our Company since its founding.”
And here, through our blog, we will provide a place to learn about the incredible real-world experiences, perspectives, successes, and challenges we face through this transformational time. Thanks in advance for taking the time to stay connected.
