fastTrack members benefit from two-day training at RSA
As part of Airmic’s 2014 fastTrack series, RSA recently held a successful two-day event for 13 up-and-coming insurance and risk managers. The experience provided insight into what it is like to look at a risk from an insurer’s perspective and how the information provided to insurers is used.
The two-day training centred around RSA’s experience of insuring large construction and operational risks using the London Olympics as the main case study. Day 1 saw the delegates receive training on core principles from experts in the Insurer’s Liability, Construction and Property teams. The underwriters and risk consultants then discussed with delegates how they perceive risks and how additional information drives decisions.
“The content challenged my current understanding of certain technical aspects as well as provided new knowledge.” Joseph Tunstall, FirstGroup
Day 2 kicked off at the Olympic Park where delegates were taken up the ArcelorMittal Orbit to assess the surrounding area and to give them an idea of the vast scale of the project. Then they walked around the Olympic Park stopping at the VeloPark and the Aquatics Centre along the way to imagine what the risks were from the insurer’s point of view.
Back at RSA’s offices in 20 Fenchurch Street, delegates were given an hour to collate their thoughts from the morning, followed by a presentation back to senior underwriters on what they perceived the main risks to be and how this would affect their decisions if they were asked to underwrite the Olympics. The presentations were delivered to a high standard, clearly demonstrating the level of knowledge gained over the first part of the programme. Senior underwriters then provided the delegates with feedback detailing their thoughts on the risk.
While it felt like a short amount of time to deliver such a vast amount of content, the delegates left with a deeper understanding of the underwriting process and how the information they provide fits into the equation. The feedback was outstanding across the board, and demonstrated both the quality of the event and the engagement of the delegates.
“A very educational programme and done in a very professional manner. The hospitality was fantastic too, so thank you.” Pushpa Chudasama, Transport for London
“Thank you to RSA and the team who had obviously put a lot of time and effort into constructing these two days. I think that the structure of the sessions worked well, with the various work streams (Property, Casualty, BI etc.) all being reviewed in more detail but still focused around the key theme and case study of the Olympics to help solidify the key points into a real life example.”
Hayley Schneider, Canterbury Church University
“I think it was a good mix of instruction, discussion and work groups. I liked the informal setting, in that you were not "put on the spot" but could chip in with ideas and questions. I came away feeling like I had learnt something new and had more understanding of underwriting information and why it is required.” Frances Cresswell, Jaguar Land Rover
"I found the programme informative and challenging and I gained a greater understanding of what underwriters require from me as a client. The RSA team did an excellent job sharing their experience with us and I hope to take part in another programme in the future." Kim McManus, SSE
fastTrack was set up earlier this year to support Airmic members early in their careers, as well as more experienced practitioners who have recently acquired risk management or insurance-buying responsibilities. For information about joining, contact Georgina Wainwright, georgina.wainwright@airmic.co.uk