Argo Group

Excitement– and even consternation – about change are never far from the minds (andboardrooms) of the insurance sector these days. There’s some justification forthis. Although the industry has existed in an almost constant state of changethroughout my insurance career, and long before I joined the industry in theearly 1990s, the nature of change is different today. It now centres ontechnology: automation, digitalisation, artificial intelligence, and other newenablers  that demand a different type ofchange  from that we are used tomanaging.

These newtechnologies and ways of doing business make this a time when insurers need tobe clear about their core capabilities. The days when companies can succeed asmultiline carriers that cover everything through multiple distribution channelsin scores of geographies have ended. Even the largest players now recognisethat focus is key. And insurers and brokers that fail to react by makingselective, wise investments in technologies that support their key strengthswill struggle for survival. Argo Group’s international focus is managing ourclients’ commercial speciality risks. Those risks are changing with the newtechnological environment. Brokers and clients need to understand the emergentrisks confronting businesses, and be willing to engage actively with insurers,in a tripartite way, to ensure the right solutions are put in place to dealthose risks.

Argo isultimately all about helping to ensure the companies we insure remain inbusiness. We do that by providing them with security and certainty. 

To achievethat, we require a depth of partnership that allows us to understand thedirection of each client’s business and the industries in which they operate.That allows us to identify and pre-empt the risks which stand before them. Ourcore capabilities lie not in transactional relationships, but in the depth andsubstance we are able to garner from regular and meaningful dialogue. Wepossess a great depth of underwriting knowledge and skill and have seenmultiple scenarios play out in various industries. When tripartite relationshipsare strong, we are able to apply that experience to clients’ benefit.Relationship management involving a regularmeeting of minds between brokers, clients, and ourselves is essential. Talentacquisition is key to ensuring our own success, and to supporting that of ourclients in the changing insurance and risk environments. Across our industry’svalue chain, demand for highly  skilledprofessionals is greater than  ever. Inall the jurisdictions in which we operate around the world we willcontinue  to engage individuals withsubject mastery. Doing so is one of the core priorities for Argo’sinternational business, which has achieved significant scale in the past three yearsor so, and now accounts for about half of Argo Group’s total gross writtenpremium. That achievement results largely from our investment in people who possess an outstandingunderstanding  of their speciality.

Our primaryfocus is around providing  insurance inclasses including professional  linesliability, accident and health, marine and energy, property, and, in some markets, surety. We will remainfocused on building our leadership position internationally in these lines.Technology will be essential. Argo Group has achieved notable success byintroducing proprietary digital solutions in many markets, for example withProtector in Latin America and Argo Pro in the U.S.  These web platforms allow brokers to arrangeinsurance cover digitally, from their desktops. We look to introduce similarsolutions internationally in the future. Behind the scenes we are deploying thelatest technology to reduce frictional costs.

Of course,technology will never be a magic bullet. Before joining Argo Group I spentnearly ten years at AIG. It was there I learned the critical importance ofcollaboration, especially in an organisation operating in multipleinternational locations. Achieving ambitious targets and ideal outcomes demandsthe support of a large number of people. As Argo continues to grow and becomesa significant international player, we must all recognise how important it isto work together, and so avoid a silo mentality. This applies as much toworking with brokers and clients as it does to internal operations: the bestresults are reached by pursuing them together. Equally important for aninternational business, and another lesson from my earliercareer, is the importance of understanding cultural differences.

I havelived and worked in eight different countries, which has taught me the starkreality that one size will never come close to fitting all. Culturalsensitivity - understanding the broader political and economic affairs, as wellas the local nuances of doing business and engaging in interpersonalinteraction – is critical to success in all markets. As we build Argo’s andeconomic affairs, as well as the local nuances of doing business and engagingin interpersonal interaction – is critical to success in all markets. As webuild Argo’s Finally, the leadership we seek in our niches of the ever-changing insurance sector requires awillingness  to get our heads above theparapet.  Only by looking intently willwe discover the true, locally led opportunities that will lead us to profitablegrowth, empower brokers with exciting new products, and bring new and valuablesolutions to businesses and other enterprises around the world.