Jul 29, 2020
Dame Inga Beale has over 38 years of experience in the global financial services sector and she was awarded Damehood in 2017 for her services to the UK economy during her five-year tenure as CEO of Lloyd’s of London, which was her final executive role. In this episode, Dame Inga shares her love for the insurance industry and what insurance companies need to do differently to stay ahead of the curve and best navigate the challenging risks ahead.
Key Takeaways
- Dame Inga shares a bit about her background and how she found the insurance industry.
- As Dame Inga started her career, she had the opportunity to travel and experience different cultures. There is so much beauty in working with and understanding other cultures in business.
- Dame Inga still doesn’t see a lot of women in leadership roles. It feels like we’re making progress by talking about it, but the women just aren’t there.
- COVID-19 has helped us embrace technology.
- People have a preconceived notion of what insurance is, so it’s important we tell the story in a very positive way because insurance is there to help put people’s lives back together.
- People at Lloyds were very fearful of losing their jobs with the incorporation of new technology. When Dame Inga discovered this, she brought in active participation from the team so that everyone could see the benefits of the change.
- There will be a technology push. Insurance needs to keep up or else we’ll be failing dramatically.
- News of a pandemic was not new. We knew it could be a possibility, but we didn’t do anything about it to prepare for it!
- What does Dame Inga look for when considering to join and consult for an organization?
- We have to keep moving forward!
- What does Dame Inga wish she had known before getting started?
Keep Getting Better
Quotes
“People have a vision of what insurance is like, but when they understand a bit more about the social purpose, how it puts people’s lives back together whenever something goes wrong, then they realize what an important part of the global economy insurance is.”
“We’ve got to get on top of this. We’ve got to get our arms around all these new risks out there, and make sure we’re providing what the clients need. Because if we’re not, we’re going to be failing dramatically.”
“We have to keep moving forward. I don’t want the insurance industry to be stuck in the past and left behind. We must make sure we keep modernizing.”