With the UK preparing to leave the EU, UK insurers have arguably never faced a more confused mix of threat and opportunity. Threat to European market access but also an opportunity to change European rules.
One person that has had and will continue to have a big influence on the future direction of the UK's rule making for insurers is Steven Findlay, head of prudential regulation at the Association of British Insurers. He has contributed extensively to the Treasury Select Committee's inquiry into Solvency II regulation, pushing particularly hard for reform to the risk margin which has in some cases doubled UK insurers' capital requirements.
What do you enjoy most about your job?
The diversity of the issues I get to work on and people I get to work with – every day brings new challenges which I get to work on with smart people in my organisation and across industry, government, regulators and consultancies. Making a difference by helping an ABI member, or seeing a change made to legislation or regulation, counts as a good day.
The UK insurance sector offers piece of mind to millions of people and businesses every day – it's a societal good and it is satisfying to play a small part in it as an advocate for the sector.
Who or what has had the largest influence on your work?
My time as a management consultant has had a large influence on how I structure and deliver my work. My time as a leader in student politics has had a large influence on how I try to effect change.
Tony Blair's advice has always struck a chord with me too: Never lose your sense of humour or your sense of perspective.
What is the biggest issue you are dealing with right now?
From a UK policy perspective, Brexit is all encompassing. What will it mean for the future of UK prudential regulation? For the evolution of Solvency II in the EU? For market access between the UK and EU? For financial reporting standards in the UK? For financial stability?
How do you expect the insurance business to evolve in the coming years?
Last year I put a wager on Remain and on Hillary Clinton, so should probably get out of the prediction business. But I'm excited about the potential of ideas like InsurTech, autonomous vehicles and big data, and how these will shape our industry into the future.
What interests do you have outside work?
Running half marathons, trekking up mountains, sailing around the Mediterranean, listening to podcasts are just some. Edinburgh during August is my favourite place and time of the year – soaking up all the Fringe has to offer.
