While others have taken the limelight on reforms to Solvency II, Tim Harris, group finance director at Royal London, has been busy working in the background. In August 2016, he joined the Association of British Insurers' board and became chair of its Prudential, Financial & Taxation Committee, responsible for developing the strategic direction on prudential regulation, financial reporting and taxation matters. In the past year, this has included leading development of the ABI response to the Treasury Select Committee inquiry into Solvency II. He also serves on the Institute of Chartered Accountants in England and Wales' insurance committee and the Prudential Regulation Authority practitioners panel.
What do you enjoy most about your job?
At Royal London I love leading a team of immensely talented accountants, actuaries and lawyers to support the business in our ongoing success, responding to the rapidly changing commercial and regulatory environment. At the ABI I enjoy working with my peers in the industry on a wide range of regulatory, financial reporting and tax issues that make a real difference to the way the industry serves its customers.
Who or what has had the largest influence on your work?
The colleagues and bosses who have inspired me and taken the time to develop me throughout my career, because they demonstrated confidence in me and cared. I've been extraordinarily fortunate to work for and with some great people in professional practice and the industry and I'm fortunate that continues both at the ABI and at Royal London.
What is the biggest issue you are dealing with right now?
It's clear that the risk margin construct in Solvency II doesn't work as intended, especially in very low interest rate environments, and the industry is keen to work with the regulators to sort the shortcomings out. At Royal London we are preparing for internal model approval, which has involved a wholesale replacement of all our finance and actuarial systems.
How do you expect the insurance business to evolve in the coming years?
We will find a way for technology to enable the industry to serve customers in a better, fairer way, contributing to resolving the massive savings and protection gap that still overhangs us all. Society desperately needs a sympathetic regulatory and tax environment that helps this happen.
What interests do you have outside work?
Spending time with my family and friends, watching my son play rugby, theatre and concerts, supporting Everton and Derby County, and spending quality time at our holiday cottage near Loch Tay in the Highlands.
