Series 1: Episode 5 – The impact of the current economic and political climate on our industry

Sarah talks to Michael Yabantu and Chris Andrews about how the recent political and economic turmoil is impacting the insurance industry and how we continue to support customers through difficult times. This includes the war in Ukraine, effects of Covid-19, inflation, cost of energy and Brexit which are all interconnected.
Sarah, Michael & Chris
Key Takeaways
  • The rise in underinsurance due to inflation and customers struggling to justify extra costs.

  • How technology has positively impacted the customer journey.

  • Ways in which insurers and brokers can work together to support customers through difficult times.

  • What the next few years could look like for the insurance industry.

Quotes of the Episode

“So if you think back to COVID it was very difficult to see each other face to face and I think that accelerated the use of technology. What we’re now seeing as we’ve emerged from that environment is the desire to blend technology, to have less friction so that we can deal with simple things as quickly as possible and more self service capabilities where customers or brokers can do things for themselves. Meaning the conversations and the time we spend together is focused on high priorities.” Michael Yabantu, Aviva

“We’ve done our own research and we estimate that 50% of UK businesses are underinsured to some degree. That’s a that’s a huge number when you consider just our portfolio but think about the industry. We started our own campaign on under insurance last year to help brokers communicate to customers why it’s important to have the correct level of cover in place.” Chris Andrews, Aviva

About the guests

Michael Yabantu – Director of Mid-Market, Commercial Schemes & Regional Specialty. 

Been in the insurance industry for 23 years.  Joined Aviva in February 2018 and operating across a number of roles before taking up current role in 2022.  Current role includes overall responsibility for all our commercially underwritten business with brokers across our UK Regions. 

Chris Andrews – Director of Risk Management Solutions, Aviva

With 28 years in the insurance industry Chris is responsible for the risk management and prevention services across Commercial Lines in the UK, leading a team of over 130 Consultants to deliver an innovative and solution orientated approach to meet our client’s risk management needs.

About the Host

Sarah Myerscough is the Sales and Marketing Director of Boston Tullis Group. The founder of The Insurance Brokers Podcast, she brings a wealth of experience and a fresh perspective on communication in the insurance sector. Boston Tullis works with insurance professionals to build effective communication both internally and externally through podcasting, event reporting, videography, and internal communications facilitation.


The BIBA Pod
The BIBA Pod
Series 1: Episode 5 – The impact of the current economic and political climate on our industry
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