As the UK insurance sector navigates a transformative period marked by regulatory shifts, demographic changes, and evolving consumer expectations, few voices carry as much weight as Simon Glairy’s. With decades of experience in insurance and Insurtech, specializing in risk management and AI-driven risk assessment, Simon offers a unique perspective on how brokers and firms can adapt to these challenges while maintaining trust and professionalism. In this interview, we explore the implications of a principles-based regulatory framework, the push for fair-value outcomes, the urgent need to redefine the talent pipeline, and the critical role of skills development in a rapidly changing industry.
How do you view the transition from detailed regulations to a principles-based framework affecting the UK insurance sector?
This shift is a double-edged sword. On one hand, it offers flexibility, allowing firms to innovate without being bogged down by rigid rules. It encourages a focus on outcomes rather than checkboxes, which can foster creativity in how we serve clients. On the other hand, it places a heavier burden on firms to interpret and apply these principles consistently. Without clear guardrails, there’s a risk of inconsistency across the sector, which could undermine trust if not handled with care. It’s a move toward maturity for the industry, but it demands a higher level of accountability and ethical judgment from everyone involved.
What potential risks does this regulatory change pose to the industry’s reputation?
The biggest risk is the perception of a free-for-all. If firms misinterpret or unevenly apply principles, it could lead to practices that prioritize profit over client needs, eroding public confidence. We’ve seen in other sectors how a lack of uniformity can breed skepticism among consumers. For insurance, where trust is already fragile due to the complexity of products, any misstep could amplify dissatisfaction. There’s also the danger of smaller firms struggling to adapt without the resources of larger players, potentially creating a two-tier system that reflects poorly on the sector as a whole.
How can brokers and firms mitigate these risks while still driving innovation and growth?
It starts with embedding a culture of accountability. Firms need to invest in training and tools that help staff understand and apply principles in a way that aligns with client interests. Collaboration with industry bodies to share best practices is key—there’s no need to reinvent the wheel when we can learn from each other. Technology can also play a role; for instance, AI-driven tools can help assess risks and ensure compliance without stifling creativity. Ultimately, it’s about striking a balance—using the flexibility of principles to innovate, but never at the expense of ethical standards.
Can you share a real-world example of what a commitment to fair-value outcomes looks like for insurance brokers?
Absolutely. I’ve seen brokers go beyond just selling a policy by taking the time to deeply understand a client’s needs, even when it means recommending a less expensive product. For instance, a broker working with a small business owner might identify that their current coverage is overkill for their actual risks and suggest a tailored, more cost-effective plan. This builds long-term trust, even if it means a smaller commission in the short term. Fair value isn’t just about price—it’s about ensuring the client feels they’ve received genuine benefit from the relationship.
As the regulatory landscape evolves, how should this commitment to fair value adapt?
It needs to become more proactive. With a principles-based approach, firms can’t wait for regulators to point out gaps—they have to anticipate client needs and societal expectations. This might mean regularly reviewing product offerings to ensure they remain relevant, or using data analytics to spot where clients might be underserved. There’s also a growing need to communicate value transparently, so clients understand what they’re paying for. As regulations shift, the focus should be on embedding fair value into every decision, not just as a response to oversight but as a core business principle.
What challenges are firms facing as senior professionals retire and the talent pipeline tightens?
The loss of institutional knowledge is a huge issue. When seasoned professionals retire, they take decades of experience with them, leaving gaps in expertise that can’t be filled overnight. Firms are struggling to mentor younger staff fast enough to bridge this divide, especially in specialized areas like underwriting or complex risk assessment. There’s also a cultural challenge—newer generations prioritize different things, like work-life balance or purpose-driven roles, and the industry hasn’t always adapted its appeal to match these values. It’s a perfect storm of demographic and expectation shifts.
Why do you think insurance often feels like a career people stumble into rather than actively pursue?
It’s largely a visibility problem. Insurance isn’t seen as glamorous or high-profile compared to fields like tech or finance. Most people don’t grow up dreaming of becoming a broker—they don’t even know what the role entails until they’re in it. Once they’re here, though, they often discover the intellectual challenge and societal impact of the work. The industry has historically relied on word-of-mouth or family connections to draw talent, rather than marketing itself as a dynamic, future-focused career. We’ve got a storytelling issue that needs fixing.
What steps are being taken to make insurance seem more appealing and purpose-driven to potential entrants?
There’s a push to reframe the narrative. We’re highlighting how insurance underpins so much of modern life—protecting businesses, homes, and livelihoods during crises. Initiatives are underway to showcase the role of technology, like AI in risk modeling, to attract tech-savvy individuals who might not have considered this field. Engaging with younger audiences through social media and partnerships with educational institutions also helps. It’s about painting a picture of insurance as a career where you solve real problems and make a tangible difference, not just push paper.
What are some critical skills that current insurance professionals need to develop to stay relevant amidst technological and climate risk challenges?
Technology is a big one—understanding data analytics, AI, and digital tools is no longer optional. These skills help professionals assess risks more accurately and improve client interactions. On the climate front, there’s a growing need for expertise in sustainability and resilience planning, as clients face increasing environmental risks. Soft skills like adaptability and communication are just as crucial, especially as we navigate complex, emotionally charged situations with clients. The modern professional needs a blend of technical know-how and human insight to thrive.
What is your forecast for the future of professionalism in the insurance sector over the next decade?
I’m optimistic, but it won’t be without challenges. I see professionalism becoming a true differentiator—firms that invest in ethical practices, continuous learning, and client-centric approaches will stand out in a crowded market. Technology will play a huge role in enhancing how we deliver services, but it must be paired with a renewed focus on integrity and empathy, especially as consumer expectations rise. If we can balance innovation with trust, the sector could emerge stronger, more respected, and better equipped to handle whatever comes next. I believe the next decade will be about proving that insurance isn’t just a necessity—it’s a profession of value and impact.
