My name is Tim Jaggs. ‘You should get out more’ is advice that has been thrown at me so often, I finally decided to take the hint…
First, I use it as my blogging home.
Second, I have just moved to Canada – from the UK. I used to work in the Lloyd’s of London insurance market – for nearly 30 years; I now work for Integro in Vancouver.
I have set this blog up so you can see all that I witter on about or just the bits you find interesting.
In Live I talk about our daily lives in our wonderful new home here in Canada.
In Work I talk about what I do.
I help entities – those for whom liability insurance or reinsurance is key to how they manage risk – make solid contractual and personal relationships with their insurers or reinsurers. The liabilities might change, as can the type and size of entity, but reliable liability protection is always really important to them.
I have worked in the Lloyd’s insurance market for 30 years. When I have been able to choose, I have always preferred working on unusual, hard to place or distressed situations. My specialties are: Professional Liability, Directors’ & Officers’ Liability, Financial Institutions, Employment Practices Liability, Sexual Misconduct Liability, Information and Cyber Risks, General Liability and Crime
If this sounds like a lot, it is but in addition to reflecting 30 years experience, it also represents the diversity of what has been important to the entities I have been lucky enough to work with.
Insurance user manual is essentially a glossary aimed at helping people make better insurance decisions by explaining some of the choices that are available in different areas of coverage. I put this together for two reasons.
First, I hope people will like what I say and ask me to help them with insurance consulting.
Second, in my day job, I tend to broke unusual and hard to place liability risks – maybe because the coverage is new, the structure unusual or the class distressed. Doing this kind of work, I have found that too many insurance buyers are confused about either core insurance concepts or about the choices that are usually available to them – and which their insurer or broker often decide for them – not always to the buyers advantage.
Now, it is fair to say that every profession – at least as far as I’ve been able to tell – uses its own particular jargon. Some admit they use it to confuse others, some concede jargon gives a better impression of competence and some are quite clear jargon protects their particular specialty with high learning barriers to entry.
I’m not sure if this behaviour is really acceptable in any professional and, to be fair I should acknowledge that the best professionals I have worked with have always sought to ensure their customers clearly understand the advice they are being given. That said however, I think it is of particular importance in insurance, that buyers have a very clear understanding of the nature of the product they are or are not buying. There is absolutely no point in buying a promise from a third party – the essence of the insurance contract – if the buyer is uncertain about the promise they have bought or worse, if the buyer’s lack of knowledge leads to genuine uncertainty over whether the promise can be met.
The purpose of this user manual is therefore to try to inform buyers about what they are being offered, what some of their options might be and which questions they might want to think about asking, to see what makes sense in their specific situations. Clearly, I can’t possibly know what each reader’s specific situation is. The advice here is therefore necessarily extremely general; you must seek the advice of an insurance broker to pick through what is and is not relevant to you. Naturally, if you would like to call me, I should be delighted to try to assist!
The user manual takes two forms;
1) there is a lexicon of insurance terms.
2) there are occasional blog posts, where I will discuss examples of the choices my customers have made in different situations in the past, in the hope that any similarities are helpful to new buyers.
Insurance 2.0 is why I really need to get out more. Let me start by saying this is very much ‘work in progress’.
The idea is simple; the application, not so much…
Insurance is one way of managing uncertainty; uncertainty arises out of a lack of information. So, insurance helps compensate for lacking information. Information is becoming ever more abundant and available. How will insurance change to accommodate an abundance of information?
Insurance 2.0 is where I speculate about this.
Please note that all the comments, opinions and whatever else I post on this site are mine and my responsibility alone, not those of my employer.
Thanks for stopping by.
You can also find an abbreviated version of this “about me” here: http://timjaggs.brandyourself.com/