Reinsurance Q&A: Empowered People

The reinsurance industry has experienced unprecedented consolidation over the past few years. And with that, a seismic shift in talent—some notably to Lockton Re. One of the key things that differentiates Lockton Re from the competition, is our people. So we sat down for a conversation with two of them—Carla Moffett, a divisional leader based in London, and Jessica Wassail, a relative newcomer based in Philadelphia, PA—to get a better perspective of the unique culture at Lockton Re.

Hi Carla and Jessica! Thanks for talking with us about Lockton Re. Can you start us off with a quick rundown of how you both came to join the practice?

Carla: I had been working for a large publicly traded broking house for 16 years with many smart and driven individuals in a variety of roles, which was a great place to form the early stages of my career. And I did have a sense of trepidation when I left that platform to join Lockton back in 2012. Indeed, my first six months were challenging; as I did not realize how ‘institutionalized’ I had become working for such a large corporation!

But once I was able to shake off the old ways of thinking and to open my mind to new ways of doing things, my working life entered into an entirely new phase. I’ve had the best opportunities to work alongside like-minded individuals who genuinely care about each other and the clients we support. I think this freedom to focus on what really matters translates into a different proposition to our clients and prospects. It feels good. As a result, I would like to think that this genuine care and passion is reflected in our work.

Jessica: I started my career as a reinsurance broker, then shifted into analytics sales on the insurance side. When I left reinsurance broking, I wasn’t sure I would ever come back to it. But it was the promise of something different that lured me back, and so far, that promise holds true.

One thing that stands out to me about my experience at Lockton Re this past year is that my colleagues have trusted me to take on real responsibility to further business goals. When I look back on my prior experience that wasn’t always the case. There was a more rigid hierarchy, certainly more layers of management, and any real influence or impact could only be small.

To me, being a leader means seeing opportunities for improvement and finding creative solutions to challenges big and small. At Lockton Re, I have the power not only to identify those opportunities, but also to implement solutions whether I’m working on a client project, building a talent pipeline, or helping design the next module of our analytics platform.

We are not striving to be another broker doing things the way they have always been done. We are pushing the boundaries of how decisions are made because we think there is a better way.

– Jessica Wassail

How do you think Lockton Re is different from other reinsurance brokers?

Jessica: Some might say our size puts us at a disadvantage relative to the resources other brokers can bring. But it’s our size and flexibility that allows us to punch above our weight. We are not striving to be another broker doing things the way they have always been done. We are pushing the boundaries of how decisions are made because we think there is a better way. Being small allows us to move more nimbly than other brokers. We are not burdened by legacy systems which means we have the freedom and flexibility to develop next generation analytics tools that allow clients to make decisions faster and smarter. And we think that’s what matters.

Carla: I am a strong believer in ‘doing the right thing’; the DNA of our Lockton culture is grounded in this principle and really means something and inspires us in our commitment to our clients, each other and our communities. There is something that genuinely feels different in our approach. There are different business models for a broking entity—but what we offer is unique. We are all focused on providing a truly collaborative offering to our clients. Unencumbered by quarterly earnings pressure, we are free to deliver the best and most creative solutions.

We are all focused on providing a truly collaborative offering to our clients. Unencumbered by quarterly earnings pressure, we are free to deliver the best and most creative solutions.

– Carla Moffett

Lockton Re describes its employees as ‘empowered people.’ Can you explain what this means?

Carla: Absolutely! In both senses of the word! Not only do we all have the ability to get things done without tiers of bureaucracy and unnecessary ‘red tape’ we are all encouraged to have the strength of character to use our voice, to challenge each other, to have an opinion and to not be afraid to challenge the status quo. This doesn’t mean that we are critical of each other. We listen, we care and we take on board the thoughts of others in our work.

Jessica: Empowered people get results. They work harder and can be more creative. Rather than feeling like cogs in a machine, empowered people find ways to improve their companies and themselves for the benefit of their clients. They are more engaged, and more effective as a result. At Lockton Re, empowering our people means we are more responsive to client needs and can move more quickly to meet our clients where they are.

When we each have a voice and when we challenge each other it ensures a robust, thoughtful approach to our work.

– Carla Moffett

How does this culture of empowerment benefit reinsurance clients?

Carla: When we each have a voice and when we challenge each other it ensures a robust, thoughtful approach to our work. We can work together bringing our technical expertise to solve our clients’ problems. We can connect in with our colleagues who may work in different practices or geographies and who are willing to help each other out in the desire to create a genuinely considered proposition to our clients and prospects.

From a ‘softer’ perspective, we are also free to create new partnerships and relationships with our clients that transcend the ‘transactional’. Our focus on working in collaboration with our clients in more profound ways also allows us to create the opportunity for more meaningful debate and discourse. We enjoy the chance of working with our clients to challenge the way we think about our industry. It is only by having these discussions that we can genuinely move the dial and allow for new ways of thinking and approaching the business.

How does Lockton Re approach assembling a team for a new client?

Jessica: We focus first and foremost on what makes sense for the client. If there are existing relationships, we preserve those (where possible) and then build a talented team around those relationships based on expertise and client needs. We strive to create teams with diverse experiences to bring the best ideas to our clients.

Carla: Everybody wants to have the ability to work with people they trust and respect. That is no different with our clients. They want to feel that we’re working on their behalf, with genuine team spirit in order to get the job done.

Please note that our logo is Lockton Re; our regulated entity is Lockton Re, LLC in the USA.

This publication is for the benefit of clients and prospective clients of Lockton Re. It is intended only to highlight general issues that may be of interest in relation to the subject matter and does not necessarily deal with every important topic nor cover every aspect of the topics with which it deals. The information and opinions contained in this publication may change without notice at any time. If you intend to take any action or make any decision on the basis of the content of this publication, you should first seek specific professional advice and verify its content. Lockton Re specifically disclaims any express or implied warranty, including but not limited to implied warranties of satisfactory quality or fitness for a particular purpose, with regard to the content of this publication. Lockton Re shall not be liable for any loss or damage (whether direct, indirect, special, incidental, consequential or otherwise) arising from or related to any use of the contents of this publication. Lockton Re is a trading name and logo of various Lockton reinsurance broking entities and divisions globally and any services provided to clients by Lockton Re may be through one or more of Lockton’s regulated businesses.

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