1. Date:27 th September 2004 Prepared by:Charlotte Warr The Future of Hull insurance – is there going to be anyone there who knows the sharp end from the blunt end?

2. Why go into Insurance Anyway? Deliberate act or accident of fortune? Other city options? Vocation? Insurance as a degree offered by only one college in England as a main subject and another seven as part of a financial degree. Can graduates be more trouble than they are worth?

3. Claims v Placing – The eternal divide Perception of claims as being the second class citizens. Need for recognition of claims personnel's value to insurers. Money and status.

4. Once we get new blood, then what? Learning by trial and error Training –Formal –Informal

5. Trial and error, or the osmosis method Historic method of sitting next to underwriter for years. Little or no practical exposure to the risks themselves. Success dependant on quality mentors Very time consuming – no time factored in to business plans Difficult to measure progress Unnerves regulators and compliance officers – FSA

6. Formal Training Relevant legal and technical courses and seminars. Professional examinations –CII –CILA –AAA

7. CII Marine Exams Rarely entered for Only 3 out of 46 possible options Why are individuals working in marine market taking irrelevant exams? Choice made on thickness of the book Is it all made too politically correct?

8. Marine Exams…

10. What do other markets do? Canada –5 compulsory –3 applied professional (including ‘practical issues in claims management) –3 marine papers offered Australia and New Zealand –5 compulsory –4 optional, claims and underwriting from 2 out of marine, liability, commercial, personal lines and statutory

11. South Africa –No marine papers offered at all USA –Associate in claims has no marine papers –Associate in Marine insurance management 4 compulsory courses and 2 optional Other markets, continued…

12. Practical exposure to the actual subject matter of insurance. Who has actually sailed on board a cargo ship ? Recognise the value of senior people and make time in their work days to allow training of younger staff Work within regulatory and compliance ‘corsets’ to allow younger personnel as much exposure to complex matters as possible Informal Training

13. Looking Forward Ongoing need for adequately qualified and trained personnel. Recruit mariners/engineers as claims personnel. Claims remains the shop window for all insurers – their behaviour and response is ultimately what the client will measure the insurer on. Market becoming totally reliant on external experts as internal knowledge reduces?