Senior Profiles
Head of Technical Services – BIBA
The man behind key decisions and influencing those in the insurance industry and within parliament, Peter Staddon, Head of Technical Services, ACII, ACMI, Chartered Insurance Broker, reflects on his 37 years within the industry.
“Nothing in the UK is transported without it being kissed by insurance.”
Warmly greeting me by the lift at the top of the BIBA building at Aldgate, Peter Staddon is every inch the client friendly face. Tall, unimposing with a firm handshake, he chats away animatedly, barely gasping for breath. After all, he does have a great deal of knowledge to impart with almost 40 years experience within the insurance industry.
Early seventies
1971, at the tender age of 16, the youngest of four, Peter recalls venturing out into the workplace, accompanied, unusually, by his mother.
“At that time, getting a job was very different, you could work your way into industry with minimal qualifications. The opportunity to go to university was not there so off I went out into the workplace. I remember celebrating my first job by heading off to London Zoo with the family, quite funny to recall,” he grins.
“My first interview was with Seascope with a guy called Tony Harris at Ibex House. I headed to the fourth floor with very little idea of who they were and they were clueless as to who I was.
Speaking fondly of the late Tony Harris, a key mentor, later in the interview, it is clear the passion for insurance set its seeds the very day Staddon stepped foot into the offices. Learning the ropes as a school leaver, a natural intrigue for policy was present and the chance to become an active part of the business to find solutions beckoned the eager school leaver.
The passion instilled within his mentors was disseminated through to Staddon, who digested every bit of information he could.
“I started from the bottom and took material home to read, I learnt about policies, clauses and I filled in those gaps in my knowledge,” he recalls.
Forging his career in marine insurance, Staddon was often required to help insure clients’ other property.
“One of my clients had a necklace worth £3.6m. In my entire time at Seascope, that necklace only came out of the bank once and it was because the particular lady was going to a function with Princess Margaret. I remember waking up an underwriter on a Friday afternoon at 3.30 and he politely told me to go away because he’d had a very good lunch and was dozing gently.”
Steep learning curves
After a good 15 years with Seascope, Staddon felt the urge to move on and joined Edward Lumley (now part of Aon Consulting) in 1986, then onto Heaths in 1991. Expanding his depth of knowledge over the years, Staddon has worked in all areas of general insurance as well as taking on professional qualifications, which he views as crucial in his development.
“I am continually developing myself and have gained chartered status. My work is to push the insurance industry so I constantly need to keep abreast of current issues which affect the market. I am currently taking a qualification in Islamic Finance. I have always said "the more I’ve learnt, the less I know!”
Peter Staddon has been Head of Technical Services at BIBA- British Insurance Brokers’ Association for almost five years. Nowadays, he works closely with the CEO Eric Galbraith, in providing a service to members, he describes his role as multi-faceted, using his knowledge on existing systems and changing law. So what does a typical day in the office embody?
“Coming from Upminister in the morning, I arrive into the office around 8am and typically leave around 5.30. But my days, weeks, can vary according to workload. One week I could be visiting six airports in three days. Often, we have regional dinners, so I need to be out there speaking to people. I also sit on two external boards, as a member and an observer so this can mean regular after hour meetings. The core of my role is to analyse, evaluate and consolidate."
“If you insure a building, this will provide capital needed to rebuild following a fire etc. You have to handle the issues like, where is the business going to go whilst you are rebuilding. Cover against flood, fire, terrorism - these all have risk and this is where brokers can go in and help the client. Nothing in the UK is transported without it being kissed by insurance."
”What we need to do as brokers is to make sure the information we’re giving our clients is sufficiently wide enough for them to identify the risk, measure their exposure, and make the appropriate decision.”
“I have found my niche here at BIBA, you could say I am like a ferret with a bone. My aim for the future is to continue better relationships with the government, stakeholders and ensure stabilising of the market. But more importantly I would like to see the UK broker playing a bigger role in Europe.”
Ensuring insurance
With the power in his hands to make significant change within the insurance market, Staddon has been key in moving forward. Speaking with the passion of a true leader, he reiterates the power of insurance within the UK.
“We are the wheels of UK industry, the United Kingdom is a world leader in insurance, an innovator. Insurance contributes 15 billion pounds to the economy. Here we have real expertise and we can move technology along.
“1969 saw Neil Armstrong walk on the moon. His equipment was insured by Lloyd’s of London. Lloyd’s of London have been around since the 17th century and in 1894 Cuthbert Heath introduced the first theft cover. The business of insurance in England has existed for more than 300 years and the stability of this market is so important.”
Future leaders
Gesturing with an air of excitement, Staddon’s takes a glimpse into the future for those graduates considering joining the profession.
“We do need good quality graduates to join us. We need industry leaders of the future, people who are willing to be trained. When you come into insurance you have to possess the passion, the vision, you need to understand your goalposts and have the ability to communicate that.
“Insurance is sometimes considered as boring- but it is the solution you bring to the table which makes it exciting.
Einstein said if you have eight averagely intelligent people around a table then you can solve a problem. I totally believe this.”
“Europe has a huge opportunity, Staddon continues, we should be diversifying. Brokers can really bring benefit to the insurance world and we are crying out for those graduates with languages like Russian or Ukraine. Graduates with language degrees are welcomed and those with economics and accountancy or even surveyors and architects - of course they would bring so much to the benefit of the business.
You won’t get rich quick if you join the insurance industry, but you will become rich internally as you formulate processes and see the end product. It is so rewarding to see the footprint you have made.
A graduate has a great chance to influence, not just for tomorrow but for 30 or 40 years down the line. If you can get in, I would say the best thing is to roll your sleeves up and understand the business..”
“Standing still is not an option, Staddon repeats, “You would be missing a trick not to consider insurance.”
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