We recently caught up with our Director of Insolvency, Adam Loveitt, forming part of our specialist spotlight series. In this article, Adam provides an overview of his role, how he supports clients and his views on the developments and trends in the insolvency insurance market.
How long have you worked at Specialist Risk Insurance Solutions?
We have rebranded and changed our name a few times but the business that is now Specialist Risk Insurance Solutions (SRIS), I have worked for since 1987 – it feels like a very long time ago!
Prior to joining Specialist Risk Group (SRG) in 2020, our brand was known as Insolvency Risk Services. Over the next two years our business went on a significant growth journey, and we then undertook a business transfer to SRIS in 2022. The business transfer allowed us to provide our clients with a truly unique service and a range of exclusive benefits as part of SRG’s Specialty Clients pillar.
Can you give us an overview of your role and how it has developed since 1987?
In my role as Director of Insolvency, I look after the Client Executives, ensure the business runs smoothly and that we are making the most of marketing opportunities and sponsorships, and I often attend industry-related conferences. I also lead the relationship with our main insurer, MS Amlin.
In 1987, I started as an Account Handler, and I would deal with the day-to-day running of cases. Back then, no one had computers, so everything was done manually. We used to send memos off to insurers and letters to clients then you would have to wait for a response – it was a bit different to say the least!
In 1990, I started leading the Insolvency team which was around the time of one of the biggest recessions we had ever seen. It was a good time for me to take the step up as it was extremely busy, and it presented me with new challenges.
What was your first job?
In 1983, I started my career in the insurance industry as a Clerical Assistant at Phoenix Insurance in Leicester where I was primarily involved in Commercial Vehicle underwriting. I was there a couple of years before the company was acquired by Sun Alliance and then my colleague and I were given the opportunity to move to Nottingham rent-free for a year. Being 20 years old, this sounded like a great idea, so we moved, and I started underwriting Professional Indemnity insurance. I was there until 1987 before I joined the company that is now SRIS.
What do you enjoy most about your role at SRIS?
It would have to be the variety that we see in the insolvency world. We’ve seen airlines, aircraft manufacturers, football clubs, rugby clubs, large industrial firms and all sorts of different businesses go into insolvency. You never really know what is going to cross your desk and what issue you are going to come across which keeps it interesting. Insolvency Practitioners are also really interesting people to work with, they are excellent at making difficult decisions quickly.
What is your specialism?
I have extensive knowledge in Bonds and Open Cover as they are extremely important to insolvency practitioners and our key focus. We now have in house expertise in After The Event Legal Expenses insurance which is an exciting area for growth.
What behaviour/personality trait do you most attribute your success to, and why?
I took it as a compliment and I’m not sure whether I should or not, but I was once described as tenacious. I do not give up easily! There were times in my career where it felt like giving up was my only option, but my perseverance and pushing through the difficult times got me to where I am today.
What is your proudest achievement in your career to date?
It has to be when I achieved my FCII qualification, which is the highest Chartered Insurance Institute accreditation in 1993/1994. It involved a lot of study outside of work hours and I sacrificed time with my young family so when I passed, I felt extremely proud of myself, and it all felt worth it. I would encourage everyone to engage with their local insurance institute and study formally if possible.
What is a mistake you made early on in your career, and what did you learn from it?
Probably not addressing an issue straight away. I kept my head down hoping it would go away, but I learned that most of the time these things don’t go away, and they fester and turn into a bigger issue. Now if I do run into any problems, I aim to find a solution as soon as possible.
Do you have any recent examples of Difficult. Done Well.?
Given the nature of insolvency a lot of what we do is far from straightforward. We have recently been involved in some significant property receiverships with sums insured in the hundreds of millions. Finding the best solution for our clients was a challenge but we were successful.
What are you most excited about for the future of SRIS and in addition, SRG?
I think the Insolvency team has found its home in SRG. It is a very positive place to work, and the leadership team have built a can-do culture where they try to develop staff to be the best they can. SRG is a very collaborative organisation, and people care and want to help each other. This gives me great hope for the future that we will continue to do great things for our clients and come up with even better ways of doing things too.
Are you experiencing or observing any trends in the insolvency insurance market right now?
The fallout from the pandemic continues to impact businesses in the UK, particularly those involved in the leisure and construction industries. 2024 is likely to be a tough year, albeit it appears the short lived technical recession is over.
Generally, we are starting to see an increase in demand for our Client Service Portal. We are therefore looking at developing it into a more transactional platform to further benefit our clients.
What advice would you give to someone looking to start their career in the insurance industry?
I would say work hard and try out lots of different things if you get the opportunity as that gives you the potential to choose something that you are really suited to, and that you enjoy doing.
Quick fire questions:
If you could live anywhere, where would it be?
Canada as that is where my son lives!
And what is your go-to karaoke song?
Joy Division - Love Will Tear Us Apart
To find out more about our offering for the insolvency sector, click here.
