One of this year’s
Insurance Business UK Young Guns, broker Jake Hickinbottom has proven that a person’s age and time in the industry are not barriers to blazing new trails and effecting change.
Since joining the industry five years ago, Hickinbottom has already accomplished a great deal. As part of
Marsh’s specie team, he personally developed a new line of business, cryptocurrency cold storage insurance, by working closely with Lloyd’s of London and its underwriters.
In 2012, Hickinbottom formed Next Generation Insurance Network (NGIN), which brings together and empowers young insurance professionals and helps new market entrants.
The 28-year-old pioneer is urging his fellow young insurance professionals to never stop challenging the status quo and to continue making a difference.
How did you get into insurance?
I took part in a number of internships in the investment banking sector before realising that the industry wasn’t for me. A friend recommended exploring opportunities with other financial institutions, specifically insurance, so I applied and secured a place on the
Allianz Corporate Management Graduate Scheme.
What is the best or most fulfilling thing about your job?
My job is fantastic as no day is ever the same. One day I could be in Lloyd’s broking a cryptocurrency risk to underwriters, the next I could be at a client’s facility to discuss the transit and storage of bullion, and the next visiting our Marsh colleagues in the US.
What personal or career milestone are you most proud of so far?
To ensure that my recent engagement results in marriage, I would have to say that it has been the personal highlight! Career-wise I am very fortunate to have had a very varied career for someone who has been in the industry for such a short period of time. I run a professional development network within insurance, The Next Generation Insurance Network, which recently reached 2,500 members, so I am very proud of that. I was also involved in placing the first ever cryptocurrency cold storage policy, which was particularly ground-breaking and great to be a part of.
What’s the strangest thing you’ve ever arranged cover for?
I work in Marsh’s Specie team, which means I arrange ‘exotic’ cover on a daily basis; anything from billions of dollars’ worth of gold, works of art, diamonds or even cryptocurrency in a vault.
Describe insurance brokers/professionals in three words.
Necessary, Interesting, Honest.
How would you change the industry?
The insurance industry is one of the oldest in the world and is steeped in history. It has had to adapt over the years to numerous challenges and changes, yet it is still as strong as ever. That being said we are in a time of real change globally, that is resulting in industries shifting the way in which they work. Innovation is vital, especially for the London market, if we are to stay competitive. As an industry, we could be better at educating individuals outside of the sector about what we do, in order to allow the market to keep adding as much value as possible.
Name someone, famous or not, who has influenced you.
My Dad has always, whether he knows it or not, pushed me to question everything and absorb as much knowledge as possible. Growing up, he would always be able to find out every detail about anyone within just a five-minute conversation. I think this is key, as I use this every day in areas such as investigating a client’s needs, challenging why we are recommending a specific solution, or even why our industry is so vital to the global economy.
What’s the best advice you’ve ever been given?
Always listen more than talk. It’s perhaps something of a cliché, but it is so true.
Tell us about yourself outside your firm and the industry.
I am involved in The Next Generation Insurance Network, which offers development opportunities for young professionals in the market by bringing them together to discuss insurance and open their eyes to areas of the profession they may not usually have access to. We hope that by broadening individual’s knowledge levels, this will lead to an even more well-rounded industry.
I am a keen gym enthusiast and love socialising with friends outside of work.
Complete this sentence: If I wasn’t in insurance, I would be…
Working in the banking sector or, in an alternate universe, setting up my own brewery.
If you were Prime Minister for one day, what would you do?
I would probably try to visit as many foreign places and leaders as possible, to learn from both their shortfalls and successes.
What advice can you give to newbie brokers and to those who want to join the industry?
Now is a great time for young professionals to join the industry, as there is a big push to listen to new ideas and to challenge the status quo. Insurance is also all about relationships so I would recommend young brokers spend as much time as possible networking and absorbing knowledge from individuals already in the industry.
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