Digital disruption and a host of regulatory changes, without a doubt, are affecting the realm of cover… but in the view of former investment banker Ryan Brown (pictured), who serves as chief financial officer at rapidly growing brokerage PIB Group, there’s something else that’s making just as much difference.
Insurance Business caught up with the adventure-seeking executive, who shares what brought him to the industry and what he might be doing in a parallel universe.
As an investment banker for over one and a half decades, what made you switch to insurance?
I have had a lot of fun in the investment banking world over the years. I learnt an incredible amount from a number of very talented people and was involved in some exciting transactions. But ultimately, I was left feeling a little unfulfilled. The completion of any transaction is often the end of the journey for an advisor; however, for the company which is making the acquisition it is just the start of their journey.
A few years ago, I found myself thinking more and more about switching to the corporate side and operating as a ‘principal’ rather than an ‘advisor’ to help drive and grow a business forward. Having been focused on the insurance sector for most of my career as an advisor and given the level of acquisition activity in that market, it was an obvious sector for me to join. I am happy to say that it was the best decision I’ve ever made and I love being part of the team which is creating and driving PIB Group forward.
What would you say has been the most notable change in the industry from when you started?
This is my fifth year of working in insurance. While that doesn’t seem that long there have been significant changes which have been led (predictably) by both the influence of technology and regulation.
However, there has been another notable change which I believe is having an equally huge impact on the industry, and that is the availability of capital and the interest of investors in the insurance space. This stretches from capital seeking to acquire businesses, to capital investing in technology-driven start-ups or through to capital to support underwriting. The amount of capital seeking a home in insurance has arguably never been higher, and this is having a profound effect on all aspects of the sector, from innovation to consolidation and ultimately to competition and pricing.
What have been the biggest challenges for you?
I get bored quite easily, so I have spent my life pushing myself to look for new challenges both inside and outside of work. However, taking PIB Group from when it was a tiny start-up and building it into a strong independent insurance distribution business is by far one of the greatest that I have faced. In such a fast-growing and dynamic environment, different challenges and opportunities arise every day, but we have a team of exceptionally talented people who complement each other and ensure that we find a way to deal with whatever comes our way.
What lessons from the world of investment banking do you find valuable for the insurance business?
Having moved from a career advising companies and investors in relation to acquisitions and disposals, to one as a CFO of a private equity-backed, acquisitive group, there are unsurprisingly a number of parallels between the two worlds, as well as transferrable lessons and skills.
Having the ability to sift through large amounts of data to draw out key, insightful messages, and then use that data to tell a story in a clear and concise manner is essential to what I do – be it for making day-to-day business decisions, persuading potential capital providers to invest or to make acquisition decisions.
However, the biggest lesson that I have learnt is that your people are the most important element in driving success. So I’m very passionate about recruiting and keeping the best talent, as well as creating a culture where people feel empowered, want to stay, and believe they can thrive and help drive a business forward.
If you were to swap jobs with anyone, with whom or in what industry?
As someone who is fanatical about sport, it would have to be sport-related. Obviously being a professional athlete, rugby player, or the like would be unbelievable, but I would equally love to be a sports commentator and journalist. What is not to like about stepping into the shoes of someone like Michael Atherton or Stuart Barnes and getting paid to travel the world while watching, talking, and writing about the sport that you love?
Name one thing your insurance peers probably don't know about you.
Outside of work I try to spend most of my time in the outdoors and staying fit. That usually involves my wife and I seeking out endurance events and adventures around the globe. This has led me to race across deserts, swim across Fjords, and run through the Himalayas and across the Rockies.
