At Aspen UK, the strategic foundation rests on three core pillars: insurance, reinsurance, and capital markets. Speaking to IB, Sarah Stanford (pictured) said these pillars enable Aspen to be agile, collaborative and disciplined, so they can seize opportunities in an evolving business climate that may be impacted by climate change, geopolitical events, and socio-economic shifts.
“We have the ability to remain nimble, make decisive decisions, and pivot to opportunities in those changing market conditions,” she explained.
As Aspen UK’s new CEO, Stanford’s main goal this year is to see the UK entity operate more effectively within the broader framework of the Aspen Group, as well as maintain its position as a top tier choice for clients, and as one of the preferred platforms for traditional, London market broker business within Syndicate 4711. “Our focus is to remain a top quartile specialty insurer, reinsurer, demonstrating continued profitability and optimizing our underwriting returns,” she explained.
Product innovation at Aspen is also deeply tied to the company’s approach to complex risks, which Stanford views as a core strength rather than a challenge.
“We don’t see complex risks as a challenge. We see it as the core of what we do,” she said. Aspen’s tagline, “Clarity from Complexity”, encapsulates this philosophy, reflecting the company’s commitment to providing solutions for intricate and specialised insurance needs.
One of the ways Aspen drives product innovation is through its internal innovation team, which has been active for over two years. This team encourages employees from across the business to contribute ideas, which are then vetted and potentially developed into new products or digital solutions. Aspen’s partnership with Ki Insurance is a prime example of how the company is leveraging digital innovation to enhance its offerings. Stanford believes that algorithmic underwriting, a key component of this partnership, represents a significant part of the future of the insurance industry, particularly in terms of making operations more efficient and responsive.
However, she is quick to clarify that while technology is transforming the industry, it is not a replacement for people power.
“I don’t believe it’s going to replace humans completely,” she said, emphasizing that technology, like algorithmic underwriting, is a complement to traditional methods rather than a substitute.
Stanford’s approach is characterised by a relentless focus on working with clients to understand their needs. This client-centric approach is critical to Aspen’s ability to innovate and differentiate its products.
“We spend a lot of time face-to-face or teams-to-teams…with our client base, listening to them, talking to them, understanding them, and they us,” she told IB. “It’s not just the underwriters who are meeting with our client base – we put senior stakeholders in front of them, too. It’s crucial that our clients are buying a product for that rainy day that comes when they need to access our claims capabilities. And so, we spend a lot of time understanding their business, understanding their business needs and evolving products where required and when it makes sense.”
The future for Aspen UK under Stanford’s leadership looks to be one of continued evolution and adaptation. The company’s strategy of leveraging its core three pillars, while simultaneously pushing the boundaries of product innovation, should position them well to navigate the evolving complexities of the specialty insurance market.
“It’s really about not running away from complex risks - knowing what we’re good at and what we can do to support our clients,” added Stanford.
