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Admiral Travel Insurance - From inception, through COVID-19 and beyond.

Cosmin (INSEAD 2012) joined Admiral as an International Pricing Manager on our SPARK Leadership Program in 2012. He has had a unique journey which led him to start up and now lead the Travel Insurance department. We caught up with Cosmin to find out more about his experience.

How did you end up launching travel insurance?

My pricing experience gave me the confidence to know how to do something well, but I was looking for something a little bit broader to apply that knowledge to. That is what made me look at wider business opportunities and there was a good case for creating a travel insurance product. If you look at the travel market in terms of volumes, it's relatively small compared to motor or household, but if you look at the number of people buying it, it's around 35 million and there’s an interesting overlap in terms of profiles between our household book and potential travel book. This means that travel brings you a flow of new customers. We also had confidence in the claims data and wider research we had done. Travel insurance was the most popular product that people expressed an interest in buying from Admiral. Finally, I felt there was a lot of room to disrupt this market and challenge the status quo, which made it a really exciting challenge.

How has COVID-19 impacted our travel insurance product?

Our IT system is quite different from what you see in the market giving us a fantastic agility to adapt to changes. In the case of Covid-19, there were a few nerves in the beginning, but we addressed them as a team. We always think about the opportunities of any situation and take on the challenges as a team. After all, we are an insurance company, so we do know a little bit about risk!

We need to look at what’s happening with Covid-19 from the right perspective – this is likely a one-off event that nobody has any control over that won’t happen again for another hundred years. Covid-19 won’t make travel less attractive in the long run and it increases the awareness around the need for a good travel insurance product. In the UK, there is already a higher demand for travel insurance and customers want a good product. We have already made changes to make it better, including giving people more flexibility with regard to cancellation. It allows people to cancel without any kind of penalty and covers them for Covid-19 related medical emergencies while abroad.

The customer is always at the centre of what we do at Admiral. We have always adapted to change and disrupted the market - ever since our humble beginnings in 1993 - and that is what we will continue to do. I’m excited to see what the future brings!

You can find out more about the journeys our MBAs have taken here or read more about our MBA Leadership Programs. Alternatively, follow our MBA Leadership page on Linkedin.


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Admiral Life

Adrian's Admiral journey on the Future Leaders Program

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MBA

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Blog

** DEFAULT postresults.publishdate - en-GB **

05/05/2021

Summary

Adrian joined Admiral in 2015 as a Business Development Manager on the Future Leaders Program (FLP) after completing his MBA at Warwick Business School in the UK.  Tell us a bit about your first projects? In my first year I completed four or five projects (two-three months each) across all areas of the business. I also did a project at conte.it (our Italian insurance operation) for two months exploring a new app and looking at the kind of features customers would use. I came in with a fresh pair of eyes to analyse what we currently do, what we could be doing, and to provide strategic recommendations. I also worked on a project assessing the viability of expanding into life insurance. I was both directly and indirectly managing teams running tests. Putting numbers behind those strategic projects was key. We tested hypotheses around distribution channels and dug into the economics behind it all. This allowed me to learn more about insurance in general as well as life insurance more specifically. Did you have any prior insurance experience? Not at all. When I joined Admiral I had no knowledge about insurance. I came in, in a very high-profile position, and was advising stakeholders with upwards of 20 years of experience in the industry. That was an interesting challenge in stakeholder management and humility. I had to be willing to learn every day. In particular, I learned the value of spending time with teams across the business, to understand exactly what they do before I proposed recommendations. What made you choose Admiral? Firstly, the job itself appealed greatly to me. I wanted to put into practice all that I learned doing the MBA and the FLP offered this. I was looking for a strategic role and I found it with Admiral. However, the decisive factor for me was the culture. I had read many company manifestos with bold claims about their culture. But what was special to me about Admiral was how this culture really came to life. It impacts every area of the business. The way the Future Leaders Program combines a management consulting position with a sustainable work-life balance and strong company culture gives you the best of both worlds. It’s something quite unique that I don’t think many other places can offer. How did you find moving to Cardiff for the role? Although the role was more important than the location for me, Cardiff was a great fit. I was married and looking to start a family, and the city is very well-suited to young families. It’s compact enough to get around quickly and I was happy to avoid lengthy commutes and rush hour traffic. It's also a very international city and I’ve been impressed with the number of cultural events, bars, restaurants and entertainment on offer! What advice would you give to MBAs applying to Admiral? I think it’s important to come with an open mind, determination and a readiness to learn from those around the business. It’s natural, coming from the MBA, to want everything to happen fast. But having patience in those initial stages of learning and developing a network means you’ll be able to deliver even more insightful and stronger results.  You can find out more about the journeys our MBAs have taken here or read more about our MBA Leadership Programs. Alternatively, follow our MBA Leadership page on LinkedIn.

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Alberto Schiavon – SPARK program to CEO of Elephant Insurance

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MBA

Content Type

Blog

** DEFAULT postresults.publishdate - en-GB **

20/04/2021

Summary

After graduating as a civil engineer in 2007, Alberto worked in engineering in Luxembourg and for a hedge fund in London, before pursuing his MBA at Alliance Manchester Business School. He joined Admiral in 2012 as an International Pricing Manager on the SPARK program and is now CEO of Elephant.com, our US operation.  What attracted you to Admiral? During the MBA I had the opportunity to do a project with Admiral. With a team of MBAs, we explored whether Admiral should expand into home insurance. It was a fascinating project during which I worked with some very intelligent and interesting people. The more I learned about the company and, in particular, about the people, the more I was intrigued.  Honestly, I wasn’t completely sure about insurance back then. But the culture and the people stood out as something special. When I saw the SPARK program, I felt that my analytical skills would be a good fit for the International Pricing Manager role, so I applied and got the job.   How did you find the International Pricing Manager role?   I was the first ever International Pricing Manager to join Admiral. Part of the fun, therefore, was having the chance to really shape the way the role looked. I influenced the responsibilities of the International Pricing Manager position and helped decide where best to add value to the business. Having an impact on the bottom line was important to me and I felt incredibly lucky to join such a collaborative and open-minded team that helped me do this. I was positively surprised by the level of interaction with the wider business. Understanding the core competencies of Admiral was key and I was able to do this when I joined, with the level of exposure that came with the role. It was a great place to start my Admiral career and I didn’t once look back.   Where did your career take you from International Pricing? After a few years in International Pricing, having worked on some interesting projects with other areas of the business, I felt ready to broaden my scope. So, I applied for a role that would really stretch me: Head of Renewals. I knew very little about operations management and had never held responsibility for such a large number of people, but I was up for the challenge! Thanks to the skills I had gained as an International Pricing Manager, I got the job. It was hugely educational. During my time as Head of Renewals I really learned the power of diversity. Bringing together talented individuals with varied strengths created a high-performing team and exciting results. I loved having the chance to add value with the decisions that I made. We worked very hard and had a lot of fun. After that I moved to Sales, which presented new challenges again, along with a healthy dose of Admiral fun. I was able to learn from some very strong people managers in the business about how to drive performance and take teams from strength to strength.   I then flew to the US with our founder Henry Engelhardt, who was the interim CEO of our American operations, Elephant. I gained so much from the exposure to his management style and leadership ability. In November 2017, when Henry stepped down from the role, I was well-positioned to step-up and become CEO of Elephant, which I have been ever since. How did the SPARK program equip for you a CEO position? In the International Pricing team, and in Pricing generally, there is a very high degree of precision. It is all about evidence-based decisions. The intellectual rigour that I developed during my time as an International Pricing Manager was incredibly powerful and has helped me in every role since.    Additionally, pricing remains one of our key competitive advantages as a business. Understanding exactly how it works gave me a strong edge as a leader and has helped me make good, data-informed decisions.  How did you find the US compared to the UK? I think the Admiral culture translates well internationally. Of course, it is lived and interpreted in slightly different ways, but the principles of teamwork, collaboration, and continually striving for strong results remain consistent across our operations. One difference I noticed when moving to the US was the way in which Elephant is still, comparatively young. While Admiral still operates in a very agile way, our US operations have even more pressure to prove themselves in the market, at a fast pace. This element of adrenaline has been incredibly energising for me as CEO. What has been your biggest learning curve since joining Admiral? The biggest learning curve for me was understanding the US market. I am Italian and lived in the UK for a long time, so was naïve enough to think I could grasp cultural differences with ease. I imagined that the American market would not be too dissimilar to the UK and European markets, and that customer attitudes would be alike. But I was wrong. I learned and experienced how the American consumer behaves and how this was unique to the market. It took me some years to truly understand how Elephant can be successful in this environment. What advice would you give to MBAs joining Admiral? Be humble. There is a lot of talent in the business and people with different backgrounds who bring unique lessons to the table, often things that cannot be taught at an MBA class. I discovered the importance of coming to work with open eyes and seeking diverse points of view and have seen the strong results that come from this collaboration. In many ways, some of the most profound learning begins after the MBA, once you step back into the workplace. You can find out more about the journeys our MBAs have taken here or read more about our MBA Leadership Programs. Alternatively, follow our MBA Leadership page on LinkedIn.

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