S2 E3: Navigating Insurance and Entrepreneurship: Insights from Glenn Marshall of Gem Underwriting

People in Insurance: Changing the Conversation

In this episode of 'People in insurance: Changing the Conversation,' Glenn Marshall discusses his extensive career in the insurance industry, starting from his early attempts to become an electrician to his eventual success in underwriting. Glenn recounts his journey through various companies and mergers, the challenges faced including significant claims, and the ultimate establishment of his own firm, Gem Underwriting Agency.

Highlighting the impact of relationships and technology in the insurance sector, Glenn shares his insights on entrepreneurship, the importance of sticking to one's expertise, and the satisfaction of working with family. The episode concludes with a special segment featuring the host's daughter, Isabel, who interviews Glenn about starting a business as a young entrepreneur.

Quote of the Episode

"Stick to what you know, basically, don't get too big for your boots."

Key Takeaways

• Persistence is crucial in entrepreneurship: Glenn faced multiple challenges and setbacks but continued pursuing his goal of running his own business.
• Relationships are vital in the insurance industry: Glenn's success has been built on long-standing relationships with a core group of brokers.
• The importance of adapting to technological changes: Glenn recognizes the need to incorporate AI at some point and rating engines to stay competitive and satisfy capital providers.
• Work culture is changing: The shift towards remote work presents challenges in team cohesion and training, especially for smaller companies.
• Personal touches can make a business unique: Glenn named his company after his parents' sweet shop and incorporated family elements into the logo.

Best Moment

• Glenn sharing the origin of his company name, "Gem Underwriting

“I haven't got a middle name, so it's definitely not my initials. I was born and grew up in a place called Tilbury, and my mum and dad ran a sweet shop called The Gem. I always said to my mum, if I ever own my own business, that's what I'm going to call it."

Key Quotes

"’John (Murphy) would always give you enough rope to hang yourself. Unfortunately I did that a couple of times, but each time he had my back, thankfully."

"You think you are reasonably good at what you do and to prove to yourself that you are I think you need to work for yourself, for your own satisfaction, your own mentality."

"It's best to try as many different facets of what you want to do as possible."

About the Guest

Glenn Marshall's career in the insurance industry began in 1986 at Michael Payne Syndicate 386 @ Lloyds, a renowned name in the insurance sector. Over the years, Glenn has held various senior roles in Lloyd’s liability syndicates and managing general agents (MGAs), accumulating extensive experience and expertise in the field. His journey is marked by a consistent rise through the ranks, reflecting his deep understanding of the insurance landscape and his ability to navigate its complexities effectively.

Throughout his career, Glenn has been involved in various facets of the insurance industry, gaining a wealth of knowledge and building a strong professional network. His roles in senior positions at different Lloyd's liability syndicates have given him a broad perspective on the market, allowing him to develop a keen insight into the needs and challenges faced by brokers and clients alike.

Website: www.gemuw.com

LinkedIn: Glenn Marshall | LinkedIn

About the Host

Sarah Myerscough is the Chief Ideas Officer at Macaii, formerly Boston Tullis. She hosts/co-hosts several podcasts and is known for her knack in connecting with people. Sarah excels in bringing out the best for video, podcast, and live events, helping clients showcase the human side of their business.

Sarah is passionate about the evolving dynamics of the insurance industry and enjoys conversing with innovators, trailblazers, and long-term advocates of change.

Website: www.macaii.co.uk