The Association of British Insurers (ABI) has announced changes to its Board of Directors to strengthen its focus on improving trust.
The association will be recruiting a new independent Chair and an independent non-executive director (NED).
The ABI will also create a new Board-level Reputation and Customers Committee in order provide more focus on good customer outcomes and a greater collective focus on issues proving harmful to the sector’s reputation.
The board also announced that Barry O’Dwyer, who is the group CEO, Royal London and Cristina Nestares, the UK CEO of Admiral Group will be taking new roles of President and Deputy President respectively.
The responsibilities of the new Independent Chair will include chairing the ABI Board and the Reputation and Customers Committee as well as line-managing the Director-General.
The newly-created President and Deputy President roles will lead for the ABI Board on stakeholder engagement and public-facing industry leadership as well as providing internal leadership among the ABI’s members.
The new independent Chair and independent NED are expected to be appointed in the autumn. Current Chair Jon Dye and Deputy Chair Julian Adams will continue to chair ABI Board meetings until the new independent Chair begins.
Jon Dye, Chair of the ABI Board, said: “These changes will enrich our Board with new independent perspectives while ensuring industry leaders continue to be the voice of the sector in discussions with governments and regulators.
“Given the sheer range of challenges the insurance and long-term savings sector faces, our Board has to operate more effectively than ever before. The appointment of the independent Chair and NED will bring valuable insights and help mitigate the risk of group-think.
“At the same time, we know many senior stakeholders hugely value dealing direct from experienced industry leaders and we are delighted to announce Barry and Cristina as the ABI’s first President and Deputy President. They bring a wealth of expertise as we face into major issues including improving customer trust and reputation and tackling climate change.”
O’Dwyer commented: “It is a privilege to have been trusted by colleagues across the industry to take up the position of President and represent the sector on the big challenges we face. Whether it is making our sector more diverse, freeing our opportunities to invest in the future through Solvency II reform, customer reforms to improve trust or leading the race to net zero, we must lift our ambitions and work closely with Government and regulators on the challenges ahead.”
Nestares said: “I am excited to work with Barry, the new independent Chair and ABI Board on the big agenda we have ahead. We must ensure our sector continues to deliver for customers, and is the destination of choice for the brightest and the best talent. We have a lot of work ahead but I can’t wait to get started.”
Huw Evans, Director-General of the ABI, added: “I would like to put on record again my thanks to Jon Dye and Julian Adams, who have led the ABI’s Board with such vision, commitment and sure-footed skill over the past two eventful years. We are all very grateful to them.”
