Anthony Frankel discusses why understanding aviation, from the human aspect to innovation and technology, is key to underwriting the bespoke coverage clients require.
I grew up in an aviation family in South Africa and took my first flight when I was about three years old. Indeed, the first time I went on holiday by car was at the grand old age of 21. With my father in the business of selling, maintaining and contracting aircraft, and my uncle an aviation insurance specialist, I developed an interest in aviation early on. I passed my pilot's licence at the age of 17 before I was legally allowed to drive a car in South Africa, so I needed to get a car ride to the airfield. Suffice to say, I was steeped in aviation and have always had a love for flying.
The knowledge I have gleaned - and continue to pick up - throughout a career in and around aviation is vital to understanding the nuances of our aviation insurance clients' needs, and to being able to offer them bespoke, sophisticated coverage.
Thinking outside the box
No two aviation risks are the same. Engines are adapted, the purpose of flights differs, and the conditions in which aircraft are used change. Avionics - the electronic systems used in aircraft such as communications and navigation - can be extremely sophisticated and complex. And the aviation industry is constantly evolving and innovating, testing new types of technology and creating prototypes
When it comes to insuring the various risks associated with aviation, one size does not fit all. Coverage needs to be designed to provide solutions to the very particular risk needs of each client.
This requires underwriters to have in-depth, specialised knowledge of aviation, the ability to think outside the box, and the desire to keep expanding their knowledge and learning.
Continuous learning
I am an advocate of lifelong learning, striving to expand my knowledge of aviation. And the ambitions of my team are no different. I have been lucky enough to gain experience in various aspects of the aviation industry, collecting new experiences and gaining new expertise along the way. During my university holidays, for example, I had a job collecting aircraft with faults or requiring mandatory periodic inspections, and flying them to be repaired. This gave me first-hand experience of engine failures, fuel starvation, electrical malfunctions, landing gear failure and asymmetric flight - to name a few. Through this, I learned about the risks aviators face, and in certain cases how to survive them.
I then trained and volunteered with the ambulance service as a paramedic and then with the armed police. This gave me a greater understanding of medical issues and of the human factors that play into risk. After my studies, I worked at a retail aviation insurance brokerage for over a decade. During this time, I was also involved in undertaking pre-purchase technical inspections of aircraft as well as being exposed to aviation finance and satellite tracking. I qualified as a Lead Auditor in Quality Management Systems, completed a Master's Degree in the Management of Technology and Innovation in Aviation, and my Advanced Management and Leadership Programme.
When it comes to insuring the various risks associated with aviation, one size does not fit all.
I moved from South Africa to the UK in 2008 to work at a wholesale aviation brokerage before joining the then XL Group (and now AXA XL) where I continue to build my knowledge. We have gone out on helicopters with coastguards, observed volcanoes from the air, been on aircraft entering aid/ war zones and other challenging environments. We have also been involved in working with clients that are innovating in aviation and developing prototypes of the technology of tomorrow. Our team is made up of experts in aviation, first and foremost. We are aviators assisting with insurance, rather than the other way around.
Bespoke coverage
The Lloyd's insurance market predates the first successful air flight by more than 200 years, and it remains a hub of innovation and intellectual curiosity to this day. Through our Lloyd’s syndicate, we are able to offer aviation clients access to a wide range of tailored insurance coverage. This coverage is not simply purchased; it isn’t a tick-box exercise. We work closely with clients, brokers, and the following markets to create bespoke coverage that answers the risk needs of the aviation industry.
The aviation industry is constantly evolving and innovating, and it is our aim to work alongside it to enable it to do what it does best. And that is, to enable flight.
