Lawrence Gill, Executive Director at KBIS, recently sat down with Amanda Shenton, Development Executive at Specialist Risk Private Clients, an established department within Specialist Risk Insurance Solutions (SRIS), part of the Specialist Risk Group (SRG). As a fellow horse owner, Lawrence was keen to know more about Amanda and her expertise.
Lawrence: Thank you, Amanda, for sitting down with me today. It would be great to learn more about you so there is no better place to start than with; How long have you worked at SRIS in the Private Clients team?
Mandy: Thank you, Lawrence, I’ve been here since October 2023. I’m a Development Executive, a brand new role which was created due to significant investment in the Private Client space at SRIS.
Lawrence: Can you give us an overview of your role and how it has developed?
Mandy: My main aim is to build, develop, and grow our private client proposition. We focus on high net worth and ultra high net worth individuals, families, private offices, and family offices. Our goal is to review and address their personal insurance needs, which often involves complex, international considerations.
We often find that the insurance programmes for new clients can be outdated due to habitual renewals. My role involves advising these clients and working with them to update their policies removing onerous warranties and restrictions, and providing a comprehensive high net worth offering.
Lawrence: Your clients must have diverse insurance needs. Can you share some examples?
Mandy: Absolutely. Our clients often have unique and high-value collections displayed in their homes, such as whiskey, wine, comic books, classic cars, watches, diamonds and even an extensive antler collection. Understanding our clients buying habits and lifestyle is crucial for providing tailored insurance solutions.
I’ve been in the private client sector for 22 years, with a decade focusing on farms and estates. The feedback from clients is always positive because I have a deep understanding of their needs and can tailor policies accordingly. A simple example is, if a family goes skiing every year and has homes in various countries, I know its important that when remarketing their insurances that my quotes need to reflect their lifestyle and traveling patters, and therefore must include annual family travel insurance. This level of understanding is essential in providing the best service and making the whole process as pain free and time sensitive for our clients as possible.
Lawrence: What do you enjoy most about your role?
Mandy: I think I’d have to say the variety, no two days are ever the same. One day I might be interviewed by Lawrence Gill, the next I’m at a networking event. I thrive on challenges and enjoy being put under pressure. I don’t know if that’s the equine background in me, but I enjoy a challenge. I feel I work at my best when I am resolving a problem for someone.
Lawrence: You mentioned working with farms and estates. Can you elaborate on that?
Mandy: I’ve worked for several big global companies, starting at Aon and then Stackhouse Poland, where we specialised in Private Clients. Before that, I spent 10 years at Lycetts, working with Bloodstock, polo players, and large notable estates. My insurance journey started when I was 21, transitioning from working on a livery yard to seeking an office job. This led me to various roles and eventually specialising in private clients.
Lawrence: How does your equestrian background influence your current role?
Mandy: My equestrian background is invaluable. At 14 I got myself a little Sunday job with Robert Lemieux. It was an amazing introduction into eventing, and I think that’s where my love came from, he did everything properly. I got to ride Guildenstern and Bally Murphy who was a lovely buckskin Robert evented to five star. I am lucky enough to share a horse called Charlie, he is 22 and 17:2hh. His owners allow me to ride him and between us, we keep him fit and ridden. He is an absolute dream of a horse, kind and very fun! He loves to compete and really rises to every occasion. He lives out in the field 24/7 and is very pampered and adored.
Understanding the equine industry helps when clients have specific needs. Just merely understanding the equine industry as a whole, understanding horses, the sport down to the equipment they use and their values etc. This role encompasses everything, with a lot of synergy across departments. It’s useful to have someone who comprehends both the private client and equestrian industries.
Lawrence: Are you noticing any trends in the market or client behaviour?
Mandy: Yes, there’s an increase in clients shopping around due to significant renewal rate increases. Historically, big discounts were offered, but with inflation and re-rating, these discounts are decreasing. Treating customers fairly is crucial, ensuring consistent rates for new business and renewals. This trend is challenging for insurers and is in some cases, affecting service levels.
Lawrence: It sounds like there are numerous challenges. Can you share examples of overcoming these difficulties?
Mandy: I focus on adding real value to clients through advice and policy reviews. For instance, having in depth conversations with the clients, understanding their lifestyles, buying patterns and wearing habits of jewellery etc adds real value. Understanding our clients is the bedrock of our ethos. Our insurers also have this at the centre of their underwriting focus. Our conversation always revolve around a full review of sums insured, ensuring we do our best to help clients protect themselves against underinsurance is key. General Contents should include everything in your home that is not a permanent fixture. Belongings like Suits, high value clothes, Handbag collections, all these need to be insured on a new for old basis and are often areas which are totally disregarded. Some Savill Row suits are in excess of £8,000 each so that just shows where significant value can be hidden behind wardrobe doors! Our goal and responsibility is to ensure clients are fully covered, protected by the best products and supported with specialist expertise.
Lawrence: We always finish these interviews with a quick-fire round. so, to kick these off, what is your favourite equestrian discipline?
Mandy: Eventing, particularly the cross-country when I’m feeling brave.
Lawrence: Biggest equestrian inspiration?
Mandy: Piggy March, for her talent and kindness.
Lawrence: Favourite equestrian event?
Mandy: Blenheim, for how close it is to home and the spectator-friendly atmosphere. Oh and because I’ve been lucky enough to ride there in the Eventer Challenge and we have qualified again this year.
Lawrence: I’m at Blenhiem too with my retrained racehorse Chef for the ROR dressage championships – we’ll see you there! Hopefully we can catch up and update everyone with how we get on. Good luck!
Thank you for your time, Amanda. It has been great to hear about your career, the knowledge that you have on all things equestrian and how well that links into your role with the Private Clients team.
If you’d like to discuss your insurance requirements with Amanda and find out how she can help you, please contact AShenton@specialistrisk.com or visit the SRIS website for more information: https://srinsurancesolutions.co.uk/private-clients
Specialist Risk Private Clients is a trading name of Specialist Risk Insurance Solutions Limited, which is authorised and regulated by the Financial Conduct Authority (FRN: 473138). Registered Address: 6th Floor, One America Square, 17 Crosswall, London EC3N 2LB. Registered in England and Wales. (Company No. 06368755). Specialist Risk Insurance Solutions Limited is part of the Specialist Risk Group.