Ian Smith
BA MSc MCGI FInstLM
Driving change, delivering transformation, operational excellence, and financial performance | Insurance industry | Divestment and technology projects | LPTA | Part VII and Section 13 IBTs
Neurodiversity thought leader.
About
I am an Insurance business change leader with 19 years operational transformation experience. Track record of leading, constructing, refining, and decision making, successfully executing multiple M&A business transfer strategies. Highly skilled “best of both worlds” M&A post-deal buy and sell-side operations specialist. Spearheaded operational divestment strategies, day one integration planning, transformed shared service provision, modernised business operations, integrated due diligence controls, and standardised governance frameworks. Released to Group balance sheet $3bn of reserves, reduced operating expenses and generated $150m operating profit.I live in North Yorkshire in an ideal location, just a 20 minute drive away from the Yorkshire moors to the east and Yorkshire dales to the west. I am late diagnosis ADD, ASD, dyslexic and dyspraxic I have therefore, lived the majority of my life as a neurotypical. I have found the journey of self discovery quite cathartic, getting to understand me, my quirks and my challenges.My wife and I have been together for 21 years, we have two wonderful neurominority teenagers, a grandson, and a Hamish (West Highland Terrier).Learning and development is important to me, and I am supporting the education of both of my children as they enter further and higher education. My wife is the Managing Director of a firm supporting through mentorship autistic people into employment.I have recently completed an MSc in Business and Strategic Leadership at Cranfield University where my Thesis researched how the insurance sector could attract, recruit, develop and retain neurominorities. I have also completed with Distinction an ILM Level 7 Senior Leader Masters Degree Apprenticeship.
Work
I work for Zurich Legacy Solutions (ZLS), the expert-led specialist divestment arm of Zurich Insurance Group. We complete restructuring and legacy management projects across the Zurich Group globally. I have developed detailed operational processes to effectively manage and deliver on legacy initiatives involving legacy and “back book” portfolio management and custom-made finality structuring.The team comprises c40 legacy professionals based in London, New York and Schaumberg, who work closely with local C-Suite and wider Group stakeholders to define and execute impactful restructuring projects. Focus is on policyholder impact, reserve risk, P&L volatility, cash and capital remittance, project costs and shareholder value. ZLS’s portfolios are typically in casualty lines – professional indemnity, motor and Workers’ Compensation, particularly disease and other gradually emerging issues. The portfolios share the characteristics of being long tail and volatile.Zurich today is a well-regarded, high-profile counterpart in the legacy market given its significant transaction experience, through which it:
Maximises transaction value through a detailed and diligent approach to portfolio on-boarding and portfolio management
Has developed strong relationships with market counterparts, buyers, brokers and advisers worldwide
Exercises operational excellence in preparing for transactions, post-transaction migration and buyer integrationIn the past four years, ZLS has completed 10 transactions involving USD3.3bn of liabilities.Recent years have seen ZLS incorporating legacy management proposals into acquisition strategies for unwanted target liabilities, enhancing Zurich’s competitiveness in international M&A markets. This has entailed ZLS supporting the due diligence and negotiation process with risk class and contracting expertise.
I have worked for Zurich since 2016 completing four divestment projects totalling circa USD 3bn of liabilities.
I line to the COO of ZLS my official job title is Operations Manager but that does not tell you much about what I do. In my time I have directed global transformation and technology implementation projects improving quality and data analytic capability. Devised risk management and project governance strategies. Redesigned team structures, development, and employee engagement created a culture of empowerment and innovation.
My primary roles are:
Senior operational divestment specialist
I develop strategies to support the execution of Insurance Business Transfers (IBT) within EMEA, and lead the post transaction program management to effect migration (people, process, data) and legal finality (UK Pt VII transfers or Irish Section 13)I set the governance structures for each transaction, manage risk, ensure compliance with applicable legal and regulatory requirements, point person for all project related enquiries, manage internal and external stakeholder and supplier relationships.
Post transaction consultant - Program and Operational Management RoW
I provide consultancy services to my ZLS colleagues in the US and to Group M&A on strategic post transaction options, operations and project specific points.
Operations management
Development of operational controls and frameworks within ZLS including data landscape analysis, simplification of operating models and introduction of standardized arms length SLA’s and contract wording specialist.
Leader of the ZLS Data Function
I took what was a simple MI unit providing base metrics on portfolios under our management view and have reshaped into a data science team, providing deep dive analytics and predictive modelling to enhance the ZLS value proposition in the disposal of non-core portfolios.
I line manage three direct reports (two data scientists; one database and MI Analyst) and work closely with the ZLS Data Architect.
ZLS Chief Data Custodian
Implement and maintain data ownership policy, procedures and standards, including exceptions, in conjunction with line managers. To accept delegated authority from the data owner to ensure policy is implemented and maintained To make decisions on who should have access to their data.
Contact
Please get in touch via email or LinkedIn