You set up the Pulse Specialty Division in 2017 – how much of a challenge was it to get going in the beginning, sourcing capacity and ensuring the launch went smoothly?

It was quite a daunting task! Although I have a long history in the accident and health (A&H) market, it is always difficult to get capacity providers to commit to supporting a new venture. However, existing relationships bore fruit and we managed to secure capacity with the Neon Syndicate at Lloyd’s, and the rest is history.

What are the most significant changes you’ve seen in the travel underwriter market since you joined?

Two and a half years after setting up the division, the biggest event since 9/11 occurred – the Covid-19 pandemic. This drastically altered everything, as no-one was travelling at this time and the need for travel insurance diminished drastically.

This was obviously a concerning time for all involved in the travel market, but innovation helped us through this difficult stage. We were the first managing general agent (MGA) to offer free three- or six-month extensions to annual travel policies upon expiry during this period. The idea was that there was no exposure because there was no travel being undertaken, but this goodwill gesture would engender an increased sense of loyalty in our client base.

The strategy paid off, and when travel resumed once restrictions were eased, our book began to show strong growth. One good thing to come from the pandemic was a hardening of the market, which gave travel underwriters the ability to carry out much-needed rate increases. Prior to the pandemic, rates had been driven down to unsustainably low levels by excessive competition, which meant that books were becoming unprofitable.

One good thing to come from the pandemic was a hardening of the market, which gave ‎travel underwriters the ability to carry out much-needed rate increases

It has subsequently softened once again, so we need to remain vigilant, but hopefully the market as a whole has benefited from a sustained period of rate increase.

How are new technologies changing the underwriting market in the UK?

The way that business and consumers interact with insurance providers has changed drastically over the last 20 years. The old model of popping into the high-street broker office has long gone and people expect to fulfil their insurance transactions online.

With the advent of artificial intelligence (AI), who knows how far the role of technology will take us. However, we still feel that there is a place for some more traditional interactions regarding the more challenging risks, and at Pulse we can offer the necessary level of service that each client requires.

Pulse has made some bold moves in the travel insurance market in the past year – partnering with OneBefore to launch a product that covers people if they are travelling for medical treatment, and now Travel Well, which covers a range of medical conditions, including those that are undiagnosed, or for which the person is waiting for a treatment. What made the company want to offer these products, and how difficult were they to underwrite?

Pulse has always prided itself on being a facilitator of ‘non-standard’ insurances. When the company was founded back in 1998 as a life insurance provider, the primary goal was to help people to obtain insurance where it wasn’t possible in the standard market. Although the company has expanded into other areas, this ethos remains strong and the development of the aforementioned products is testament to this. We saw that there was an opportunity to assist clients in these areas and we set about the onerous task of developing new and suitable products to fill this gap in the market.

As with any new product, they were particularly tricky to underwrite, but once we engaged with the right partners who shared our vision, collaboration made the vision a reality!

Do you think the UK’s travel insurance sector does a good enough job at ensuring that the policies that are being sold are right for customers’ needs?

The advent of the aggregator has made this more of a challenge, and I think that more could be done to improve things in this regard. Brokers would previously advise their clients and assist them with their insurance purchases, but customers are increasingly purchasing online without the need for this important interaction.

However, at Pulse, we still offer the opportunity for clients to access our wealth of knowledge and experience, and we will always help them to select the insurance product that is appropriate for their specific needs.

With national healthcare services under increasing pressure in many countries, do you think the appetite for private medical insurance (PMI) is going to increase?

This is undeniably the case here in the UK and I am sure that there are similar situations around the globe (depending upon the structure of the healthcare model in any given country). To get an appointment with an NHS doctor is a monumental task and once you are referred for treatment, waiting lists are worryingly long.

With this in mind, Pulse have developed an entry-level, surgical-only PMI-adjacent plan, called County Medical. It is cost-effective and bridges the gap between the NHS and private sectors, and gives customers peace of mind that they will not suffer the anguish of languishing in pain whilst awaiting treatment.

We have also developed another product in conjunction with Nugent Santé called Santé Care. This isn’t a PMI product as such, but it helps patients navigate the NHS in a smarter way and it will direct them to a hospital where treatments can be obtained in a much quicker time frame.

Pulse recently announced its merger with another MGA, Nirvana. What are the hopes for the future of the combined business?

The merger is a great fit for both entities and it will certainly be a case of ‘stronger together’. We are two like-minded organisations with no overlap and the increased size will enable both companies to accelerate growth plans, whilst maintaining the high levels of service and flexibility which have got us to this point. The Pulse brand will live on and, in fact, will be strengthened as we recognise that it is important to maintain our reputation which has been built over the last 28 years. The future is extremely exciting!

As a market, we need to remain nimble, agile, and ready to pivot when challenges ‎present themselves ‎

What do you think the UK’s travel insurance market can do to ensure it can adapt to a changing travel risk environment?

As a market, we need to remain nimble, agile, and ready to pivot when challenges present themselves. The world is a pretty unstable place at the moment, with conflicts raging in Ukraine and Gaza, so we need to be able to adapt offerings to cater for our clients’ requirements, whether this is travel to the aforementioned war zones or for a well-earned break in sunnier climes.

Distribution channels for travel insurance continue to adapt to new regulatory environments and opportunities. What are the key distribution channels for Pulse Specialty, and how are these going to change in the future?

We have excellent broker relationships up and down the UK and in mainland Europe, which we have nurtured over many years. These relationships are the key distribution channel for Pulse and we are adding new brokers to our panel every day. We are also increasing our online presence with a number of direct-to-consumer products, which widen our reach yet further. We will continue to develop relationships and, coupled with the use of new and exciting technologies such as AI, we will be ready to adapt and maximise all distribution channels available to us.

What do you enjoy most about your current role, and what are your ambitions for 2025?

I relish new challenges and coming up with innovative ways to help Pulse’s clients and broker partners. I feel that insurance is very much a relationship-based industry and I am always on the lookout to develop new ones wherever possible.

Helping people is at the crux of what we do, and I am very proud to think that we can make a real difference to people’s lives, whether that means enabling them to travel for a medical procedure with adequate insurance in place, or obtaining a protection cover, which gives their families peace of mind. This year is an exciting one for Pulse and I am looking forward to working with our new colleagues at Nirvana. I feel that this will be an important milestone in the Pulse journey and one which is only just getting started!