Interviews

In this virtual interview we ask Protection Review co-director Peter Le Beau to reveal a little more about himself…

1. You spent a lot of your corporate career in reinsurance. How did you get into that field?

Completely by accident! I was offered a job by Commercial Union after I decided against a university career. I had originally sought a career in the Stock Exchange but I had an interview at CU and they offered me either a job in marine claims or in reinsurance. Luckily I chose reinsurance!

2. What made you decide to set up your own business?

I had enjoyed 20 great years at Swiss Re, it was a great place to be for all but the last few years I was there, but I had always had a yen to run my own business and had talked about leaving at 55 to do this. As I approached 50 it began to suit Swiss Re and me to try this earlier. It was a very amicable parting and they were my first client! I had a lot of time to prepare for setting up my own business and my wife and I thought a lot about what I could do. It was a natural move eventually and has been a very happy one.

3. What advice would you give to anyone else thinking about setting up on their own?

Firstly do you think you can work a lot of the time on your own? Many people are corporate animals and can’t - that’s not a criticism it’s just a fact of life. Secondly what will be your USP? Can you be proactive? Far too many people sit by the phone and get disappointed when it doesn’t ring. Finally do you want to create something new and/or different? If you do, working for yourself may well be the right option.

4. You’ve travelled to a lot of countries, both when you were at Swiss Re and since. What countries do you think we can learn most from here in the UK?

Strangely, not the USA. I love America but have learnt very little there although I think they understand disability better than many people here do. The two most useful countries are Australia and South Africa, where there is real innovation and some highly intelligent people working. I also teach in Asia and I always find myself impressed by their zeal and talent. Countries like India and China are fascinating and produce some very impressive people.

5. As well as Protection Review, you have also successfully launched The NetWork and The Income Protection Task Force as well as become a non-executive director, a magistrate and worked as a consultant for a range of organisations. Which role gives you most pleasure?

I’ve also become a grandfather, which feels terrific, but in work terms I think I’ve enjoyed every new challenge. I love variety, that’s why I enjoyed reinsurance and I think the variety we embrace within Le Beau Visage is the most satisfying thing.

6. What has been your biggest achievement so far?

I’m really chuffed about the success of the Protection Review because we created it from nothing and it seems to be something that the market values and enjoys. I also really get a buzz from how successful the Network has been. It seems to be a discussion forum that many people value.

7. What do you think will be the key trends in protection over the next couple of years?

I think we will need to have simpler, more transparent products but we must also be able to underwrite them much more quickly and easily. I think the change in selection needed is the biggest challenge we face.

8. What are your views on RDR and do you think it will be copied across to protection?

We need better training and to engender greater trust but we need to ensure that the protection industry doesn’t find itself treated as a subset that has to enforce unhelpful and irrelevant measures. The challenge in protection is to increase distribution opportunities to constrain them. Sometimes I think all we think about now is wealth management.

9. What’s the idea behind the Forum section of the Protection Review website, and how can people sign up to that?

We need to create a lively, liberated and interactive debate about protection and we hope the Forum will be it. To take part just go to www.protectionreview.co.uk, go to the Forum and register. It’s simple, quick, and it’s free!

10. Earlier this year you were awarded the MBE, a rare honour for anyone in our business. How did you feel when you heard about that?

When I saw an envelope from the Cabinet Office I thought I was probably going to be sent to the Tower! My initial reaction was stunned disbelief followed by enormous pride and then a pang of regret that my mother didn’t live to see it. I know she would have been very proud. I’m so pleased that the work I have done has been valued by people within the industry and I have received some enormously kind messages from around the industry.

11. Is Protection Review a ‘once a year’ event, or do you see it as more than that?

I see it as a protection brand that envelops a range of activities. What our industry does is important and we need regular independent debate about the issues.

12. Frances (Delhoy) is a key element of your business. How did that come about and what strengths does Frances bring?

Frances is THE key element of the business. She has done a brilliant job in making events and ideas I have dreamed up actually happen. I have known Frances for about 25 years (she was very young when I met her!). She was partly my secretary at Swiss Re and I was her confidante and romantic adviser!!! After she left to start a family I got in touch to see if she wanted to become my virtual PA. Fortunately she said yes and by and large we have had a great working relationship.

13. You’re well known as an Arsenal supporter. Did you ever have aspirations to be a professional footballer, or have you now passed that aspiration on to your grandchildren?

The scouting at Arsenal was much worse when I was a lad and they passed me by. When I see Nicklas Bentdner play now I still think I could have done better! Frankly I would have loved to have been a footballer then but looking back I’d only want to play at the top level and very few people achieve that. I’d love my grandsons to achieve this ambition (if they want to) but my son-in-law is a Spurs fan and they might end up playing for them as it’s much easier to get in their side.

14. Who do you fancy for the title this year?

Chelsea but Arsenal may surprise them!