A chance conversation opened the door to insurance – but should market access really depend on random chance?
Lucy Richardson knew almost nothing about underwriting when a conversation in a pub led to an introduction at Lloyd’s.
Her journey into the market shows the power of mentoring, events and personal connection – and how young applicants can use these to their advantage.
How did you get into insurance?
I fell into it. I was working in a pub while at university and started talking to someone who worked in cybersecurity but knew a lot of people at Lloyd’s. He asked me what I wanted to do, and I said I didn’t know. He offered to introduce me to someone who could show me around Lloyd’s.
I was studying international relations and had done a lot of musical theatre, so I didn’t have any understanding of what underwriting or broking was.
But what drew me into insurance was the people. When I went around Lloyd’s, people kept stopping to talk to the person showing me around. We went for lunch and met even more people. Everyone was inviting and welcoming.
You spend most of your day at work, so you want to enjoy the people you work with. I thought, I really like these people, so why not see where this goes?
What did you do after that first introduction?
I applied for jobs, completed a couple of online courses, and went to events so I could keep meeting people and learning about the industry. I applied to probably a hundred jobs, and most of them I never heard from. The ones I did hear from either rejected me or ghosted me after the interview.
I then joined a mentoring programme through the company Empower Development. My mentor gave me advice and helped me understand the industry. He was even able to obtain work experience for me, which allowed me to look at several different underwriting lines.
Eventually, I emailed the company where I now work and effectively asked whether they had any open positions. One of the directors called and invited me to interview the following week. The rest is history!
What appealed to you about underwriting?
Someone from a creative or humanities background might not automatically think underwriting is for them. Stereotypically, underwriting is considered analytical, but it’s also creative. Because every submission is different, you have to work out how to provide the right cover for the particular business or profession you’re looking at.
I work in professional indemnity, so I get to learn about many different professions and the work people do. You have to imagine what the risk is, how it could develop and what the worst-case scenario might be.
There’s another side of underwriting that people don’t necessarily talk about enough: relationship-building. You speak to brokers, understand what they need and work out what you need to do to win the business. Good relationships make people more willing to help one another.
What was the greatest challenge when you started?
There was a huge amount to learn because every line of business is different.
Even after completing courses and work experience, you don’t appreciate that you need to justify every small decision. You need enough knowledge to explain why you need particular information, why you’re taking a certain position or why you’re saying no.
That also requires confidence. When you call a broker and ask for information, you need to understand why you need it and how it will help. The broker may have to explain that request to the client, so “because the underwriter asked” is not enough.
You also need confidence when you are giving people bad news.
What helped you develop that confidence?
My team was very supportive. Whenever I had a question or didn’t understand something, people were willing to help. I was lucky to receive a lot of support and a lot of different perspectives!
During my training, I worked with different members of the team. Every underwriter does it differently, so learning from several people allowed me to take the best parts of each approach and develop my own style.
We are also a majority women-led team, which helped.
Underwriting is still very male-dominated. I have occasionally felt that a broker was less receptive initially because I was a young woman. Sometimes you feel you have to work a little harder before people trust that you know what you’re talking about.
I don’t have as much experience as some, and I’m not going to know everything. But I do know some things, and people can trust that I know the things I know! And having a team that helps you and will back up your decisions is incredibly important.
What can companies do to attract and support people from a wider range of backgrounds?
Groups such as GIN, Link and iCAN are incredibly important.
Someone working in a largely male workplace may need another outlet through which they can meet people with similar experiences or interests. Companies should connect visibly with those organisations and demonstrate that they care throughout the year – not only during Women’s History Month, Pride Month or Black History Month.
When I was trying to get into insurance, one of my concerns was: am I going to be the only woman in the room? That was frightening. It may be one of the things that turns diverse talent away.
Employers need to be more visible about the people who can act as role models and the work they’re already doing. They should be proud to say they sponsor a network, host
particular events, or support people from different backgrounds.
One of the first events I attended was a Women-Into-Insurance event hosted by Howden. It brought together women who wanted to enter the industry and featured a panel of women in power already working there. This event showed me there is a space for people of different background within insurance, and helped me begin to build a community of people.
Would you consider becoming a mentor yourself?
Definitely. I have already tried to help a few graduates by connecting them with people I know.
Once I have more experience and a larger network, I’d like to do more. Having benefited from mentoring myself, I think it’s important to give something back.
Do young people really lack interest in insurance?
I didn’t know much about insurance before that first conversation. But I think many people genuinely want to get into the industry, and it’s extremely difficult at the moment. The hard thing is finding the difference between people who just click apply, and people who want to know more about the industry and maybe even get into it.
How does a graduate with no experience and no connections stand out on a CV?
It’s extremely hard to stand out just on your CV, even if you take all the online courses and have some background knowledge. CVs simply are not enough anymore.
Insurance is very people-driven. Employers want to trust the people they recruit, so it’s hard for an unknown person with no experience to compete through a cold application – even if they achieved a first and completed an internship. When someone in the industry recommends you and says, “This person is really good; you should hire them,” that helps enormously.
What would you advise someone trying to enter the industry?
You can’t just apply anymore. You have to be proactive. Most graduates aren’t going to be approached by people in the industry, so they have to make the first move.
Many in insurance want new blood and enjoy talking about the industry. Even though it can be intimidating, consider messaging someone on LinkedIn and asking to meet them for coffee because you want to understand the market.
Or after applying for a graduate programme, you could contact someone in that department with a genuine question. They will see your name and recognise that you’re interested. So many people simply click “apply” that candidates need a way to stand out.
The way people respond can also tell you something about the company. Even a brief helpful answer shows that someone has taken the time and has a genuine interest in helping.
Not everyone has the capacity or the connections to find you a job. But when you approach enough people, someone may say yes. The worst someone can do is simply not respond to you, so what do you have to lose?
How could companies and professional networks work together more effectively?
Networks already host great events for people already working in the market. They should expand some of that activity to include those who want to enter it.
A company and an external network could jointly host an event for people from a particular community who are interested in insurance. People already working in the industry could show attendees that there are people like them in the market and that the stereotypical “finance bro” is not the only kind of person who belongs there.
The event would not necessarily have to lead with insurance. It might focus on AI, the future of work or another subject that interests a wider audience and then introduce the insurance angle. Invitations should make it explicit that people without an insurance background are welcome.
Attending that kind of substantive event would give candidates something meaningful to discuss on their CVs and at interviews. It would demonstrate curiosity and commitment rather than simply attendance at a general early-careers fair.
Networks could also continue experimenting with different formats. Networking doesn’t always have to mean going to the pub. Social activities, cultural events, learning sessions and even something like a yoga class can give people a less formal way to meet.
A small event can still be successful. Ten people may attend, enjoy it and tell other people, so the next event attracts a lot more.
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