Global Aerospace will celebrate 100 years of service to the aviation industry in 2024. What are you most looking forward to leading into the next 100 years?

This year, Global Aerospace is excited to celebrate our centennial, a unique milestone for an aviation insurance specialist. The team at Global has dedicated themselves to service to the aviation industry, overcoming challenges along the way by remaining focused on our strong culture of problem-solving, innovation and integrity.

Over our proud history, we have encountered much turbulence, including the recent difficulties of pandemics, terrorist attacks and geopolitical uncertainty. These are the headline-grabbing challenges, but we have adapted to the many changes the industry has demanded of us, such as the introduction of new aircraft, new propulsion technology and changes in regulations. Our team has been here throughout to support clients with a solution-oriented approach.

The centennial has given us an opportunity to reflect on our past and consider our future. Our rebrand is a great example, and we are excited to unveil our new logo. Additionally, our new website, launched in February, makes it easier for stakeholders to access our insurance offerings and resources.

Leading into 2024 and beyond, I am also excited by the changes in the industry. Through increased investment in technology, innovation and insurance solutions, we are helping our clients create 'the next transformation' in aviation. The speed and rate of change are unprecedented, and to be an enabler of the future is truly exciting.

Our Emerging Technology division is an excellent example. It supports new technology from the research and development taking place at traditional OEMs as well as upstart companies. These companies are thinking about aviation differently and disrupting the traditional marketplace with eVTOL, remotely piloted aircraft, drones and new fuel types, just like their predecessors did with the first commercial jet airliner, the B747, the Concorde, the A380 and everything in between. We are supporting these new technologies, enabling our clients to drive the industry forward.

Looking further ahead, I am most excited about the talent we have within our company. Developing the next generation of aviation specialists is something my team and I find very fulfilling. Our continued and increasing investment in technology is also critical to our future. Our ability to have experts from Underwriting, Claims, Finance, and Operations work with our in-house IT developers allows us to design, test and implement effective systems quickly.

Whatever happens in the future, we will remain committed to our core values which include Trust and Commitment. We have supported our clients through some of the most difficult claims imaginable, including multi-fatality accidents, and it is at this point the strength of the partnership is realised. In the good times, we talk about strong relationships, but in the not-so-good times, we demonstrate their depth. This will remain our focus in 2024 and beyond.

Insurers regularly speak about needing to innovate/evolve aviation insurance products. What is Global Aerospace’s approach to innovation?

We must continue to invest in the innovation and evolution of aviation insurance products to meet the future needs of our clients and their brokers. As a leader in a co-insurance business, it is vital that we embrace change and help brokers drive enhancements across the marketplace. At Global, innovation is a strategic part of our corporate ethos and critical for the company’s ongoing success. To remain at the cutting edge, we continue to invest in technology and people so that innovation is at the forefront of how we approach our business.

Take, for example, the close working relationship between our Underwriting and Claims teams. As our claims experts track changes in claims patterns, they work closely with our underwriters to develop products that respond to the evolving picture. This allows us to adapt policy wordings to provide coverage today for the claims of tomorrow.

We also have solid relationships with third-party suppliers and manufacturers and are working in unique ways with them on parts and spare inventory management and analysing recommended approaches to reduce downtime and extra expenses. Additionally, our active engagement with defence counsel - including close coordination on litigation strategy and claim management, responsible billings and enhanced communication - assists in controlling costs that ultimately form part of our clients’ claims records.

Our significant investment in technology continues year on year with our in-house IT developers, who are a critical part of our strategy. They facilitate some of our larger IT projects, including portals and artificial intelligence (AI) initiatives. The portals make it easier for clients to access our services, including buying insurance, and the next reiteration will include document upload and first notice of loss being accessible via the portal.

Alongside this is our commitment to utilising electronic trading platforms. The market has been slow to adopt these systems, but we are working closely with our broking partners to facilitate more business through them. Our use of AI is also increasing. Whilst this technology will not replace our underwriting or claims functions, it will help us streamline and drive further efficiencies into the business by removing friction.

Global has demonstrated, over the long term, our commitment to continued improvement and innovation. The pace of development in the aviation industry is astounding, but we are dedicated to providing a responsive and adaptable product that best serves our clients’ fast-changing needs.

What do you see as the biggest challenges and the greatest opportunities in 2024?

Like any business, we always face challenges on the macro and micro levels. On a macro level, the world is experiencing a high level of volatility and uncertainty. Heightened tensions and military actions are concerning and have created instability worldwide, including in the financial markets. This year, more people globally will go to the polls to vote, not all with a free choice, and this has the potential to cause more disruption.

From an aviation industry perspective, the difficulties following the shutdown in the pandemic years persist. Workforces are greener, and there is a lack of talent across all parts of the industry, with many struggling to recruit adequately trained staff. In the manufacturing world, this has led to problems with the ramp-up of production and quality issues.

The aviation insurance market, having overcome the concentration of the world's airline fleets in single locations during the shutdown, is now facing return-to-service issues. Difficulties recruiting ground handlers and other airport staff have led to increased human errors, directly impacting claims count and associated costs.

Airlines, badly impacted by the pandemic, are experiencing record yields with demand soaring. Unfortunately, the combination of an increase in smaller claims and supply chain issues means we face unprecedented claims inflation. Adapting and keeping pace with new technology is essential. New aircraft types are arguably safer and more resilient, but they pose difficulties surrounding repair costs and the expense and complexity of aircraft clean-up.

Having said this, we are optimistic about the future and the many opportunities in 2024. It is an exciting time to be in the business for many reasons, including the introduction of new technologies, changes in how we utilise IT and various industry developments.

Regarding new technologies, Global is doing our part to contribute to the aviation community, which is developing new systems that will help make net zero possible. In addition to our commitment to environmental sustainability, we support advanced air mobility, which will help social initiatives such as remote community assistance.

Technology investment is undoubtedly leading to increased safety. New aircraft types are incredibly resilient, as the runway incursion in Tokyo earlier this year demonstrated. Alongside a well-trained crew and responsive passengers, the advanced aircraft design and materials surely saved lives. Airlines’ continued investment in training and awareness is increasing flight safety worldwide, raising the standards of infrastructure, training and sustainability, particularly in less developed aviation communities.