August 26th 2016: CBI, Marsh, and Lloyd’s

We had our first business visits today, which was quite exciting but also tiring because it was a very long day. I woke up at 6am and from there on it was all suits and business, exactly what I signed up for! Interestingly enough, it wasn’t until after the company briefings that I began to feel excited about the company visits instead of nervous. The briefings were quite well done and helped a lot during the actual visits because it was easier to understand what they were talking about, ask questions, and just easier to be engaged overall.

To be fairly honest, I did not expect to be that interested in CBI in comparison to Marsh and Lloyds. It just seemed that Marsh and Lloyds were talked up much more, so I had higher expectations for them. However, CBI turned out to be the best company visit I’ve ever had, and I sincerely felt as if I learned a lot. My favorite speaker was Nicole from the EU negotiations team. She really made it clear how important it was to have an organization such as CBI to act as a lifeline between these companies and the political scene, particularly when political crisis such as Brexit occur. Speaking of how all of these companies simply accepted the reality of Brexit and immediately began planning for the future instead of hanging onto the past also further increased my interest in the business industry. I really value those who understand when it is time to, for lack of a better phrase, admit defeat and move onto next steps, because I believe that is the best way to remain in control over anything you do. Even outside of Brexit, all of the CBI representatives shifted my perspective from having negative connotations with lobbying to seeing lobbying as a necessity, particularly between the business and the law world. I knew this beforehand, but only after this company visit did I truly understand how crucial it is for the business and law world to be connected. The two are increasingly intertwined as the number of large corporations increase, and it is to the benefit of both parties to have an understanding of the other so that they may both make the best decisions for the public good. As someone who recently developed an interest in consulting, CBI caught my eye even more and I would definitely be interested in working for their firm.

Marsh Insurance was not quite what I expected, but it was extremely cool to have the opportunity to be inside the world’s leading maritime insurance firm. It appears to me that one aspect of the company’s strategy is its locations across the world. Nearly all of its offices are located near major ports or other areas through which many shipping lines cut through. Another aspect of its strategy is simply how massive the company is. Over the years, Marsh Insurance has built up massive amounts of data, statistics, and other numbers that could help them create a very detailed risk analysis, thus attracting the most underwriters. It would have been nice if we had more time for questions before walking to Lloyd’s, because I’m still curious about how they deal with big data mining and how they encourage innovation in an industry that is oftentimes (unfortunately) seen as quite boring.

Lloyds of London had a gorgeous office, and the employee who guided us around also helped me learn a lot about the insurance industry. An interesting point that kept resurfacing was Lloyd’s emphasis on tradition, which could be expanded out to encompass the UK in general too. From the moment we walked in, you could tell that they were quite old fashioned: the strict dress code, overcoats similar to those of old military generals, the artifacts, and so on. That’s what I found most interesting about the company, because as the guide said, there really isn’t a specific need for everyone to be wearing business formal, nor is there a need for many of the other traditions. I wonder if anyone has made the argument that these traditions end up curbing innovation for businesses in London, such as not choosing to upgrade their technology. In terms of the career, becoming an underwriter or broker seems like quite an interesting job and surprised me in terms of how appealing it was, considering all of the negative connotations about the insurance industry that I’ve grown up with. The idea of learning from a very experienced mentor, the tight knit community, and eventually establishing yourself as a prominent underwriter/broker seems like a very satisfying process. However, I still don’t believe the insurance industry is for me.

Overall, the three company visits provided me with a lot of insight into how these specific companies function and also how business functions internationally. I was able to compare how the same types of companies in the US are different from the ones in the UK, learn about business as it relates to politics, and also learn about the insurance industry. Already I can see that this study abroad is doing exactly what I hoped it would do: help me understand a wide variety of careers and industries so that ultimately I can find the correct path for myself. My favorite so far is definitely CBI, but with so many business visits left, I can only say that as an estimate. Let the adventure continue!