Navigating the ever-evolving world of insurance demands plenty of energy – a quality that Andrew Lankford (pictured), broker at Carlisle Insurance, seems to have in spades, both personally and professionally.
Transitioning from the high-stakes energy sector to the nuanced world of insurance might seem like a leap, but for Lankford, it was a smooth shift. His background equipped him to handle after-hours calls and client issues, making the insurance space feel like a natural fit.
“Risk is a big part of the oil and gas business,” he said. “I had known a few people that worked in the industry and just decided to kind of change directions at the end of 2020. I started with Carlisle then – and I really wanted to focus on leveraging my knowledge in oil and gas and utilize it; those contacts and experiences [to] target those types of clients.”
Lankford emphasized the need to work collaboratively with clients, exploring different options such as deductible structures and loss limit choices. According to him, this approach ensures a personalized and effective solution, a sentiment echoed by many in the industry.
“There’s really no silver bullet in this market,” Lankford said. “Being client-focused is probably more important now than ever.”
What’s in the pipeline for the energy insurance sector?
Looking ahead for what this year has in store on the insurance landscape, Lankford believes the energy sector has some big things in the pipeline.
“Decarbonization,” he said. “Everyone’s pledging for seven years’ time – but the ICT sector is still going to have to create energy. It’s quite interesting how that will transfer into the insurance space because I think it provides a good opportunity for those that are willing to expand their target client base.
“At the end of the day, whether you agree with green policies or not, there’s definitely an opportunity from a risk perspective. I don’t see any slowing down of solar or wind energy, regardless of how efficient or inefficient it may be. I think that there’s a pretty good opportunity there – but there’s some growing pains involved with the ESG piece.”
As for the near future, Lankford believes there will always be at a strong demand for traditional hydrocarbon type exploration.
“There’s a lot of service that’s involved with that,” he told IB. “I think, as an energy professional, it’s just good to look at it from both sides. It would be foolish not to pay attention to the opportunity that will inevitably come with wind and solar-type carbon reduction plants. That will continue to creep up in relevance as we see a lot more of these policies and ESG goals being set.”
