Welcome to Phinsys Perspectives, where we explore the challenges and opportunities shaping the future of insurance finance and technology. In this edition, we speak with Carys Lawton-Bryce, Chief Operations Officer at Markel International, about her career journey, Markel’s approach to technology adoption, the evolving role of AI, and the importance of strategic vendor partnerships.
With a career spanning operations, IT, pricing, and finance transformation, Carys has developed a systems-thinking approach to leadership. She shares her insights on how Markel is leveraging data and automation, tackling industry-wide challenges, and ensuring that transformation is always driven by business needs rather than just technology for technology’s sake.
Q1: Let’s start with your career journey—what led you to Markel?
I’ve been working in the insurance industry for about 20 years across a variety of roles, primarily in back-office functions such as operations, change management, and IT. At one point, I also ran a motor insurance pricing team, so I’ve had quite a varied career! I haven’t followed a traditional path, and I think that’s because I’ve always been drawn to interesting opportunities rather than linear progression.
One of the things I discovered along the way is that I enjoy systems thinking—understanding how different functions fit together and how they can be optimised. I realised early in my career that I wasn’t necessarily going to be a deep technical expert in one area, but I could add a lot of value by helping specialists fit their work into the bigger picture.
Joining Markel almost four years ago felt like coming home. All my experiences—from IT to pricing and finance transformation—suddenly came together in a way that made sense for my role as COO.
Q2: How did you get into insurance in the first place?
Like a lot of people, completely by accident! After university, I was applying for roles across financial services with a focus on research. I came across a job at Lloyd’s, writing country-specific reports on different global insurance markets.
I had a degree in International Political Economy, so it was a great fit for my interests. But I knew nothing about insurance at the time. Shortly after I joined, Lloyd’s secured its first license to operate in China, and I was pulled into the massive project of setting up its first reinsurance company there. That project made me realise that I loved the operational side of the industry—actually getting things done rather than just writing research reports!
Q3: What is Markel’s overall philosophy when it comes to technology?
Technology is a critical enabler, but it’s not the end goal. We are very careful to ensure that business needs drive technology adoption—not the other way around.
We also invest in process improvement alongside technology. Too often, companies automate broken processes, which just embeds inefficiencies. We want to make sure that when we implement technology, it’s built on solid, well-thought-out processes.
Another key aspect for Markel is that our people are our biggest asset. We think carefully about how technology can enable and empower our teams rather than simply looking for ways to replace manual tasks.
Lastly, we are wary of large, monolithic systems. Technology moves so fast that we focus on best-in-breed tools that can be swapped out when something better comes along. This agility prevents us from being locked into outdated systems.
Q4: What were the key challenges Markel faced that led you to work with Phinsys?
We had two big challenges. Firstly, for our London Market business, we had legacy architecture sitting between our policy admin system and our finance ledger that was causing inefficiencies. The process of moving data through the system was complicated, and that needed to be addressed.
Secondly, across our National Markets business (UK, Canada, Europe), we had chosen local policy admin systems that were well-suited for those markets. But we hadn’t successfully integrated those systems into a centralised finance process. This meant data was being manually moved or block-booked into our London Market system, which was neither efficient nor sustainable.
We initially tried to solve these challenges internally by building our own data warehouse, but the project stalled. The connection between the technology teams and the business wasn’t strong enough, and there wasn’t enough focus on how the solution would work in practice for finance teams. That’s when I realised we needed a specialist solution—and I knew from experience that Phinsys had the right capabilities.
Q5: How did you bring stakeholders on board with the Phinsys partnership?
Our finance team led from the front. One of the great things about Phinsys is that their team speaks the language of CFOs and finance leaders. They can have deep, technical finance discussions that build credibility quickly.
It wasn’t an overnight decision, though. We spent time getting to know the Phinsys team and ensuring they understood our needs before committing. But once our finance leadership saw the value and expertise Phinsys brought, the project gained strong support.
Q6: Beyond data integration, where else do you see technology driving transformation?
While data integration is critical, we’re also focused on technology that directly improves the day-to-day experience of our teams. Anything that makes life easier for our underwriters, claims handlers, or operational teams is a priority. For example, we’re investing in tools that enhance front-end processing and workflow automation, reducing manual tasks and improving efficiency.
Compliance and risk management are also areas where we’re seeing significant potential for technology. Historically, these functions have been lower down the priority list in terms of investment, but we’ve made a conscious effort to empower these teams with innovation. Over the last year, we’ve had a dedicated role looking at ways to introduce small, impactful solutions that can eliminate time-consuming processes.
A great example is our AI-powered NDA review tool which quickly assesses NDAs, providing instant approvals or flagging cases for review, saving legal teams time and improving service for our underwriters and brokers.
Q7: How do you foster a culture that embraces technology and transformation?
Transformation projects only succeed when they have strong senior sponsorship and clear business alignment.
For example, with our Phinsys project, our CFO Andy Davies was very deliberately visible throughout the process. He showed up at project meetings and made it clear that this was a business priority, not just a tech initiative. That kind of senior leadership involvement helps win hearts and minds because it signals that the change is both important and necessary.
We also involve teams early, ensure they understand the benefits, and provide ongoing training and support. Change fatigue is real, so it’s critical that people see technology as an enabler rather than a burden.
Q8: What are the keys to a successful partnership with technology vendors?
The technology itself must work, of course, but the real differentiator is people. The vendors we have the strongest relationships with share our belief in the importance of talent and collaboration. Good technology won’t stay good without the right people behind it.
For us, the best partnerships are truly collaborative. We want our vendors to feel empowered, just as we want our own teams to be. That means creating an environment where the best people want to work on our account because they enjoy the relationship and the work. We believe that when both sides feel respected and invested, we get better long-term outcomes.
Naturally, there will be moments where we must have tough conversations, but if we approach those with mutual respect and a shared goal, we can build lasting partnerships that deliver real value.
Q9: What role do you see AI playing in the future of insurance?
AI has massive potential, particularly for unstructured data analysis. The industry has struggled for years with data quality issues, and AI offers a way to unlock insights from previously untapped data sources.
Right now, most AI use cases are focused on efficiency gains and automation, but I think the real transformation will come when AI starts reshaping business models and risk selection. We’re experimenting with a few AI-driven initiatives, but I expect the biggest impact is still ahead.
Q10: What does the future hold for Markel?
We’re in a really exciting place as a business. We’ve experienced significant growth, and over the next three to five years, we’re focused on cementing our presence and scale in all the markets we operate in. Our goal is to ensure we have the right products in the right places while continuing to grow our footprint globally.
From an operational perspective, we’re in the middle of delivering foundational transformation projects, such as our data programme with Phinsys, as well as major initiatives in underwriting and claims. By the end of 2026, I hope we will have completed these big structural improvements, which will allow us to shift from foundational work to iteration and innovation. That’s when we can really start experimenting with new technologies and focus on adding value faster. It’s an exciting time!
Q11: The insurance industry isn't always seen as an attractive career choice. Do you think that’s changing?
The industry hasn’t always done a great job of promoting the range of careers available, but that’s starting to change. There are so many opportunities within insurance beyond the obvious ones like underwriting and claims, and we need to highlight that better.
One reason I think insurance could become more appealing is that it offers a great balance between challenging work and work-life balance. Other industries, like investment banking or law, often require extreme hours, whereas insurance can offer rewarding, intellectually stimulating careers without sacrificing personal time.
Another important factor is social purpose. Insurance enables businesses to innovate, protects economies, and provides security to communities. At Markel, we recently helped insure a grain corridor project from Ukraine, ensuring food supplies could reach places like Egypt. These are the kinds of real-world impacts we need to showcase more to attract talent who want a meaningful career.
Q.12: If you could give career advice to someone just starting out, what would it be?
If I could go back and give my 23-year-old self advice, I’d say: don’t be afraid to take risks and step into the unknown.
When I started out, I thought I had to have a rigid career plan, but some of the best opportunities I’ve had have come from saying yes to things I wasn’t 100% sure I was ready for.
Also, build relationships. Insurance is a relationship-driven industry, and the people you work with early in your career will often turn up again in different roles later on.
