Meet our Director of Insolvency, Adam Loveitt
Today we caught up with our Director of Insolvency, Adam Loveitt, to kickstart our Specialist Spotlight series.
Hi Adam, thank you for agreeing to take part in this interview. Please can you start by telling us how long have you worked at IRS?
We have rebranded and changed our name a few times but the business that is now IRS, I have worked for since 1987 – it feels like a very long time ago!
That’s amazing to hear that you have been in the business for so many years. Can you give us an overview of your role and how it has developed since 1987?
In my role as Director of Insolvency, I look after the Client Executives, ensure the business runs smoothly and that we are making the most of marketing opportunities and sponsorships, and I often attend industry-related conferences. IRS has sponsored R3 for over 30 years, so I manage our relationship with the R3 team, and I lead the relationship with our insurer, MS Amlin.
In 1987, I started off as an Account Handler and I would deal with the day-to-day running of cases. Back then no one had computers, so everything was done manually. We used to send memos off to insurers and letters to clients then you would have to wait for a response – it was a bit different to say the least!
In 1990, I started leading the Insolvency team which was around the time of one of the biggest recessions we had ever seen. It was a good time for me to take the step up as it was extremely busy, and it presented me with new challenges. I was promoted to Managing Director in 2015, and we were acquired by Specialist Risk Group (SRG) in 2020.
How times have changed… It is hard to imagine working without computers nowadays and what would we have done without technology over the past two years! So, what was your first job?
I know! In 1983 I started my career in the insurance industry as a Clerical Assistant at Phoenix Insurance in Leicester where I was primarily involved in Commercial Vehicle underwriting. I was there a couple of years before the company was acquired by Sun Alliance and then my colleague and I were given the opportunity to move to Nottingham rent-free for a year. Being 20 years old, this sounded like a great idea, so we moved, and I started underwriting Professional Indemnity insurance. I was there until 1987 before I joined the company that is now IRS.
What do you enjoy most about your role at IRS?
It would have to be the variety that we see in the insolvency world. We’ve seen airlines, football clubs, rugby clubs, large industrial firms and all sorts of different businesses go into insolvency. You never really know what is going to cross your desk and what issue you are going to come across which keeps it interesting. Insolvency Practitioners are also really interesting people to work with, they are good and quick at making difficult decisions.
And is there a particular product or area that you specialise in?
What behaviour/personality trait do you most attribute your success to, and why?
I took it as a compliment and I’m not sure whether I should or not, but I was once described as tenacious. I do not give up easily! There were times in my career where it felt like giving up was my only option, but my perseverance and pushing through the difficult times got me to where I am today.
What is your proudest achievement in your career to date?
It has to be when I achieved my FCII qualification, which is the highest Chartered Insurance Institute accreditation in 1993/1994. It involved a lot of study outside of work hours and I sacrificed time with my young family so when I passed, I felt extremely proud of myself, and it all felt worth it.
Are you working on any other professional skills at the moment?
Good question… I am pretty rubbish at PowerPoint, it takes me so long to do a presentation, so I am trying to improve on that!
Well, it’s great that you are pushing yourself to continue learning every day. What’s a mistake you made early on in your career, and what did you learn from it?
Probably not addressing an issue straight away. I kept my head down hoping it would go away but I learned that most of the time these things don’t go away, and they fester and turn into a bigger issue. Now if I do run into any problems, I aim to find a solution as soon as possible.
As you know, SRG’s mantra is ‘Difficult. Done Well.’ so do you have any recent case studies that you can share with us?
Yes, in February, a competitor was withdrawing from the Bond market and their clients needed to find a home for their Bonds quickly as they cannot trade without them. Our team were able to react and provide solutions for all the Insolvency Practitioners that approached us, even though we were in the middle of our renewal season which is an extremely busy time. The team pulled together and did a fantastic job, and we were delighted to help those clients continue to trade.
What are you most excited about for the future of IRS and in addition, SRG?
I think IRS has found its home in SRG. It is a very positive place to work, and the leadership team have built a can-do culture where they try to develop staff to be the best they can. SRG is a very collaborative organisation, and people care and want to help each other. This gives me great hope for the future that we will continue to do great things for our clients and come up with even better ways of doing things too.
Are you experiencing or observing any trends in the insolvency insurance market right now?
I think we are starting to see the first signs of an increase in the number of businesses becoming insolvent. Due to government support schemes, the insolvency market has been pretty quiet since 2020 however, now these have been withdrawn, businesses do not have the money to pay back what they were loaned. I can see the number of insolvencies continuing to increase over the coming months.
Generally, we are starting to see an increase in demand for our Client Service Portal. We are therefore looking at developing it into a more transactional platform to further benefit our clients.
Thanks Adam, and what advice would you give to someone looking to start their career in the insurance industry?
I would say work hard and try out lots of different things if you get the opportunity as that gives you the potential to choose something that you are really suited to, and that you enjoy doing.
To finish off, if you could live anywhere, where would it be?
Canada as that is where my son lives.
And what is your go-to karaoke song?
Joy Division – Love Will Tear Us Apart!
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