AMBER PERCIVAL: Good. To start with, so you've had a long career in insurance. Where and when did you first start to work?
RAY PEMBERTON: Well, like many people, I started in insurance through my father's connection with city executives. And that was in September 1975, just out of school. So 16 and two months. And after initial training, I was a marine claims broker, broking claims to the Lloyd's and Company markets. So I've been just over 50 years now in the Lloyd's market.
AMBER PERCIVAL: Wow. What was it going straight from school into work?
RAY PEMBERTON: It was very daunting at first, but I soon settled into the city life and the longer days compared to school. And I was excited to be part of an insurance team and learning about the world of insurance. But things have changed so much since then. But everybody was super helpful in the early days, so that really helped.
AMBER PERCIVAL: Oh, that's good.
RAY PEMBERTON: Yeah. And then after a couple of years of being in the London market and commuting backwards and forwards to where I lived with my parents near Southend, I managed to find a job locally and moved to a larger broking house there for four years before coming back to the city.
AMBER PERCIVAL: Oh, nice. So how did you get work done before, like, computers and laptops?
RAY PEMBERTON: Well, everything was written down on paper back then. That's all there was. Sometimes, it would be a napkin in a restaurant if you had no paper on you at all, or even the back of a cigarette box, as they used to say. But slips were all hard copies. And they were carried around in leather broking cases, which you still see in the Lloyd's shop today. And if someone in the office needed to get hold of you while in Lloyd's, there would be a message over the Tannoy system, something like, "Willis Faber, Pemberton, please phone the office." And you would go to the landlines around the edge of the room and dial in and phone your office to find out what the message was.
AMBER PERCIVAL: Oh, that's really interesting. So what was the dress code for going into Lloyd's back then?
RAY PEMBERTON: You were expected to wear a suit and tie. I mean, I still wear a suit today, but without the tie. But they were very strict rules back then in entry to Lloyd's. But the waiters at the door were very good. They would even supply you with a tie if you didn't have one that day to make sure the dress code was properly and correct.
And there was lots of pinstripe suits around in those days. And I remember my first suit being very loud pinstripes and flared trousers. Thank goodness the fashion changed.
AMBER PERCIVAL: Thankfully. So you worked for a large broker locally for four years. So what made you decide to move back to London?
RAY PEMBERTON: Well, that was a good training ground, lots of technical knowledge learned. And I knew there was a demand for that knowledge in London. And I thought that's where the career opportunities would be. So I think I was quite right in coming back to the city and getting involved back in city life again. In fact, over the years, I think I remember 20 different job titles I've had.
AMBER PERCIVAL: Wow.
RAY PEMBERTON: Yeah. From claims broking through to director at one company. So, yeah, it's been a lot of variety.
AMBER PERCIVAL: Yeah. So what's the major changes that you've seen since then?
RAY PEMBERTON: Well, the main thing is before computers, we had slips that were typed on manual typewriters, which then became electronic. But there was the use of carbon paper to make duplicates of the slips that were being taken out into the market. So that was the only version that was in the office, apart from the original that was given to the broker to take out to the market. So that was all before photocopies in the very early days.
And then messages were sent via telex system. You had a person that was sending out the telexes. And that was replaced by facsimiles, which seemed to be an improvement at the time, although the words would actually disappear from the page after a few months. So you quite often open the file and find there was nothing there other than these blank pages. So that didn't work very well. So when the advent of computers came into the business, it was a real game changer. And we see the success that that's led to today.
AMBER PERCIVAL: Yeah. Wow. So you work for large and small broking houses over the years. Could you tell me how they differ?
RAY PEMBERTON: Yeah, that's a good question. With the larger broking houses, you had more complex clients, and that was more interesting as an individual to get involved in their complex coverages and also gave you the opportunity to make bespoke programs for those larger clients and beat your competitors. Ideally, that's what you're aiming to do.
With the smaller broking houses, they didn't generally handle those complex clients, so the opportunities really were to get involved in different projects that the company had going on. And you had more variety and your personal job to get involved in different things.
AMBER PERCIVAL: Oh, I see. So what advice would you give your younger self just starting your career?
RAY PEMBERTON: Yeah, great. It's easy looking back, isn't it? But I think be more confident in coming up with ideas is always a good way of being recognized amongst your colleagues, particularly if those ideas lead to efficiency and improved processes for the clients and for the company itself. So don't hold back in giving ideas.
And also be patient and listen to the company's point of view, rather than just your own feelings on how things should be, because there's always a reason why it is the way it is. On the other hand, it's always worth speaking up, if you're not comfortable because you can solve so many issues with a good dialogue.
AMBER PERCIVAL: That's great advice. Thanks, Ray. Going back to the last question, is there anything that you would have done differently?
RAY PEMBERTON: Yeah, good question. I think being more involved in client roles would have been ideal. I was very heavily involved in the back office, running of the teams and efficiencies, internally because now doing this FINMAR role, I can appreciate what good service is from the client's perspective. And I wish I'd have brought that into my career earlier with the clients that the brokers were dealing with on a face-to-face regarding presentations and meetings with clients. So that would have been an ideal scenario.
AMBER PERCIVAL: Oh, thanks, Ray. So last question, what will you spend your time doing in retirement?
RAY PEMBERTON: Well, my wife's got a long list of things for me to do at home. So once I've got those under control, it will be travel, a lot of travel next year. We're making a list at the moment of various cities in particular that we'd like to go to. So I'm open to offers and suggestions if anybody's got anywhere that they particularly enjoy.
And then after that, I've got outdoor hobbies, such as golf and fishing as well. So when the weather allows, I'll be outside as much as possible enjoying the fresh air. But I'll still come back to the city now and again to meet some old friends.
AMBER PERCIVAL: Yeah, that sounds lovely. Well, I wish you a long and happy retirement.
RAY PEMBERTON: Thank you very much.
AMBER PERCIVAL: That's all we have time for today. But please do join us for our next session of "FINMAR Presents 5 Minutes With." Thank you and goodbye.
