David Stevens is our co-founder and ex-CEO. He completed his MBA at INSEAD in 1988 and joined Henry Engelhardt, our founder, to start Admiral in 1991.
David Stevens is our co-founder and ex-CEO. He completed his MBA at INSEAD in 1988 and joined Henry Engelhardt, our founder, to start Admiral in 1991.
How did it all begin?
Henry and I were in the same cohort at INSEAD and we worked on a couple of projects together. I got to know him pretty well and we stayed in touch when he moved to London after INSEAD.
When he called me and said ‘look I'm setting up a new business’, I just knew that he was the sort of person that had a big chance of making a success of it. I also knew that he would create the sort of company I wanted to work for. So, I didn't really ask him about the product, or the service. I just replied, ‘where can I sign up?’.
It’s often said that nine out of ten start-ups fail. So, what do you think has made Admiral a success story?
I think one of the fundamental building blocks of Admiral is our culture. From day one, we established a vision of how the company should run, prioritising equality, meritocracy and fun. We’re a company that believes that you don’t have to have 20 years’ experience in the industry to succeed. We believe in diversity and in brainpower, applying creative intelligence to innovate in clever ways.
This innovation is something Admiral has consistently done, which has helped us stay ahead of our competitors and disrupt the market.
We're looking for the next generation of leaders of Admiral. What advice would you give to MBAs joining us with this ambition?
I think Admiral is a great place for an MBA who is intellectually curious, who is keen to gain responsibility and to work with autonomy. You have the chance to really make things happen here. With an ongoing process of diversifying our products and trying new things, we need people to pioneer these new ventures. That creates some really interesting opportunities.
Admiral gives you the chance to combine this with a decent work-life balance. One of the things that we wanted to do when we set up Admiral was to avoid creating a company where people were still here late at night watching to see who left first. So, if you want a fulfilling job with a balanced life, then I think Admiral is a great option.
One of the other key things about the Future Leaders Program is that you are one of just a handful of MBAs joining, rather than joining with dozens or even hundreds of others. This means you get to work closely with the most senior managers in the company. The exposure and responsibility you get is quite unique.
As you said, we recruit a small number of MBAs, so they need to be really special. What do you look for when interviewing an MBA candidate?
I look for personality and intellectual curiosity.
You’ve got to be intelligent. Almost all the MBAs we interview are very intelligent, and we're looking for people who bring new perspectives and cleverness to business challenges. But intelligence alone isn’t enough. We’re looking for a combination of competence and confidence, but not too much ego.
The ideal candidate recognises that although they're bright, they can learn from others and work alongside others to make whatever they do better. At Admiral we look for talented individuals that can fit into a team, lift the whole team up, and motivate the team to follow them.
What has been your key learning at Admiral?
I've been with the company now for 27 years; I've learned a lot and made mistakes. I think the single biggest learning has been realizing the amazing power of a group of people that are working together for a common purpose. Through our ups and downs (and there have been real downs!) that common purpose tying us all together has always been incredibly powerful. The results you can achieve through unity are quite special.
How did it feel to be going through your final year as CEO at Admiral in the middle of a pandemic?
On a personal level for individuals, and economically for businesses and the nation, the pandemic has been a real tragedy.
However, it has been amazing to see how Admiral has risen to the challenge of keeping our staff safe and looking after our customers. Doing well by our customers has always been a priority for us so the customer rebate, which cost us over £100 million, evidenced that. I’m very proud of the way we looked after our people while delivering some of the best results, financially, in the insurance market across the UK and Europe.
The coronavirus crisis has proved the underlying strength of the business and I’m very proud of that.
How does it feel to be retiring after all this time - do you have any plans for your retirement?
I definitely feel the time is right. I feel that the next generation of management that Admiral has in place is ready to take up the challenge. They are technologically closer to our typical customers and I'm confident that stepping back and handing over to Milena is right for the business.
I'll continue to have a part time role at Admiral, as Henry has done since stepping down as CEO before me and I look forward to staying involved. It will be lovely to watch the business continue to prosper and to stay involved in a smaller way.
Other than that, I might go back to university, do some travelling (when possible!) and some angel investing. There’s a lot to be done and I am truly excited about the years to come.
You can find out more about the journeys our MBAs have taken or read more about our MBA Leadership Programs. Alternatively, follow our MBA Leadership page on LinkedIn.
