BIBA Young Broker of the Year finalist Lucy Elliott talks about family business and achieving success in her young career
She has been in the industry for just a couple of years, but 26-year-old Lucy Elliot is already stacking up achievements in her young career.
However, this should as no surprise because insurance, after all, runs in the blood of this
Insurance Business UK Young Gun
.
“I [was] brought up in a household that eats, sleeps and breathes insurance,” says Elliott, who would spend weekends and holidays in her teenage years helping out at her father’s north-east brokerage office.
Elliot has been working full-time at the family business, Elliott Westland Insurance Brokers, since 2014. She has helped in the firm’s turnover growth from £1.5 million to £3.5 million.
She even developed a “marketing think tank” within the office that has led to heightened brand awareness and new business for the company.
How did your insurance career start?
I started working in the industry when I was 24 after finishing my Master’s degree at Durham University. I was unsure of what to do next and joining the family business seemed like a perfect fit. My Dad had owned brokerages as I was growing up and I had always been interested in how he grew and developed his businesses; it would have been crazy to waste the opportunity to learn from him and not get into the industry.
What has been the highlight of your career so far?
I have so many highlights and it is still early days in my career! It includes being made managing director, getting into the final of BIBA’s Young Broker of the Year Award, winning a place on the NIG Future Leaders Programme and getting my first £25K+ client.
What’s the strangest thing you’ve ever arranged cover for?
I have a reputation in the office for getting some weird and wonderful enquiries. One of my first ever clients was a Bubble Football company based in the North East and I had absolutely no idea where to turn. Right now I’m quoting on a company that produces and sells chilli products (like chilli vodka, hot sauces and chilli chocolate) called Bernie Bumm!
Describe insurance brokers in three words.
Sociable, intelligent and hard-working.
How would you change the industry?
From my point of view, I think there needs to be an emphasis for school-leavers that the insurance industry is a worthwhile career path. The industry needs revitalising – young, intelligent and successful people need to be encouraged into the industry and perceptions need to be changed that it is a boring business to work in.
How are you improving the business?
At the moment as a company we are growing quite substantially; we’ve gone from four members of staff in 2012 to over 20 now, doubled our turnover and are expanding at a rapid rate. This is mainly through new staff acquisitions, enhanced emphasis on the importance of marketing the business and focussing more heavily on commercial lines insurance. I’ve given life to the marketing aspect of the company in particular as it was non-existent prior to my arrival and this has definitely had an impact for us growing organically.
What’s the best advice you’ve ever been given?
When I’ve had a tough day, sat important exams or had a significant interview or meeting, my Dad has told me that ‘the sun always shines tomorrow’. It means that even if you have a bad day, have made a mistake or failed in some way, life is always going to go on as it has done. Tomorrow is a new day and you can put things right then. In the scheme of things, the little things we worry about the most aren’t that important.
Tell us about yourself outside the industry.
My passion outside of the insurance industry is definitely travelling. In the last year, I’ve done safaris in South Africa, island-hopping in Thailand, elephant-trekking in Cambodia and done a little retail therapy in New York City. I also love going to the gym, attending personal training sessions and enjoy running – last year I did the Great North Run Half Marathon!
Complete this sentence: If I wasn’t in insurance, I would be…
Definitely still be in some sort of sales role – maybe a high-end travel agent who hopefully gets some work perks – free trips away to exotic destinations around the world.
If you were Prime Minister for one day, what would you do?
I’d impose a flat-rate tax system with a single income tax rate – I think it’s an overly-complicated system and I believe it penalises higher earners. It probably would also stop tax avoidance as its fairer all round.
What advice can you give to newbie brokers and to those who want to join the industry?
I would say to fully embrace your role in insurance – it is a thriving industry with fantastic career prospects and opportunities. I believe if you want to make an impact in the industry you can and will. Also, get involved in local organisations; the
CII, BIBA, local business networking groups, etc. and experience the amazing social side that comes with a job in insurance.
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