“We’ve got an opportunity to rethink, reset and repurpose how we deliver our services to clients and go beyond their expectations.”
That’s what 2021 has in store for insurance brokers, according to Megalines Insurance founder and CEO Bunmi Ajayi (pictured). When speaking with Insurance Business, Ajayi outlined Megalines’ plans to “be a force for good” and to “accelerate the pace at which we continue to add value” for its clients.
“Whenever there is a disruption, room for potential is created,” he said. “We’re looking to ramp up our AQ – our adaptability quotient – by being more flexible in addressing the needs of our clients and using different methods to proactively engage with them.”
This client engagement, according to Ajayi, will be guided by a hybrid approach that will incorporate face-to-face meetings, videoconferencing tools and even more subtle notifications via text. The digital revolution that occurred as a result of COVID-19 was readily taken up at Megalines, which Ajayi states has “always been at the forefront of technology.”
“We introduced our own Megalines Insurance Brokerapp several years ago when it wasn’t yet fashionable to be communicating with clients via such services, and so we have had these digital capabilities in place for a while now,” he said. “When the pandemic hit, it simply enabled us to try this out on a larger scale, and to provide service to our clients no matter where they’re located.”
Given the technology take-up, Ajayi sees cyber insurance as a particular area of growth for Megalines. Though cyber insurance is often framed as a point of concern primarily for businesses, the brokerage also offers a specialised product aimed at protecting families from such issues as identity theft, ransomware and even cyberbullying.
“Ransomware insurance is definitely something that we’re focusing on,” Ajayi said.
“We’ve been having meetings with clients about how they can best manage their cyber risks, whether they’re working from home or simply being online and disclosing private information and showing them the benefits and peace of mind that they can derive from this.”
For Ajayi, helping to make clients more aware of the risks that they face – and showing them how they can be protected – lies at the core of insurance broking.
“I see brokers as advocates for our clients, as people who look after the fine print and deliver informed advice on which policies you’ll need – and which policies you can do away with,” he remarked.
“If you’re running a business, you’re doing yourself a disservice to simply purchase insurance online without consulting a broker first. Every business is different with specific, unique coverage needs that the business owner might not even know about themselves. This is where the expertise of a broker comes into play.”
Though technology has automated certain elements of broking, Ajayi is adamant that the broker-client relationship should “never lose that personal touch.”
“At the end of the day, our business is a relationship business,” he said.
