Lead generation is a vital part of any business but for Stephen Sloan, CEO of Insure 247, it was helping other insurance clients that actually opened the door for him to set up shop in the industry.
Sloan had been marketing with insurance companies since 2002 but decided to make the leap into the industry proper in 2007 having been asked by a risk advisor to help generate some leads for their business.
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“It was frustrating for me to see our clients would use our service to start when they had just started a book or to top up their book. I looked at the income they were earning and realised there was good potential there for general insurance,” Sloan told
Insurance Business. “Once I started generating online leads in risk, general insurance was a natural extension.”
Insure 247 was born in a garage with three staff members in 2012 and the business has gone from strength to strength, now employing 27 people and having recently earned second place in the
Insurance Business Top 10 Brokerage rankings.
Sloan said that his background in marketing has been one of Insure 247’s “secret herbs and spices” as the business has continued its growth.
“For us, the number one key to our business is getting those clients through the door in the first place and to be able to know where to go to find those new clients has definitely given us an advantage,” Sloan said.
Going forward, he noted that he sees technology as both one of the biggest challenges and opportunities for insurance brokers as the industry faces unprecedented change.
“The industry is likely to see more change in the next five years than it has seen for the previous 20 years,” Sloan continued. “Blockchain, disruptors, global brokers, boutique insurers and insurance apps are going to make it an exciting time.”
While some may see technology as a negative for the broker channel, Sloan stressed that he was positive about the future of the broker as they can use the best bits of tech alongside their duty of care to the client.
“That opens up a whole lot of opportunities for us and the clients,” Sloan said. “All of a sudden they have purchased a public liability product with us but we are obliged to tell them about cyber, about their risk.
“I see brokers as pure risk professionals, identifying risks for clients and becoming the specialists. That is why I am excited about brokers’ future.”
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