Northeast-based Elliott Westland Insurance Brokers was born in 2012, founded by Kevin Elliott, previously of Elliott Garden Insurance, and Ian Westland, previously of Westland Insurance Services.
A family-run business, Elliott’s daughter Lucy now sits at the helm of the brokerage’s commercial division as managing director, with Westland running the personal lines division and the senior Elliott acting as CEO of the company.
Since 2014, the regional broking business has seen its turnover treble and staff numbers increase from four to 21. Add to that a nomination this year for Bluefin’s Star Broker of the Year, and it’s clear the company is going from strength to strength.
Insurance Business caught up with Lucy Elliott to find out how the business is future-proofing its offering, as well as her personal journey to where she is now.
Insurance Business: What was your route into the industry?
Lucy Elliott: I came out of university having studied for a BA degree and a Masters in history. My dad was encouraging me to get a job, and the family business was first on the list. As everyone tends to do, I fell into insurance. I’ve been doing it for three and half years now, and I was shortlisted for BIBA’s Young Broker of the Year last year, so I think it’s going well!
Insurance Business: How has the business changed in that time?
Lucy Elliott: We’ve gone from a very heavily based personal lines insurance brokerage to much more of a commercial brokerage. Within the commercial remit we are particularly looking at fleet, commercial combined and landlord insurance – that’s what we tend to specialise in. But we write a whole host of everything.
You tend to find that the personal lines business is a little bit harder to retain, and even harder to get in the first place. Because of the internet, in the long-term we were looking at a strategy for keeping business growing, and the sensible idea was to go down the commercial route.
Insurance Business: What do you like about the industry?
Lucy Elliott: I absolutely love it. There aren’t a lot of young women in the industry, so it feels nice to do it for the girls - though we have an office full of women, so I think we are at the other end of the scale! Also, from the point of view of a high street regional broker in the northeast, it’s nice to rub shoulders with the big guys at firms such as
Aviva and the like.
Insurance Business: Have you seen any changes in the industry?
Lucy Elliott: I would absolutely point to the technology aspect. As part of Bluefin, we have gotten to know a lot about insurtech and those kinds of issues. I think for regional brokers, it can scare the hell out of you, because you just think – what’s it going to look like in the next 10 years? But from our point of view, on a day-to-day basis we come up all the time against the internet, and while maybe it hasn’t changed that much during the three years I’ve been in the industry, I know others that have been in the business a long time would say that the competition is higher than ever. It’s difficult for us as a high street broker to have the rates on the personal lines side, it’s kind of a dying sector – that’s why we’ve had to diversify a little bit.
Insurance Business: What are the future plans for Elliott Westland?
Lucy Elliott: We are looking to grow again, having just finished our last planned phase of growth. We’re looking to develop a claims team, and also to attract two new commercial account executives. We’d also like to create a separate department for fleet and hauliers in the next couple of years.
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