Southampton-based Knightsure Insurance Brokers has been in business for over 28 years, providing commercial cover to independent traders right up to larger SMEs. Managing director Tony Knight (pictured) has been at the helm of the brokerage, which is now a member of Broker Network, since day one.
In that time, both Knightsure and the insurance market around it has undergone significant change, with client demands evolving in equal measure. Knight has ensured that the business has stayed at the forefront by harnessing technology and embracing the new. Insurance Business spoke to the MD about the evolution from fax to today’s ever-connected world, how cyber has gathered pace among SMEs in recent years, and how he has managed to keep up the pace.
Technology and change
“In the same way that my own business has changed, the way that SMEs do business has also changed as a direct result of technology,” Knight said.
“Everyone can do things better, faster, and more effectively with technology. Whereas in 1990, our high-tech bit of equipment was a fax machine and an electric typewriter, now you can do just about anything, anywhere in the world, and stay in touch with your clients thanks to things like email, Skype, and mobiles.”
For Knight, that’s meant constantly keeping on top of the latest technologies and ways of communicating with clients.
“I’ve always been interested in technology anyway, and it’s been a case of having to adapt or not being in business, basically,” he said.
But the speed with which technology allows us to communicate with one another has also led to greater demands from clients.
“One thing with email is, yes you can get things done a lot more quickly, but the expectation is also that you’ll respond a lot quicker,” Knight said. “Twenty (20) years ago, people would write you a letter and say – can you do this? And you’d send them a letter back a few days later, and they’d be quite happy. It’s a question of having to adapt to the outside world.”
Cyber growth
“Cyber is the big one, without a shadow of a doubt. It’s been a hard, slow slog from 3-4 years ago, partly because the products weren’t there, and I think now they are and there’s a lot of choice out there,” Knight said.
For SMEs, products that were once geared to large corporates are now evolving to cater to their needs. High-profile cyberattacks, as well as word-of-mouth stories about peers who have faced cyber incidents, means businesses are becoming more aware that they will inevitably be impacted at some point.
“From the client perspective, we are getting a lot less of the ‘it’ll never happen to me attitude,’ because most people have seen it happen to somebody else,” Knight said.
The increased focus on data protection has also led to a greater awareness of cyber risk – though the understanding is not always fully formed.
“People have become more aware of the need, possibly for the wrong reasons, because they can be more interested in data breaches and that sort of thing – but there’s a lot more to looking after your IT system and your data than worrying about the Information Commissioner’s Office,” Knight said.
“At the end of the day, it’s thinking about what would happen if you walked into work tomorrow and your data was gone – you’re out of business.”
Future focus
“We’re the sort of business that will tackle anything in the small business arena – we have the technical knowledge and the expertise, plus the backing of insurers thanks to the Broker Network. So simply put, we can compete. At the end of the day, there’s one thing that differentiates me from the nationals, and that’s service – it’s something that firms with huge numbers of employees probably can’t,” Knight said.
“Businesses want to see a face, and if there’s one thing a broker needs to continue to do, it’s add value. If you add value and you don’t add cost – that’s a winner.”
