Whether discussing a senior appointment, a key acquisition or a new partnership, it is widely agreed that timing is everything when it comes to decision-making. And for Paul Moors (pictured), the timing of his recent appointment as chairman of the fast-growing temporary insurance broker GoShorty was just right.
“I have known of the GoShorty business for some time through my corporate finance network, and was introduced some time ago to the founder, Andy Moody,” he said. “Andy is a dynamic, innovative business leader. Separately, I was approached by a potential private equity investor, Major Oak, about becoming chairman of GoShorty, and to oversee their investment as well as support the management team.
“Having reviewed the business plan, conducted my due diligence, and met the management team, it was an opportunity I wanted to be involved in. Major Oak subsequently completed the investment in GoShorty, and I agreed to become chairman.”
Moors brings extensive insurance credits to his new role. He had led Bollington Insurance Brokers for almost two decades before completing the buyout and simultaneous merger of Bollington and F Wilsons Insurance Brokers to create Bollington Wilson Group alongside Inflexion Private Equity Partners LLP.
In 2021, he completed the sale of Bollington Wilson Group to one of the UK’s leading independent brokers Arthur J. Gallagher. Offering insight into his new responsibilities, Moors emphasised the talent that exists within the GoShorty management team and how he will look to ensure it works as a cohesive unit, “bringing together this talent and focusing it as the business grows.”
“I have been where they are now,” he said, “and can use my experiences to navigate the challenges and take advantage of the opportunities that will present. Private equity investment brings its own operational changes. My experience is that private equity investment and experience can be harnessed to supercharge growth while continuing to build the necessary elements of a successful business.”
Identifying what’s top of the agenda for the GoShorty team in 2023, Moors noted that this year is all about “significant and sustainable growth” by supporting the firm’s insurer partners with high quality data which enables GoShorty to write ever increasing volumes while maintaining its “outstanding” loss ratios.
“We are only three months into the year but are already on track to double policy volumes and income achieved in 2022,” he said. “We expect to deliver £10 million of premium to our insurer partners which is a significant step on our journey to our target of £30 million by 2026.
“We have recruited considerable talent to ensure we deliver our growth agenda and we have updated our website and customer journey to make sure it’s best in class. I am really proud of our customer feedback. Our Trustpilot score of 4.9 is the best in the market. Our absolute focus on the customer is evident in everything that we do - whether that be our conversion levels or our very high levels of repeat business.”
With so much emphasis on the turbulent economic conditions impacting financial markets and funnelling down to hit consumers’ own pocketbooks, the opportunity presented to firms looking to provide accessible and cost-effective solutions is not lost on the GoShorty team. For as Moors highlighted, during periods of economic uncertainty individuals and businesses may be more inclined to seek out cost-effective insurance solutions as a way to manage their expenses.
“There follows an increased demand for insurance products that offer lower premiums, higher deductibles, or more flexible coverage options,” he said. “GoShorty ticks these boxes. You pay for the insurance you need. With higher interest rates and inflation, individuals and businesses will look more closely at costs like insurance where they cannot see tangible benefit.
“In addition, economic conditions can impact insurance companies themselves. Economic downturns can lead to decreased investment income, increased claims, and a more competitive market as insurers compete for a smaller pool of potential customers. This can incentivise insurance companies to develop more cost-effective solutions to attract and retain customers.”
Economic conditions are not the only macro factor impacting the strategic direction of GoShorty with rising interest in sustainability conversations naturally aligning with the firm’s proposition. As a short-term insurance broker, he said, GoShorty actively promotes car sharing which reduces the number of vehicles on the road, which, in turn, supports environmental sustainability. Looking to the future, he said, there is a lot more to come from the firm on this front as it rolls out its strategic objectives.
“GoShorty is a young business and part of my role is to support the team to roll out policies like ESG and it’s high on my list of important activities,” Moors said. “I would say, however, that from the moment I got involved in the business and met the team I have been very impressed by how focused they are on doing the right thing by colleagues, customers, shareholders, stakeholders, and the wider community.
“My job is to take what already exists in the business culture and make it a little more formal, and ensure it is embedded as the company grows.”
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