Yesterday saw hundreds of thousands of students across England, Wales and Northern Ireland receive their GCSE results, with reports indicating wider regional variations in the grades that had broadly returned to pre-pandemic levels. Such times are red letter days for those invested in the ongoing battle for great insurance talent and those committed to spreading the word about the purposeful and fruitful career path insurance can represent.
Perhaps the best advertisement for an insurance career is those working across the sector and their primary evidence of the breadth of opportunity and experience it offers. Richard Barry (pictured), who joined Hazelton Mountford earlier this month, is a prime example of this, having spent 15 years in claims and underwriting before moving across to spend 19 years on the commercial broking side of the market.
Looking back to where it all began, Barry highlighted that he had originally thought about a range of financial service-based roles before he applied for a job with General Accident in Worcester. His first ever day of work in the insurance sector was on July 30, 1990, he said, and he started as a corporate client claims handler. It was in May 1994 that he was transferred, “literally overnight”, to become a commercial underwriter following a company restructuring.
“I transferred to the Cheltenham office in mid-1994, where the company became CGU and then Norwich Union,” he said. “My main focus, during this time, was as a new business writer. My experience within this role included a year of working on-site within Clarke Roxburgh Insurance Brokers, as a development underwriter.
“In April 2005 I was asked to consider a move from insurer to broker with a local long-established firm, which I agreed to. Here I was able to transfer those skills and apply them to helping customers understand their own needs and give them the peace of mind they needed, in combination with the technical knowledge and rapport that customers rely on.”
As to how insurance broking compares to other insurance roles, Barry noted that the training and skills he gained in claims and underwriting with a large corporate insurer have never left him.
“Having seen so many types of different risks, presented in so many ways, from so many types of brokers – some good, some very good and some terrible – I gained a real desire to be proactively seeing business owners and presenting risks to insurers in person,” he said. “My view was, and remains, that an average risk, presented well, will always win the attention of an underwriter, over a good risk, presented badly.”
His path to Hazelton Mountford was made all the smoother by this early focus on the power of relationships as he got to know the directors and sounds of its senior staff back in the very early days of his insurance career. Having seen the company develop and grow, he had a deep-rooted respect for what its directors had achieved and when the opportunity arose to join the team as a senior account executive, he said it was simply too good to pass up.
“I see the role offering me the chance to develop new client relationships and work with new colleagues,” he said. “Hopefully I can offer some of my experience to the younger staff within Hazelton Mountford, who may be starting their careers, just like I did back in the day.”
Identifying some of the key challenges impacting clients today, he highlighted that running any business in today’s risk environment holds many challenges – too many to list. Some of the most pressing threats he’s seeing include striking the balance between embracing technological change and dealing with the threats that this also brings.
“Also, for some time now, recruitment in many sectors has remained a key issue for clients - whether it be within the transport, motor trade, construction, farming or many of the traditional financial services,” he said. “I believe that the government must tackle this with greater vocational offerings to young people and a clear message that working in these sectors has real opportunity.”
These risks do offer the opportunity for insurance brokers to differentiate themselves, he said, and that starts with really understanding the many variables which can challenge a business owner and that insurance is often a subject that many would rather spend very little time or money focusing on.
“As insurance professionals, it is important that we make clients feel as secure as possible, and that the complex, and often misleading jargon of insurance, is simplified,” he said. “Clients need to know that they are being looked after by trusted staff, who aim to deliver excellent insurance products, excellent service and excellent outcomes in the event of claims. Commercial insurance, in particular, remains an industry where people buy from people and those trusted relationships are the foundation for success.”
Looking forward, Barry affirmed that he’s feeling very positive about the “vital” role brokers continue to play in the success of their clients. Brokers know that some classes of insurance, such as the more traditional standard home and private motor products, have become commoditised with online companies, banks and supermarkets all entering the market, he said.
“[But] these sites offer no expertise or support, often providing online web chat access only,” he said. “In the high-value household, motor fleet and commercial business insurance world, clients are keen still to invest in that peace of mind that brokers can offer.
“As brokers, we are continually developing our key insurer relationships to source the very best products and premiums. I am certain that clients will be looking to use the very best local Chartered Insurance Brokers for many years to come.”
