Insurance Business’s report into the best insurance brokerages in the UK offered a timely update on the health of the broking sector – and the picture is looking positive. Brokerages across the UK were selected based on several key metrics - revenue, revenue growth, policies written growth, client growth and number of new clients – and based on business per broker, allowing businesses of all sizes to be recognised and celebrated.
Going behind the scenes of the report, insurance industry expert and Insurance Search CEO Nick Hoadley pinpointed the role data has to play in assessing the relative success of UK insurance brokerage.
“[Growth in active clients] is very important,” he said. “It shows the value proposition is compelling. It means that they are beating the competition, they are beating the market, and they are innovating and doing things to attract new customers to their organisation.”
The importance of data and technology was also emphasised by Alexander Margolin, managing director of Mayfair-based Sioma Insurance Consultants as critical to the success of a brokerage operating in the UK today. He noted that Sioma has deployed its skills to harness tech and avoid having to onboard extra administrative staff, allowing the brokerage to remain focused on its core business.
“The faster you grow, the more administrative staff you have to deal with,” Margolin said. “By engaging with the latest technology systems, we can overcome this hurdle while keeping our employee count as low as possible.”
The power of having a great culture was championed throughout the report by 5-star brokerage winner PIB Insurance Brokers which outlined that its culture is one of collaboration.
“As a business, PIB’s focus is one of specialisms and therefore, we have some fantastic expertise around the group,” said Charlie Upton, regional managing director of East Midlands at PIB. “Our culture is about sharing that knowledge and helping colleagues provide the best possible advice and solutions for our clients.
“We don’t act as an island; we build teams of people who support clients in various sectors providing insights and developing close relationships as trusted advisors.”
