074: Finding the Path of Least Resistance with Warren Bainbridge

Are you concerned about the speed of market evolution, and trying to keep up the pace? How can you boost efficiency in your acquisition of solutions for your clients? Is there any way to remain confident in your business ventures as the world remains profoundly uncertain?

In this episode of the Insurance Brokers’ Podcast, we’re very pleased to be speaking with Warren Bainbridge, Head of Wholesale and Distribution at Kingsbridge Insurance Brokers. Warren has extensive breadth of experience in the industry, spanning many different sectors and perspectives. In conversation with Boston Tullis’ Sarah Myerscough, he shares enlightening anecdotes and advice regarding changes in the distribution chain from reinsurance to consumer, how it has evolved over the past decade and how he anticipates it to develop in years to come.

 

Quote of the Episode

‘If an insurer or an MGA makes things simple or easy to do business with, then brokers will naturally gravitate to that.’

Throughout the episode, Warren frequently suggests that the ‘path of least resistance’ is often the most profitable and providential for brokers. Given the volatility and fluctuating nature of the world and its impacts on the market, he suggests that if brokers identify an opportunity with an insurer for a straightforward process from risk presentation to solution provision, they will take it. As such, insurers should endeavour to make their processes accessible and welcoming for brokers who, in turn, should always be equipped with the necessary information about their client and the risk at hand, thereby facilitating a straightforward claims-making process for every customer.

 

Key Takeaways

Over the past few years, the importance of e-trade solutions has accelerated significantly. Warren suggests that brokers and insurers alike should aim to employ this route for as much activity as possible, but maintains that certain complex solutions and larger-income risks require human intervention. Ultimately, therefore, broker and insurer efficiency is and will become increasingly integral to insurance processes in years to come.

 

However, COVID-19 threw an unexpected spanner in the works for the industry, leading to many capacities being reduced or pulled. For Warren, maintaining a sense of consistency in your business’ output is key. Yet, in times of such economic instability and unpredictability, it can be difficult to remain a sense of clear direction for your business, which in turn can affect client trust and retention.

 

How should brokers weigh up a balance between efficiency and consistency in years to come? Warren suggests that insurers and brokers should take this presiding volatility and instability into account when making future decisions, and be sensible in their actions. In doing so, you can navigate the present uncertainty with a clear path that your clients can rely on.

 

This is particularly important with regard to accelerating e-trade as Amazon (and, perhaps inevitably, Google and other Big Tech companies) begin to venture into insurance solutions. Warren suggests that clients will naturally gravitate to such companies due to their knowledge of the brand and what they stand for. As such, you need to make sure that you can stand out in the market.

 

Specialism will prove to be key in this respect. Warren suggests that broker and insurer profitability will increasingly be found in niche sectors and markets with minimal competition, where premium rates can be charged due to the expertise you can potentially provide in that unique space.

 

Best Moments/Key Quotes

“There's been a lot of drive for e-trade, but there's only so much insurance business you can e-trade. There's complexity that needs human intervention. So, you'll always have the need for that, and those insurers that have maintain that ‘Open for business, here to help’ sort of attitude have prospered. Those that have made life difficult have not.”

‘If an insurer or an MGA makes things simple or easy to do business with, then brokers will naturally gravitate to that.’

“I think those insurers or those brokers that have got specialisms can win the day, because I think you can demonstrate more expertise if you've got a specialism and therefore, it reduces the competition. There's less expertise out there in particular niches.”

“I think those [insurers] that are clear with their communication and their strategy… brokers and clients will, will naturally gravitate to. Although there is a lot of [uncertainty] in the market, hopefully insurers can deliver some, some sort of consistent strategy through all of that.”

 

Resources

Kingsbridge Insurance Brokers: https://www.kibl.co.uk/ 

About the Guest

Warren Bainbridge has worked in the insurance industry since he was 15. Initially, he worked in high street broking for nine nears, before joining Provincial in 1993 which eventually merged with AXA in 1996, where he worked for 18 years in total in various roles. Since then, Warren has worked for NIG Commercial, Chubb and British Engineering Services, each for a few years. In November 2021, he joined Kingsbridge Insurance Brokers as the Head of Wholesale and Distribution.

Warren’s LinkedIn Profile: https://uk.linkedin.com/in/warren-bainbridge-7016337

 

About the Host

Sarah Myerscough is the Sales and Marketing Director of Boston Tullis Group. The founder of The Insurance Brokers Podcast, she brings a wealth of marketing experience and a fresh perspective on marketing in the insurance sector. Boston Tullis works with insurance brokers to offer solutions to business development ceilings, particularly in the rapidly developing fields of video marketing and thought leadership.

If you would like Sarah to help you develop an integrated marketing strategy, using state of the art concepts, then please book a free 20 min call via Calendly.

 

Website: https://bostontullis.co.uk/ 

Evaluation Link: https://s.bostontullis.co.uk/s/podcastevaluation