040: Lloyds & Relationships - with Paul Smith

On today's episode, we’re excited to be speaking to Paul Smith, Managing Director of Fenchurch Insurance. Paul has over 20 years’ experience in the insurance industry and is chatting with us today about his journey, experience and specifically about the Lloyds market too!

 

LEARNING OBJECTIVES:

• Every now and again, there'll be an opportunity or a situation whereby a case is either rather large, rather unique, or rather difficult – insurers should prepare for this.
• Mainstream insurers that have the opportunity and availability to place business with Lloyd’s brokers will quote different terms, premiums and access levels.
• Developing tight knit relationships with your Lloyd’s broker is integral to the success of your business.
• It’s very rare to find one Lloyd's broker that has the capability and all the capacity and indeed the relationships to place property, liability and fleet, as well as financial services.

 

BEST MOMENTS:

‘’…insurers have these red, amber and green lists. Green topical flavour of the month which everybody loves, easy to price. Amber is something that needs a little bit more attention and dedication and a bit more focus by underwriters. The red list is, in the vast majority of cases, something that shows insurers just don't have an appetite for - and it's those situations that a broker would need to walk into Lloyds or utilize the services of a Lloyd's broker.’’

 

‘’…it's a case of well, how on earth is that possible? Why do insurers not have a central database to record data on risks? Surely, branch A should follow branch B or vice versa. It's just one of the anomalies and one of the vagaries of dealing with a Lloyd's broker and trying to place risks into the London market.’’

 

‘’if you've looked after somebody and you’ve given them a good piece of business that's produced profit for the underwriter, then it's quite conceivable that you can pull that favour back when you need it most.’’

 

‘’My top tip to youngsters that are in the market is just make sure that you put your hands in your pocket and entertain them as much as they entertain you… it will stand the test of time and it will come back and you will get rewarded for that. Don't always take take take.’’

 

‘’Find out who other brokers use, listen and understand and hear about the good, the bad, the ugly in terms of relationships and service… Have they got any delegated authority binders? How long have the brokers been employed by that particular Lloyd's broker? I think it’s important to find out the pedigree and history.’’

 

RESOURCES:

Fenchurch Insurance website: https://fenchurchinsurance.com/

Paul’s Linkedin Profile: https://www.linkedin.com/in/paul-smith-insurance-broker-and-advisor-22384718/

 

ABOUT THE GUEST

Paul Smith is the Managing Director at Fenchurch Insurance Brokers Limited - responsible for all things clients, compliance, sales and marketing and growth. He has a vast knowledge of the mechanics of insurance products, spanning over 20 years, as well as having a huge network of connections in the UK insurance market. He is qualified by the Chartered Insurance Institute to Cert CII standard.

 

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