041: COVID, Brexit and tech transformations in Lloyds - with Andrew Sparrow

On today's episode, we’re excited to be chatting to Andrew Sparrow, Managing Director of Fidentia Insurance Brokers. Andrew has a long varied history in the insurance market and we’re particularly talking about the impact of COVID, Brexit and the technology transformations happening within the Lloyd’s market.

 

LEARNING OBJECTIVES:

• Identifying the niche areas of business has been fundamental to the growth of our business over 7 years.

• This last year has meant that the insurance industry has been focused on defending and retaining rather than new business.

• When dealing with binders, you will find that these are better placed in the Lloyd’s market where there is a wider appetite for specialisms.

• Lloyd’s market is known for being a bit behind the times and slow to react so the digital transformations they are working hard to introduce will be interesting to watch.

• Strategically planning for Brexit has been an achievement for Fidentia – it could have had an enormous impact on the future of the business.

 

BEST MOMENTS:

‘’We have felt that there's been a kind of a move in the London market in particular with individual’s kind of feeling a bit disaffected with a large broker environment, probably preferring to try their luck in a smaller medium sized London broker/Lloyd's broker, so we've benefited a bit from that.’’

 

‘’We've probably needed to have more of a clear-cut strategy, and I think whilst we've grown well, we're looking at that as something we need to practice and adopt a more structured and strategic approach.’’

 

‘’…We do have binders in the company market space, but you tend to find that you have to work harder to find the appetite in the company market.’’

 

‘’It's clear that this is going to be a pretty wide ranging end to end transformation that they're trying to introduce into that market, which is a huge undertaking because Lloyd’s is known as a being a bit behind the times and a bit ponderous and slow to react.’’

 

RESOURCES:

Fidentia Insurance Broker’s website: https://www.fidentiains.com/

Andrew’s Profile: https://www.linkedin.com/in/andrew-sparrow-13a12684/

 

ABOUT THE GUEST

Andy is a Commercial Insurance specialist and has over 30 years’ experience in the Lloyd’s and London Insurance Market. Career highlights for him include heading up of the Commercial Division and progressing to the main board of the Lloyds Broker he worked for previously before founding Fidentia Insurance in August 2013. Andy leads the Fidentia management team and is instrumental in creating a company culture of professionalism, teamwork and exemplary client focus.

 

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