People in Insurance: Changing the Conversation

098: The Current State of the High-Net-Worth Market with Jonathan Rouse - Protect Underwriting

What challenges are facing the high-net-worth insurance market in 2023? What key messages to brokers need to communicate to high-net-worth clients? Is the future bright for this sector?

In this episode of the Insurance Broker Podcast, we’re very pleased to be speaking with Jonathan Rouse, founding partner of Protect Underwriting. In this episode, he explains the various challenges currently facing the high-net-worth insurance market as a result of ongoing economic turbulence, and how brokers can help clients in this sector to better understand the cover they are purchasing and the dangers of underinsurance. In conversation with Boston Tullis’ Sarah Myerscough, Jonathan shares his optimistic view of the future for this particular market, reflecting positively on the incoming Consumer Duty and the ever-growing opportunities for brokers and underwriters who operate in this specialist area.

 

Quote of the Episode

“I think that that communication challenge is the big one we see from brokers. [They ask] how they should engage policyholders in thinking about the correct sums insured that they need. And actually, helping them to evaluate that and make sure the policy is fit for purpose for them.”

Inflation is a significant challenge currently facing the insurance market as a whole. The cost of claims is rising, and consequently, so too is that of insurance cover. Jonathan argues that the onus is on brokers to ensure that their clients are well-informed about the need to provide sufficient and accurate information about their property, so that a suitable policy can be arranged for them.

 

Key Takeaways

In the high-net-worth market, it is crucial that policyholders’ cover remains aligned with current levels of inflation. The risks of underinsurance can be hugely financially damaging in the event of a claim. However, it can be difficult to navigate these conversations with customers, particularly in the high-net-worth area where policyholders are already paying high insurance premiums.

Jonathan notes that it is essential for brokers to explain to a customer in such a scenario that they need to buy more cover – it is not simply a matter of brokers and insurers asking for higher premium rates – it is in order to ensure that their cover is suitably raised, so that there will be no unexpected shocks in the event of a claim. Thus, it is key during these difficult discussions to reaffirm that you are attempting to deliver what the policyholder needs to continue to protect their property.

Furthermore, to have a productive conversation about policy renewal with a customer, brokers must be confident about the value that they are providing. Customers must be able to recognise the full extent of the service that they are receiving, which also includes advice and education which some clients may need to make better sense of their cover.

Jonathan also highlights the importance of brokers ensuring that they always have up-to-date information about their clients’ property, be it the security measures in place, if any building work is underway, or simply if their assets are increasing. Insurance isn’t a maintenance product, it exists for unexpected events that have been prepared for, but brokers need sufficient information so that protections against potential damages or losses can be built into their clients’ policies.

 

Best Moments/Key Quotes

“The tricky thing for brokers to explain to a customer is that they're actually buying more cover, or they need to buy more cover. It's not necessarily about insurers wanting more money. It's about making sure that the cover goes up. And unfortunately, the price goes up with that. In difficult economic times, it's a challenging conversation. But I think most policyholders still want to get their insurance in the right way, and they want to be correctly insured.”

 

“Brokers have to be confident about what they're providing. They're not just providing a piece of paper and a premium attached to it. Part of what they provide is the service and the engagement, and that education piece. They're providing real advice to the customer. And I think a lot of customers get that.”

 

“I think consumer duty is a good thing… For most of the high-net-worth market, I would say that we're already extremely focused on customer outcomes. But obviously, we've got to make sure that we can demonstrate that, as a board, as a company, around our product governance and the service we provide, we already collect a lot of data to make sure that our policyholders are happy with our product, and that we're providing good value”

 

Resources

TIBP Episode 87 – The Creeping Effects of Water Damage with Miller Insurance – https://theinsurancebroker.podbean.com/e/087-the-creeping-effects-of-water-damage-with-miller-insurance/

 

About the Guest

Jonathan Rouse is one of the founding partners of Protect Underwriting, a specialist underwriting business focused on providing service directly to brokers. He has worked in insurance for his entire career of over 25 years.

Jonathan’s LinkedIn Profile: https://www.linkedin.com/in/jonathan-rouse-6a30024b/

 

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 experience and a fresh perspective on communication in the insurance sector. Boston Tullis works with insurance professionals to build effective communication both internally and externally through podcasting, event reporting, videography, and internal communications facilitation.

Website: https://bostontullis.co.uk/ 

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

 

097: The challenges of Marketing Insurance with Lucy Mowatt - Founder of Method Marketing

How important is marketing for insurance businesses? Can it significantly boost your sales? What is the value of in-house or external marketing content writers and creators?

In this episode of the Insurance Broker Podcast, we’re thrilled to be speaking with the brilliant Lucy Mowatt, founder of bespoke agency Method Marketing. In conversation with Boston Tullis’ Sarah Myerscough, she explains why marketing is generally undervalued in regulated industries like insurance, and highlights five key challenges to marketing insurance products. She emphasises the personal element of marketing content as a potentially powerful means of humanising your brand, and how a combined marketing and sales strategy can create a significant impact in your business.

 

Quote of the Episode

“[In many insurance businesses] there is not necessarily a strategy from the top-down. So, marketing is more of a reactive activity rather than a proactive activity. There's no consistency with what's happening. Then things happen at the last minute, so it really does feel like there is not enough time to get everything done, because it's not in the plan or there's no time set aside for it.”

Lucy identifies a key problem with the marketing practices of many insurance businesses; that being that there is often a lack of an instructive strategy. It is often left to the last minute, reacting to changes in customer behaviours or broader industry trends, rather than remaining a step ahead. Hence, she argues that marketing must become more cohesively integrated into how insurance businesses conduct sales, and that the results of doing so are often highly fruitful.

 

Key Takeaways

Both Lucy and Sarah suggest that marketing and sales can hugely complement each other, if done well. However, marketing is arguably often undervalued and under-prioritised in insurance businesses, as it can be considered somewhat wishy-washy, while sales has a direct impact on the business’ bottom line. This is a significant underestimation of the value of marketing, but it must be done well in order to have a sizeable impact. It needs to be consistent, be it through social media posts on a regular basis, blogs uploaded to your website, or e-shot material. You cannot simply send out the same emails or upload the same posts and expect improved sales results. Conversely, your business needs to be constantly trying to expand who is receiving your message, and reiterating and re-expressing that message in new and interesting ways to maintain high engagement and thereby facilitating consistent or improved sales.

Is there a value to content writers? Or is AI-generated content such as that produced by ChatGPT and similar software the future? For Lucy, content writers aren’t going anywhere. The need for well-informed research and editing remains paramount. In a regulated industry, you need to know your sources and to be very careful with the information you put across. ChatGPT, by contrast, uses Wikipedia and other untrustworthy sources to generate ostensibly factual information, which in a regulated sector can be dangerous. Furthermore, the content it produces is collated from blogs, articles and posts that are already in the online ether. As such, it cannot provide any new takes, or offer any original insights or opinions. The human element to good marketing is key – it can be the difference between making and missing a sale.

Lucy highlights five key challenges to marketing insurance:

1. Finding time – for your marketing to make a significant impact, it needs to be a priority within your business, and integrated into your broader sales strategy.
2. Tech integration vs legacy data – CRM data analysis can be hugely beneficial to creating targeted marketing content, but many insurance businesses rely on old technology, and retain huge banks of legacy data. Transitioning to the use of this new software and streamlining your data can facilitate smoother client communications, and enable your marketing to be much more fruitfully focused on your target market.
3. Use of jargon – it is key to make sure that your communications are clear and informative, but the insurance industry deals with concepts and terminology that is often unfamiliar to a layperson, and which can be alienating and confusing if found in your marketing content.
4. Reporting marketing statistics – it is difficult to determine exactly how well your marketing spend is being delivered upon. Lucy argues that the engagement rate of social media posts and the subsequent traffic to your website can be a very strong indicator of good marketing material.
5. Compliance – your marketing and compliance teams need to communicate with each other to ensure that the right message is always being put across to your existing and prospective clients.

 

Best Moments/Key Quotes

“A lot of times with our clients, what we'll say is, ‘You are the experts in what you do in insurance, but we are the marketing communication specialists. So, if we work together, we can help create something that will speak to the layperson who's not in the industry in a way that they will understand and be able to apply it to their life or their business.’ So, they understand the benefits. Sometimes you don't realise that not everybody knows about a particular term or what a particular term means.”

“If your readers don't get it, you switch them off. A lot of the time, people won't persevere because they don't want to feel like they’re stupid. You lose them at that point.”

“I think the average is something like 3% engagement rate on most social media channels. So, if you can get anything above that, that's fantastic. We've seen like certain posts do 45% engagement rates, or like on a one off, which I think is fantastic. Aiming for 5% or higher, I think is a good aim, and [you can] learn from what works.”

 

Resources

Solve For Happy: Engineer Your Path to Joy by Mo Gawdat, former Chief Business Officer at GoogleX

 

About the Guest

Lucy Mowatt is the founder of Method Marketing, a content marketing agency based in Norwich. The agency specialises in working with clients in regulated and compliance-heavy industries, because they have very specific needs around writing articles, website content, and podcasting. Before establishing Method, her previous role was in-house marketing at an insurance broker.

Lucy’s LinkedIn Profile: https://www.linkedin.com/in/lucymowatt/

 

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.

Website: https://bostontullis.co.uk/v 

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

 

 

096: Futureproofing Broking Through Technology with Natalie Sankala, Operations Director of TCi Futures

Are you concerned about the rapid acceleration of technology implementation across the insurance industry? Are you unsure how new Insurtech solutions can help brokers in delivering for their clients?

In this episode of the Insurance Broker Podcast, we are very pleased to be speaking with Natalie Sankala, Operations Director of TCi Futures. Originally an Insurtech-oriented research and development arm of Thomas Carroll Group, the business has since grown into a subsidiary in its own right, exploring new technology solutions for brokers and developing exciting new platforms for businesses. In conversation with Boston Tullis’ Sarah Myerscough, Natalie discusses the origins of TCi Futures and how it intends to develop, in simultaneity with the increased incorporation of technology across the insurance industry. She highlights the importance of growing your technological understanding and capability for futureproofing your business.

 

Quote of the Episode

“We have to be led by the changing needs of the clients and customer. And I think that's kind of where we came from – we understand the world around us is changing, and it's changing a lot faster than any of us could have anticipated. So, we have to put those changing needs first. I believe that we're seeing that kind of next generation of decision makers, and we need to understand how and where they want to transact where they want to do business. I'm quite passionate about creating this human centred business, with the digital toolkit so that we can be more efficient, we can automate our processes and really add value to all of our day jobs. So that, you know, we're giving that advice and the human touch where it's most important.”

Natalie notes that TCi Futures aims to be a ‘human-centred business’, armed with a ‘digital toolkit’ to remain atop of incumbent technology trends within the industry. She calls for a similar strategy for brokers, who need to acquire a suitable knowledge and understanding of technology to keep ahead in the market, and to maintain efficiency in their processes in order to deliver the best solutions they can for clients. Even as the industry increasingly incorporates, and becomes increasingly reliant upon technology, Natalie maintains that the customer must always come first in all decision-making, and that technology must be used in order to facilitate the human interactions that remain quintessential to insurance.

 

Key Takeaways

Natalie highlights that the insurance industry remains traditionalist in many respects, with many legacy systems to deal with. Thus, the opportunities of Insurtech, using new software and technologies to streamline the services we offer as an industry are bountiful and hugely exciting, and do not mean that the prioritisation of customer needs and human interaction need be lost. Technology needs to first and foremost be used to make the deliverance of this service more efficient and user-friendly for customers.

However, it does require brokers to use some different skills, and to acquire new knowledge. Natalie notes that in an Insurtech business, you become not just insurance professionals, but also technology experts. TCi Futures have taken on their first full stack developer, signalling the opportunities for increased collaboration between insurance and technology businesses, enabling a change in mindset about how insurance does and ought to work.

TCi are becoming quite independent from Thomas Carroll Group, and believe that they have a role to play in educating and supporting other brokers through the changes that new technologies will bring in the years to come. Broking is due to transform, and Insurtech platforms and solutions will be at the forefront of that transition.

While most brokers are used to having traditional conversations around business risk, TCi Futures want to broaden this, to explore more generally what’s troubling brokers within their businesses and how, through the use of technology, smart platforms and software, TCi can help. If you’re facing challenges and pain points that could be curbed with technology, get in touch with Natalie today – her contact details are below!

 

Best Moments/Key Quotes

“What we've realised now is that through technology, and also having the right people around us, that actually anything is possible. So, we can kind of go ahead with that blank piece of paper and put those plans into practice.”

 

“What I've learned, and kind of the biggest challenge really is that we can come now collide some very different skills. So as an example, we've taken on our very first full stack developer. It allows us to become not just insurance people, but we can now become quite technical in our conversation. So, I think bringing together these very different worlds is very exciting, whilst challenging. We have some mindsets to change.”

 

“It's about putting our people first. We really have to be listening to our clients, our colleagues, business friends. So, let's remember that whilst the technology is excellent, it's not going to work unless we have the right people around us.”

 

Resources

TCi Futures - https://www.tcifutures.co.uk/

Thomas Carroll Group - https://www.thomascarroll.co.uk/

 

About the Guest

Natalie Sankala is the Operations Director of TCi Futures. She has worked with Thomas Carroll for just over nine years, in sales, marketing and development. Through TCi Futures, she aims to disrupt the industry in a progressive way, to broaden the scope of what is possible through technology, by putting time and resources into exploring ways of doing things differently.

Natalie’s LinkedIn Profile: https://www.linkedin.com/in/natalie-sankala-b8690676/

NATALIE’S EMAIL

 

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 experience and a fresh perspective on communication in the insurance sector. Boston Tullis works with insurance professionals to build effective communication both internally and externally through podcasting, event reporting, videography, and internal communications facilitation.

Website: https://bostontullis.co.uk/ 

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

 

095: “Computers on Wheels” – The Future of Electric Vehicles with Steven Williams and Rob Durbin - Direct Line

How are electric vehicles (EVs) likely to reshape the car insurance market in the next few years? How should you advise your clients around the use of EVs from an insurance perspective?

In this episode of the Insurance Broker Podcast, we’re very pleased to be speaking with Steven Williams and Rob Durbin, who are both at the forefront of Direct Line Group’s evolving strategy for and assessment of the electric vehicle market. In this revealing and informative conversation with Boston Tullis’ Sarah Myerscough, Steven and Rob reveal the fallacies in many common beliefs about how electric vehicles work, and dispel many outdated notions regarding the safety and reliability of the technology. Furthermore, they explain how the insurance market must adapt in order to facilitate manufacturers’ rapid transition towards electric vehicles, in light of the impending ban on the manufacturing of ICE (Internal Combustion Engine) vehicles in the UK, in 2030. Listen now to hear their fascinating insights into this rapidly evolving market for both consumers and business owners.

 

Quote of the Episode

‘Cars are becoming computers on wheels.’

The technology behind EVs is extraordinary, and has undergone rapid evolution since these vehicles were introduced to the mass market around ten years ago. As such, there remain some prevailing myths regarding the safety and efficiency of these vehicles. Fears of the car battery losing charge and anxieties about not being able to find a charging station whilst on the road continue to prevent many drivers from taking the leap to electric vehicles. Yet, at full charge, most new EV releases are capable of running for 200 miles or more. Most drivers, especially post-pandemic, don’t travel all that much, and therefore this mileage capacity is more than sufficient. Nonetheless, the EV industry isn’t without its growing pains.

 

Key Takeaways

Electric vehicles are an emerging risk. They are relatively new to the market, at least on a wide scale, as they work very differently from ICE vehicles. While the electric vehicle market is the only motor market that grown in the last 18 months, there remains a generalised perception that they are hugely expensive. This is compounded by the costs of insurance, which are particularly high for electric vehicles. A key reason for this is due to the fact that, in the event of an incident causing damage to the car battery, it will be immediately decommissioned. An EV battery can be worth as much as 75% of the cost of the vehicle. Consequently, insurers face higher claims costs if and when EVs are involved in accidents, leading to higher premiums for customers to pay.

Nonetheless, EVs are undoubtedly safer than ICE vehicles, and they typically include many advanced safety features to significantly reduce the risk of accidents on the road. This technology undoubtedly presents great opportunities for manufacturers, insurers and consumers alike, with advancements in vehicle safety and efficiency and improvements in the speed of insurance resolutions already underway. Yet, there are still great costs to account for.

However, there are alternative methods for becoming an EV driver available. New ‘usership’ models are currently being developed, which mirror the basic premise of a subscription service, by which you play a fixed monthly fee, including maintenance costs, insurance and tax, for access to an EV. This new market is experiencing a significant buzz, enabling drivers to use these environmentally friendly vehicles at a much lower cost overall and at great convenience. Salary sacrifice schemes are also available, granting companies a more affordable means of granting their employees access to an EV fleet.

There remain a lot of unknowns in the EV world. While the car insurance industry has decades of history with ICE vehicles, we have only 10 years of data and understanding to inform decision-making about electric vehicles. As such, insurance professionals are learning all the time, but adaptation to what will in future be an EV-dominated market remains a work in progress.

 

Best Moments/Key Quotes

“Although EVs have been around since about 2013, they are probably considered nothing new at the moment. What is new is the apparent rise in their popularity and numbers and affordability. That's being driven primarily for a few different avenues. There's a lot more conscientiousness in the public around climate change. Also, the cost of living, cost of fuel prices, especially last year, was driving a lot of people to shift to EVs.”

 

“For ICE vehicles, we have decades and decades worth of information. On EVs, it goes back to 2013. So, every month, we're learning and there's so many more models of EV that are going to come out in the next three, four or five years. Certain manufacturers are only going to be delivering ICE vehicles from 2025-2026 ahead of the legislation in 2030, which says you can no longer sell ICE vehicles, it has to be a plugin, either hybrid or, or [electric].”

 

“Clean air is the ultimate benefit of all this. Therefore, if we can help our customers make that transition, that's good for them, good for us, but also good for the wider environment.”

 

Resources

Direct Line – A Complete Guide to Electric Car Insurance: https://www.directline.com/car-cover/magazine/electric-car-insurance

Direct Line – Electric Made Easy: https://www.directline.com/car-cover/electric/electric-made-easy

 

About the Guest

Steven Williams is the lead of Direct Line Group’s EV strategy. In this role he assesses and coordinates EV activity across the business, giving a voice to EV drivers and thereby ensuring that the company’s decisions are futureproofed as this technology becomes increasingly popular and accessible in years to come.

Steven Williams’ LinkedIn Profile: https://www.linkedin.com/in/steven-williams-4978a213/

Rob Durbin works in the commercial side of Direct Line Group as the dedicated EV and flexible fleet underwriter for the business. In this role, he assesses Direct Line’s decision-making with regard to EVs from an underwriting perspective.

Rob Durbin’s LinkedIn Profile: https://www.linkedin.com/in/robdurbin88/

 

About the Host

Sarah Myerscough is the Sales and Marketing Director of Boston Tullis Group. As the founder of The Insurance Brokers Podcast, she brings a wealth of experience and a fresh perspective on communication in the insurance sector. Boston Tullis works with insurance professionals to build effective communication both internally and externally through podcasting, event reporting, videography and internal communications facilitation. 

Website: https://bostontullis.co.uk/

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

 

094: Meet the MGA Market 2023 with Mike Keating - MGAA

What are the benefits of networking with MGAs? What is the ‘Meet the MGA Market’ event, and why should you attend?

In this episode of the Insurance Broker Podcast, we’re thrilled to welcome back Mike Keating for his third episode! This time, in conversation with Boston Tullis’ Sarah Myerscough, he discusses the MGAA’s upcoming ‘Meet the MGA Market’ event. It will be held on the 1^{st of} March at the Mercure Manchester Piccadilly Hotel, five minutes from the station. It’s undeniable that the industry is currently facing challenging market conditions. As such, the opportunity to forge new relationships in order to better navigate this turbulence, and thereby continue to provide positive outcomes for customers, cannot be understated. The ‘Meet the MGA Market’ event enables brokers to speak to a vast array of exhibiting MGAs about their product lines and expertise, and to discuss opportunities for partnership moving forward.

 

Quote of the Episode

“The importance this event cannot be undervalued, because from a broker lens, they have the opportunity to engage with MGAs, they already work with, but also to explore new relationships with MGAs, who are basically showcasing their very wide and diverse specialist product ranges, their service delivery, all these attributes, which MGAs have been doing successfully for many, many years. Given that the association and its members tend to about 90% deal with the broker community, is a fantastic opportunity for those key stakeholders to be in one room to network, to talk about the market, to talk about, from a broker perspective, their customers’ needs.”

Everyone has been struck by the economic challenges currently facing the market. Customers know that there is no cutting corners with insurance, but brokers and MGAs together can work to secure the best outcomes possible within these parameters. As such, the ‘Meet the MGA Market’ event offers a great opportunity for brokers and MGAs to forge new relationships, with which they can strategize to deliver for the customer.

Key Takeaways

At the event, MGAs will be exhibiting, and brokers will be free to take a look around and speak to as many MGAs as they see fit. No one will be corralled into a room and forced to endure endless PowerPoint presentations. The purpose of the event is for brokers and MGAs to network and forge new connections. For Mike, face-to-face networking is crucial to the industry, which is largely contingent upon good communication. He notes that, in previous years, the event has been held online, which was satisfactory but failed to create the same energy and impact as in-person interactions often do. We can now really cherish the opportunity to network in-person and to get the most out of these events. Both Sarah and Mike spoke to a significant ‘buzz’ at the MGAA capacity exchange last year which they both expect to be replicated at the ‘Meet the Market’ event in March.

 

Don’t miss out! If you haven’t yet booked your ticket, there’s no time like the present. Participant numbers are growing day by day, and MGA members have demonstrated great interest in meeting prospective broker partners. To book your ticket, you can find the link in the ‘Resources’ section below.

 

Additionally, Sarah will be a roving reporter at the event, so please come and have a chat! We will be recording interviews throughout the day, and would love to hear from you. We want to know why you’re at the event, what you’re hoping to get out of it, the challenges you and your customers are currently facing. We hope to capture the spirit of the event and to fuel and record great conversations!

 

Best Moments/Key Quotes

‘It's always a fantastic event in terms of bringing MGA members and the broker community together for the benefit, ultimately, of the end customers.’

 

‘This is all time for the most important people in that room, which are MGAs and the brokers.’

 

“I think the value of face-to-face networking and events is really an amplified when we couldn't do it as an industry during COVID. I also think that the industry is supporting these events even more than they did pre-COVID, because they now identify and recognise the value of them.”

 

“The Meet the Market event brings together the MGA community and the broker community. 90% of the association's membership deals with broker distribution. That allows MGAs to both engage with existing broker relationships which they enjoy, but also gives opportunities to showcase their products and their underwriting expertise to brokers who perhaps may not be aware of them.”

 

Resources

Click here to register for the ‘Meet the MGA Market’ Event: https://meetthemarket2023.eventreference.com/

MGAA – Meet the MGA Market 2023: https://www.mgaa.co.uk/meet-the-mga-market-2023/

 

About the Guest

Mike Keating is the CEO of the Managing General Agents’ Association (MGAA), having previously held executive positions at AXA, UK General and Claims. Throughout his 35 years’ experience in the industry, he has worked for insurers, brokers and MGAs in both commercial and personal lines markets.

Mike’s LinkedIn Profile: https://www.linkedin.com/in/michael-keating-230b8424/

 

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 experience and a fresh perspective on communication in the insurance sector. Boston Tullis works with insurance professionals to build effective communication both internally and externally through podcasting, event reporting, videography and internal communications facilitation. 

Website: https://bostontullis.co.uk/

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

 

 

 

 

 

 

093: How Self Confidence Lets You Be the Best That You Can Be with Sally Gunnell OBE

Do you often find yourself inhibited from making progress by a lack of confidence in your own abilities? Are you unsure of what strategies to implement to improve your self-confidence and maintain it when the going gets tough? What is the correlation between good physical health and mental wellbeing?

In this episode of the Insurance Broker Podcast, we’re honoured to be speaking with Sally Gunnell OBE, champion athlete and holder of Olympic, World, European and Commonwealth titles in 400m hurdles and 400m relay. Sally now gives talks to businesses about positive mindset and productivity, and in this episode she shares her advice for maintaining good physical health and mental wellbeing. In conversation with Boston Tullis’ Sarah Myerscough, Sally explains the importance of setting achievable goals, the power of visualisation, and strategies for combatting and overcoming low self-confidence and negative self-talk.

 

Quote of the Episode

“The difference between being okay at what I did and actually excelling was around self-belief, belief in your inability, that whole power of visualisation, and mental strength… I often used to say, when I was running, there wasn't a lot between all of us in that final, when it came to technical side of it, or strength or speed, but the mental side was massive. And that's what allowed me to win on those four major championships.”

Throughout the episode, Sally frequently reiterates the power of visualisation as a tool not only for progressing towards your goals, but also achieving them and continuing to excel beyond them. She argues that taking five minutes out of your day to visualise the achievement of your goal, whatever it might be, not only serves as a huge boost to your motivation, but also hardens your resolve and boosts your self-confidence. This emphasises that your success is not just possible, but achievable through continued effort, and thus it serves as a powerful tool for combatting negative self-talk and a lack of belief in your abilities.

 

Key Takeaways

However, Sally also notes that visualisation cannot be solely focused on achieving the perfect outcome. As with all things in life, and the insurance industry is no exception, you will inevitably encounter setbacks and roadblocks to your success. As such, your visualisation process must include the prospect of these setbacks, but also your perseverance through them and achieving your goal in spite of them.

Yet, we cannot foresee everything that might occur as we strive towards our goals; it is impossible to visualise every possible series of events. Sometimes unexpected setbacks occur. Sally suggests that positive thinking is crucial to persevering through these. It is essential to accept when setbacks occur and issues arise, and to maintain a positive outlook. You cannot allow yourself to lose sight of your goals because of external circumstances you can’t control. As such, you have to learn to trust yourself enough to recognise when you’re facing a tough situation, and continue to keep sight of your goals and identify silver linings that can help you to continue moving forward.

For Sally, goalsetting on both large and small scales is very important to maintaining a positive mindset. In setting yourself small goals throughout your day of things you want to achieve, you will gain a sense of fulfilment upon completing them, giving you the drive and energy to work towards your broader, long-term goals. She also emphasises the importance of not overloading oneself with too many goals at once. Your goals need to be realistic and achievable, and you can’t set yourself too many within a short time frame, otherwise you are effectively setting yourself up for disappointment and frustration, which will counterbalance the otherwise positive impacts of establishing goals for your wellbeing.

Sally offers three main top tips for optimising your wellbeing and productivity:

1. Exercise – frequent exercise is scientifically proven to improve your mental wellbeing through the release of endorphins.
2. Mobility – keeping yourself moving throughout the day, either through stretches, short walks, or brief bursts of exercise will secure long term physical fortitude which cannot be achieved by maintaining a sedentary position all day.
3. Positive mindset – it is key to recognise what you are capable of achieving, and to reward yourself when you make progress towards your goals and ambitions.

 

Best Moments/Key Quotes

‘Just looking at those little, tiny elements that seem so insignificant around food or sleep or exercise – it all adds up to that bigger picture of how we deal with life and deliver what we're all capable of being able to do.’

‘Knowing what you want to achieve, however big, however small it is, is a massive motivator.’

‘Everybody needs to be active and can be active, whatever ability, whatever shape you are, it's just finding something that you can physically do. And I think that is a very strong piece for your mental wellbeing and optimising your age.’

 

Resources

Sally Gunnell - https://www.sallygunnell.com/

Whitecalm - https://www.whitecalmvirtual.com/

 

About the Guest

Sally Gunnell OBE is the only British female athlete to have won all four major sporting titles – Olympic, World Championship, Commonwealth and European. She now works in the health and wellbeing sector as an advocate, sharing her knowledge and experience as an athlete. She gives talks on wellbeing and mindset to businesses, helping them to support the wellbeing of their employees.

Sally’s LinkedIn Profile: https://www.linkedin.com/in/sallygunnell/

 

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.

Website: https://bostontullis.co.uk/ 

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

 

 

 

 

 

092: Layered Data and the Future of Car Insurance? with Armin Kia - CEO and co-founder of Driverly

Are you intrigued by how machine learning and AI could soon transform the insurance market?

Are you starting a new business and looking for some inspiration?

In this episode of the Insurance Broker Podcast, we’re thrilled to be speaking with Armin Kia, CEO and co-founder of Driverly, a car insurance subscription service which uses machine-learning software to calculate insurance prices tailored to drivers’ individual habits behind the wheel. In this fascinating conversation with Boston Tullis’ Sarah Myerscough, Armin explains how finding a like-minded team was key to Driverly’s rapid entry to the market and expansion. Furthermore, he explains how the layering of different kinds of data simultaneously can create insurance solutions which fairly and accurately meet the needs of customers, perhaps paving the way for a future of the industry to which data is the key.

 

Quote of the Episode

“I think customers are open to sharing their data if there is a good value exchange for them. And by value exchange, I don't mean just price. Yes, price is important. But for a case like ours, where everything is built around that data, I think there's a very good reason for collecting the data.”

Driverly works by collecting data about a driver’s behaviour on the road in real time, via an app installed on the user’s phone, which is equipped with highly accurate motion sensors. With the user’s permission, this data is layered with information on weather and road conditions to create a highly accurate profile of a driver’s habits, from which a pricing structure for their car insurance can be built. In this way, the platform more fairly determines how much drivers should be paying for their insurance relative to their ability and safety behind the wheel, and it rewards them for their good driving via vouchers and discounts. Ultimately, the app demonstrates that people are willing to share their data if you can demonstrate that you will use it wisely, and to customers’ advantage and benefit.

 

Key Takeaways

In its customer-driven approach, Driverly attempts to uproot the conventional manner in which car insurance is sold by using AI and machine learning to calculate the best possible price for customers. As the car insurance market is driven by broad and often misleading demographic data which unfairly represents certain groups, especially young and new drivers, Driverly seeks to fill the gap by calculating prices individually tailored to you.

This flexibility is accentuated by its monthly subscription model. Unlike conventional annual car insurance policies, this grants customers the freedom to cancel their insurance as and when they wish. Yet, this is not only advantageous to the customer. The constant stream of real-time driving data from a user’s phone grants the company flexibility to adjust prices based on this new data as it is received.

The company was founded with three central pillars: Customer, Data, and Technology. These pillars drove the way in which new employees were onboarded, leading to the curation of a well-rounded team of enthusiastic individuals who share the same common vision. As Sarah notes in the episode, finding great people can be a business’ biggest challenge, and also its greatest achievement. Everyone has their own subjective ideas of how things should operate within a business, with their own emotional perspectives and outlooks. As such, to unite a cohesive team, particularly in such a short space of time as Driverly achieved, is a remarkable achievement.

 

Best Moments/Key Quotes

“I think putting together a team is always a challenge in the startup world. You don't have a big firm and the sort of stability that comes with it. And it's always a leap of faith; even though you're paid, and you're an employee, you're always trusting a startup when you join them.”

 

“Every single piece of data that we collect is built into the bread and butter of our proposition. So, we use that data to give something back to the customer. We give them feedback on how they drive, we show them their score, in terms of using their phone, acceleration, braking speed.”

 

“Every feature we have on the app is designed to improve the loss ratio, to improve the risk of customers having an accident, by incentivizing them, and reminding them about how they drive and giving them tips. We have a driver to club where they can compete. So, we get to take the gamification to the next level, by creating some peer pressure to improve driving behaviour as well. So, all of that is designed to improve the loss ratio and improve the claims performance.”

 

‘If data is at the core of what you do, then you design your processes, your technology, everything around it.’

 

Resources

https://www.driverly-insurance.co.uk/

 

About the Guest

Armin Kia is the CEO and co-founder of Driverly, a car insurance platform established in 2021, offering flexible prices on a monthly subscription basis. An entrepreneur making huge waves in the Insurtech world, Armin is well-placed to speak to how technology will soon, and is already, transforming the way we approach and use insurance.

Armin’s LinkedIn Profile: https://www.linkedin.com/in/armin-kia-16951239/

 

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.

Website: https://bostontullis.co.uk/ 

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

 

 

 

 

091: Challenges Faced by a Small Intermediary with Janthana Kaenprakhamroy, Tapoly UK

Are you hoping to start a new business, or have you already begun? Are you concerned about the challenges facing new small businesses and start-ups in the current socioeconomic climate? How will technology reshape the future of our industry, and how can we prepare for that transition?

In this episode of the Insurance Broker Podcast, we are very pleased to be speaking with Janthana Kaenprakhamroy, CEO and co-founder of Tapoly, an Insurtech platform for micro-SMEs and freelancers. In conversation with Boston Tullis’ Sarah Myerscough, she discusses the origins of the business and its progress over the past six years despite the various challenges of COVID and Brexit. She also touches upon how technology is already dramatically altering the insurance market, and how the need for operational efficiency necessitates a greater reliance on the digital streamlining of data.

 

Quote of the Episode

“I think technology should be and is on everyone's agenda right now. And the reason for that is because there are new regulations coming out that prevent insurance companies from making more money or setting their own prices. So, we are limited in terms of what we can charge the customer [due to] the increase in loss ratios. And therefore, the profit margin for selling insurance today for everyone in the industry is very, very low. And that means that operational efficiency is becoming a big thing. That's the only thing you can do. If you can increase your price, you have to reduce your operating costs in order to maintain the same level of profits, net profit, I mean, and technology can help this.”

As profit margins become increasingly slim in the face of the hard market and the broader evolution of the insurance industry, the elimination of operational inefficiencies is becoming absolutely essential. Our industry’s heavy reliance on data necessitates the use of technology which can identify the necessary information and align it with a suitable policy for prospective clients. The emergence of AI and machine-learning is rapidly improving the accessibility and reliability of this technology, and Janthana suggests that it will soon become a necessity in order for firms to remain competitive.

 

Key Takeaways

Janthana argues that the future of insurance will be a huge departure from the industry as we know it today. The transition to digitisation will facilitate the accumulation of data, which can enable the progression of machine learning and automation of administrative tasks. She suggests that it may soon be possible to access software that can predict what type of insurance cover, and at what level you should have without any suggestions needing to be made, so long as correct data is inputted.

In establishing and running a small intermediary Insurtech business during Brexit and COVID, Tapoly was repeatedly forced to pivot in strategy. With capacity pulling out during the pandemic, and the retreat of investors who have only more recently begun to return, the business was faced with challenging circumstances. However, Janthana and the company persevered, in the knowledge that they had tapped into a unique area of the market with a good idea. Thus, if your business is facing challenges, you need to give it time, especially if faced with disadvantageous circumstances as Tapoly was.

Furthermore, through the experience of the pandemic, Janthana learned more about the type of person and businesswoman that she is. Having previously believed herself to be an extrovert, she learned to value her personal time, and to recognise that being alone is essential for her to recharge. As such, we should all take the time to be introspective, to learn what types of scenarios refuel us – for some it is being around others, and for others it is to be in one’s own company. A healthy amount of personal time will help you to excel at work.

 

Best Moments/Key Quotes

“During COVID, we saw a lot of investors pull out of the market, because insurance and Insurtech is probably ranking as one of the riskiest business [types] to invest in. I think the stats are that before COVID, one into two start-ups died in insurance and Insurtech. But during COVID it was nearly 75%.”

“By building a data driven platform that automates most of your processes and reduces the number of man hours, that is the way going forward. That kind of digitization would also allow us to gather, collect and use better data. And that data in future will have even bigger scope for automations.”

“When you start your own company, there isn't really the end of the day. So, I could marathon working for weeks, without even taking weekends off. And during COVID this became apparent. I learned about my personality type. For nearly the entire lockdown, I was so happy not to meet anyone. I was happily working from home without talking to anyone. And that is very unusual. I didn't know that about me. So self-isolation, apparently is my habitat.”

 

Resources

The Future of Insurance Volume II. The Startups by Bryan Falchuk

Tapoly - https://www.tapoly.com/

 

About the Guest

Janthana Kaenprakhamroy is the CEO and co-founder of Tapoly, which provides technology solutions for micro-SMEs and freelancers in the insurance industry. She is listed at number 6 in Forbes’ Top 100 Women Founders to Watch.

Janthana’s LinkedIn Profile: https://www.linkedin.com/in/janthana-kaenprakhamroy-0b73546b/

 

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.

Website: https://bostontullis.co.uk/ 

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

 

 

090: Broker Mental Health in 2022 with Adrian Saunders - Ecclesiastical

What can colleagues do to support one another’s mental wellbeing? Are broking businesses’ mental health provisions somehow missing the mark?

Last year, we released an episode featuring Ecclesiastical Insurance’s Adrian Saunders, in which he explained the results of the firm’s annual broker wellbeing survey. In this episode, Adrian returns to discuss the results of 2022’s survey, in conversation with Boston Tullis’ Sarah Myerscough! He examines the trends that have emerged through the data across the past five years of Ecclesiastical’s survey, and their implications for mental wellbeing provisions in brokerages across the country.

 

Quote of the Episode

“We're all talking about mental wellbeing more. We're all providing more support; there is more openness. We recognise it more. And the survey says we recognise it more. But the survey [also] says we're all getting more stressed. Why are we increasingly reluctant to talk about it?”

This highlights a significant apparent contradiction in the survey results which Adrian picks up on throughout the episode. Despite huge strides in discussions of mental wellbeing in the workplace, and increased availability of resources and support, the reported level of stress amongst brokers is skyrocketing. Is the stress of the various socioeconomic calamities of recent years simply overriding these avenues for discussion and support? Or could these provisions be improved to some degree?

Key Takeaways

The results of Ecclesiastical’s annual broker wellbeing survey are characterised by this central contradiction – while mental health support in the workplace has never been better, brokers are feeling more anxious and stressed than ever before. The top three causes of this stress, according to the data, are:

1. Workload – this is arguably driven by the sense of uncertainty that accompanies engaging with clients, who require advice and support in making decisions about what to insure, and on which level.
2. Regulation – broking is a regulated sector, governed by a set of strict guidelines that must be abided by. The survey results indicate that the demands of regulators have increased, as evidenced by the introduction of the new Consumer Duty which lies on the horizon in 2023.
3. Customer demand.

Sitting just outside this top three is staff shortages, a rising problem in the insurance sector and industry across the country. Problems with recruitment and retention undoubtedly feed into increased workloads and thus a rising difficulty in meeting the demands of customers to a sufficient degree.

Nonetheless, brokers have reported that they feel more supported in the workplace, with the survey results indicating a generally improved attitude to mental health awareness at work and increased commitment to employees’ wellbeing. Yet, simultaneously, for the fourth year in a row the likelihood of brokers reporting when they are feeling stressed or low at work has decreased.

Ostensibly, there is a greater culture of openness and support in the workplace, perhaps more so than ever before. Yet, brokers generally don’t feel able or willing to talk about their own wellbeing. The specific reason for this is difficult to determine. It could perhaps be attributed to the hierarchical nature of certain work relationships, which may raise a barrier preventing staff from showing vulnerability.

Adrian also suggests, regarding the increased awareness of mental health at work, that an oversaturation of such material may have emerged, leading it to become somewhat generalised, and part of the wider noise and hubbub of the office. As such, businesses should reflect on what they are doing to support teams and colleagues, and perhaps consider how their wellbeing measures could become more personalised to cater to the unique, individual needs of staff.

 

Best Moments/Key Quotes

“What we really see is that stress and anxiety with brokers has continued to rise. We've seen four consecutive years of stress and anxiety being reported as increasing.”

 

“We've got record numbers of brokers this time, saying that they are overwhelmed, they're overwhelmed by the demands that that are being placed on them. But that's balanced in some way; three quarters of brokers that have responded are saying that they think their firms are really committed to wellbeing. And those firms are doing more than they've ever been doing.”

 

“Businesses are doing more, but in some way, it's not landing… In some other conversations and some other work that we've been doing with a few other groups around about mental wellbeing, one of the bits of feedback there has been, ‘Yeah, we get so much now. There's so much material that we get access to, and we get sent emails from HR or whoever it might be, all the time. And it's kind of just noise.’ I think there's a watch out for us always to think about that generic guidance [around mental health, as opposed to] personalised support.”

 

Resources

Ecclesiastical - Could you do more to improve mental health in your business? - https://www.ecclesiastical.com/insights/stress-in-the-workplace/

Ecclesiastical – Brokers still stressed despite positive progress - https://www.ecclesiastical.com/media-centre/brokers-still-stressed/

Insurance for Cucumbers Podcast - https://open.spotify.com/show/3Y7ezNsPesUdLhMy3ge5Rw?si=65d828142bff487d

 

About the Guest

Adrian Saunders is the Commercial Director of Ecclesiastical Insurance. He’s worked in both the company and broker markets, and specialises in developing new enterprises within organisations, and re-engineering existing processes to develop strategy and increase ROL.

Connect with the Guest:

Adrian Saunders | LinkedIn

Specialist Insurance & Financial Services | Ecclesiastical

Ecclesiastical Insurance Group: Overview | LinkedIn

 

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.

Website: https://bostontullis.co.uk/ 

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

 

 

 

089: Transforming Broking Through Technology with Hubb’s Ed Halsey and Mark Costello

What is the Metaverse, and how might it benefit your customers? Are you interested in how such new technology could transform or revitalise your business? Are you concerned about the hard market and the changes it may necessitate for your business?

In this episode, we’re very pleased to be speaking with Mark Costello and Ed Halsey, co-founders of Hubb, an innovative company which aims to offer Broking 2.0, powered by new technology and driven by customer needs. In conversation with Boston Tullis’ Sarah Myerscough, they discuss how technology could change the landscape of broking in the not-too-distant future, and the importance of conducting business on customers’ terms, rather than relying on traditional models of broker-client interaction. Furthermore, they explore the paramount importance of crystal-clear communication of your company’s central message, and how the next few years of economic uncertainty may transform the insurance industry for good.

 

Quote of the Episode

“I think insurance has a little bit of arrogance [in that] we expect customers to do what we want. We expect them to meet us. And I think it's about meeting customers where they are physically, mentally, technologically, and going to the places where they want to operate trading the way they want to trade. And the metaverse is just a part of that. So, for us, if you have a need or use or benefit in meeting us in the Metaverse, we will be ready for you, we will be ready to see you there. In the same way as if you need us to come and see you [in person], we'll be able to see you there.”

Hubb’s offering of the Metaverse as an opportunity to engage with clients is not a simple matter of using technology for technology’s sake. They are embracing the opportunities that the changing landscape for such interactions created by our increasingly virtual world. Ultimately, Hubb’s decision-making is underpinned by a desire to meet customers where, and how, they wish, and their use of virtual reality technology is only one means of doing so. The traditional approach of in-person meetings still has its place, and will likely always remain central to the innerworkings of the insurance market. However, with many companies implementing hybrid or fully virtual work solutions, it is more important than ever before to ensure that their needs are prioritised above our own.

 

Key Takeaways

Hubb’s deliverance of Broking 2.0 is not rooted in its exciting use of technology. Ed and Mark emphasise wholeheartedly that the business is neither tech-first, nor insurance-first, but customer-first. The business is not selling software, and while insurance is central to its offering, the deliverance of that service is guided by the needs and desires of clients.

This principle was borne out of a frustration with the broking market’s perceived homogeneity, and its transition away from sales towards acquisitions for growth. Hence, Hubb is not traditionalist, and combines technological expertise and insurance understanding with a drive to root out inefficiencies in the provision of advice to clients.

As such, the company operates under the notion that ‘attitude is much more important than skillset’, which has guided its onboarding of new staff. The company is driven by a desire to get things done for clients, meeting their needs in an agile way, by building technology to include features that might be beneficial, but not merely for the sake of doing so. This is emphasised by the fact that, due to its digital outlook, the company can employ talent globally. It need not be tied to a certain radius distance from a central office.

Hubb’s unique outlook and proposition has undoubtedly contributed considerably to its huge success in only 18 months of trade. However, Ed suggests that it has also been facilitated by a key focus on communication. The importance of articulating your business’ mission and how you differ from others is a hugely important and often undervalued skill in the insurance sector. With everyone more keenly focused on how exactly their money is being spent during this period of economic uncertainty, it is more important than ever to ensure that your business it able to communicate its message clearly and effectively.

 

Best Moments/Key Quotes

‘It doesn't mean that everything we do is in the metaverse, and you can't trade with us without it. It's just about taking that new technology, investigating it, seeing how we can draw benefit from it as a business.”

“Brokers had become completely reliant on acquisitions to build their business and had just almost given up on sales and winning new customers, and being able to differentiate from the next broker to the next had gone and become homogenised. And we just thought there was a huge gap to give the customer something different. We don't look and feel like a traditional insurance broker. We just don't. And that's fairly deliberate.”

‘Tech only works if the staff work in an agile way.’

 

Resources

Hubb - https://hubbinsure.com/

 

About the Guest

Mark Costello is the Chief Executive Officer and co-founder of Hubb, which offers Broking 2.0 – using technology to radically change the way broking is done.

Mark’s LinkedIn Profile https://www.linkedin.com/in/mark-costello-202137194/

Ed Halsey is Chief Operating Officer and co-founder of Hubb. In his role, he aims to bring the business’ unique ideas about bridging the gap between insurance and technology to fruition.

Ed’s LinkedIn Profile: https://www.linkedin.com/in/edwardhalsey/

 

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.

Website: https://bostontullis.co.uk/ 

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