« Chances, Chances, Chances. »
This is what Ashwin Mistry (pictured), CEO of BHIB Insurance Brokers and CEO and co-founder of Brokerbility Ltd, sees when he looks at the insurance brokerage sector in 2021. There are several main reasons for this, among them is that everyone in the industry is on the same boat. Second, no one understands exactly what the animal system entails. Third, Brexit has created doubts, distrust and new opportunities. Finally, it is clear that the effects of COVID will not be long in coming.
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« And for the thinking person, no matter what business they are in, they should have stepped back during the Christmas break and looked at their business, their business model and their customer base very carefully, » he said. “You need to look at which sectors may survive or even thrive, but also those that will do effectively because they are not innovated enough.
“Many of us have talked about innovation, many of us have talked about resilience, and many of us have talked about relevance. And more than ever, if companies haven’t implemented business practices, strategies, and investments, I don’t think they deserve to be in business, and that goes right through the piece. «
The seismic shift that is taking place across the industry is, Mistry believes, the accelerated thirst for knowledge among consumers. Tremendous amounts of information are available to everyone through a variety of media, which comes with the added downtime that many consumers face due to the lack of commuting.
« Everyone is looking at information – strands of information, information guides, information providers – there is an abundance of things going on, » he said. « And whether you’re an individual sorting out your personal pension or a company, you need to understand where the customer is going. It’s not rocket science why Amazon and Ocado are doing exceptionally well. »
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Mistry cited the example of his mother who got a new phone for Christmas at the age of 84 and started broadcasting video communications. Twelve months ago, he said, she could barely use large-letter text, and now she understood what it meant to be part of a digital society.
« The technology that has been forced down our throats is what the industry and everyone has been talking about for a long time, » he said. « The [brokerage] sector itself has been lagging behind with certain things, and now we’ve been drawn into the party. In many ways there are possibilities, but in the Valley of the Blind the one-eyed one is king. So the question is whether you are well rehearsed .
“Have you thought about things carefully? Have you consulted colleagues and others? Have you thought about your business model? Do you understand how your finances work? And have you thought about what predominantly the winning sectors will be and what will possibly be some of the sectors that will go out of business? «
Mistry examined some areas where he will see interest increase in the future, citing Biden’s victory in the US and his promise to resume talks on climate change as an area that brokers should start looking. He saw many opportunities related to the « green agenda, » he said, and also related to life sciences and the changing nature of the health and wellbeing sectors.
« What I can say today is that you really have an opportunity to understand your own business much better than ever before, » he said. « You need to understand the capabilities in your own company and also know how to take advantage of the tasks ahead now. Because there is Brexit, there is the US election and there is COVID, and all of them offer a multitude of options.
« Finally, I think we’re going to see a very big leap in new business startups. Lots of people who have been laid off, high paid people who have ideas and become self-made entrepreneurs. So I see this small business sector … I think that will skyrocket in 2021. «