It may be early for Broadway Insurance Brokers, but the future looks exciting, according to founder and CEO Daniel Lloyd-John (pictured). Since the boutique company is still in its infancy and has only been actively trading for about three months, the timing of its launch during a global pandemic may not be intuitive, but it has proven to be a strategically sensible move.
He noted that COVID-19 has stopped even the most successful companies on its way as no one was fully prepared for the crisis and caused customers to really reevaluate their insurance needs. It served as a calling card for companies to rethink their models, their supply chains, and their strategies, the three things brokers are responsible for.
« Insurance and wellness talks are now high on the agenda, » he said. “This is especially true of our audiences, high net worth and business leaders, essentially those with special, complex needs. The reason I love our audiences is because they challenge us, are some of the most curious people and therefore are successful and thrive on insights.
« They choose to partner and invest in Broadway as a broker for the same reason they choose other advisory relationships, and that is because they want to feel closeness backed by trust and transparency. »
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Broadway was founded on these principles and operates under the guise of offering a new perspective at a time when this is particularly relevant. One of the first things he and the team ask their customers is, “How do you see the insurance company? Do you see it as a strategic enabler or a reluctant expense? « All too often the answer is the latter, and more than ever, the brokerage profession needs to find the right people who can turn the mindset of clients from finding the cheapest price to seeking risk-transfer and value creation.
The FCA business interruption case is evidence of this, Lloyd-John said, and he believes it is a turning point for the industry. The test case represents the greatest challenge the industry has faced for many generations, as politics usually only undergo such intense scrutiny due to a severe economic downturn rather than a pandemic. However, he pointed out that the ruling should not be misunderstood as a blank check for policyholders, as insurers now need to demonstrate why they don’t have to pay out on a case-by-case basis.
« There is still a lot to be done, » he said. “And this review process will absolutely underscore one important aspect of insurance – that no policyholders are exactly alike, and the essence of our business is that no two customers are alike. The ruling certainly put insurers in the spotlight, and I would argue that it has had a significant impact on brokers as well.
« We are asked to give even more support to the policy recommendations that we have made and that we will make in the future. » But despite the temptation to see the effort required as a negative now, I believe that we should indeed see this as an opportunity … This unique moment offers the industry an opportunity to regain the trust of companies and, in our case, companies and individuals, customers, by proving our worth for the future. «
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The pace of change and the new and emerging risks that are affecting the insurance ecosystem make working in the brokerage sector more exciting today than ever, he said. Being an insurance broker really means being a risk advisor, and brokers are best at helping clients intelligently identify, manage, and transfer risk. This means staying at the forefront of the industry by understanding and anticipating the new challenges and risks that a post-COVID world will bring for customers.
Looking ahead to 2021 and beyond, Lloyd-John determined that Broadway’s focus will be on being an informed and trustworthy risk advisor to its clients while maintaining its growth trajectory. The company has already generated over £ 500,000 in rewards and is expected to continue growing in its areas of expertise. Broadway has plans for more appointments on both corporate and customer sides of the company, he said, and these will be well-known names in the industry who have been drawn to the company because it aimed to always find the right fit.
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The outcome of COVID is also of great concern to Broadway, he said, and the broker will try to ensure customers and future customer programs respond reliably when prompted. From now on, clients will turn to brokers to highlight the importance of disclosure, product efficiency, and program efficiency when choosing the right broker to partner with on the next stage of their growth journey.
The company is investing in digitization and personalization, not to the detriment of the properties that traditional broking brings with it, but to improve the general customer experience and the value proposition. Even as a new company, there is a need to implement a transformational approach to drive operational improvements.
This is related to Broadway’s ambition for further expansion. It’s too early to say exactly what this will look like, explained Lloyd-John, but it’s safe to say that it will continue to build on the recognition the company is getting as a contributor and innovator with something new.