The Brokerbility leader shares her hopes and plans for the next 12 months as she tackles the challenges and opportunities for networks and federations in 2022.
How long have you been with Brokerbility? I joined Brokerbility 15 years ago, a few months after its launch.
How many members does the federation have now and what gross written premium do they have collectively? We currently have 20 members placing £455m GWP.
How many staff does Brokerbility have? Brokerbility has an experienced team of nine. We also leverage the expertise and knowledge from around our network to support sales, marketing, training and technology initiatives.
How are you looking to develop Brokerbility in 2022? Bringing on the next generation of brokers is absolutely vital so we are enhancing our proposition with even more training support. This includes the Brokerbility Apprenticeship scheme which is recruiting for 2022 and a full training programme for all staff up to director level. A new partnership with Broker Insights, will offer members enhanced placement support across the market.
What are the key challenges for networks/federations in 2022? To support and nurture the next generation of independent, niche and scheme brokers in a challenging economic environment.
And opportunities? To remain relevant, networks will need to invest in services and products which meet the ever increasing demands of a competitive and regulated marketplace. For example, at Brokerbility we are creating tools to help members enhance their placement strategy. We have also developed forums that provide guidance and thought leadership tackling aspects of regulation that might otherwise be a significant time burden for busy independent brokers.
How involved are Ashwin Mistry and Ian Stutz in the day to day running now? Ashwin is now focused on his new role as non-executive director on the Clear Group Operating board. However he will continue to represent the interests of Brokerbility and independent brokers in the industry and the market. His knowledge and expertise on emerging and strategic issues is second to none, which we as a group will continue to benefit from, as will the wider industry as a whole. Ian Stutz continues to drive Brokerbility forward by developing its proposition in the market. This includes expanding our market and broker relationships as well as supporting existing members and prospects.
How did it feel to take the reins? Anyone who knows or speaks to me will know I’m passionate about the special values and qualities of Brokerbility and its members. So I’m relishing the opportunity of taking Brokerbility to the next level as we seek to enhance our proposition to meet the demands of independent brokers.
What are your hopes for Brokerbility and the insurance space in 2022? For Brokerbility to be recognised as the network of choice for any broker that wants to retain its independence but values the opportunity to benefit from the support, scale and reputation a really good network provides. To improve the public perception of the insurance industry so we are better at explaining the value we provide and the important role we play in society. Brokerbility brokers have continued to stand side by side with their clients providing insurance solutions in the most testing of circumstances. Testimonials backed up by remarkably high retention levels suggest we are doing a lot of things right and somehow we need to get that message across better to the wider world in 2022.
What are the key features Brokerbility offers members? Brokerbility has a track record of increasing the profitability and valuation of its members. Our success is underpinned by a tri-partite relationship, which means our members align themselves with our insurer partners to share best practice, ideas and outcomes for clients. This can include access to some markets, which may be out of reach to other independent brokers. A new member can typically expect to increase their revenue by more than 20%, which ultimately will improve the overall value of their business.
What do you think Brokerbility does well for its members? Brokerbility provides a home for people and businesses who want security, good ideas and the opportunity to control their own destiny. We are totally committed to helping our members grow, making them more profitable, increasing their valuation while retaining their independence. Brokerbility members have a passion for raising standards and investing in their people. The success of the Brokerbility Academy and the development of talent by brokers within the network, is proof of the strength and depth that exists today.
What does it offer that networks do not? We recognise some networks have quite onerous terms in relation to membership commitment. Our contractual relationship is much more in the control of the member as we recognise their need to retain flexibility. As a result Brokerbility will not lock in and commit its members through a long term contractual arrangement, where there is a danger of them losing control and direction of the very business they have created.