018: Future Opportunities - with Ashwin Mistry

On today's episode, we’re talking to Ashwin Mistry, the Executive Chairman of Brokerbility. Ashwin has over 40 years experience in the general insurance and broking market. Having started his career at 17 before becoming a director at Brett and Randall in 1983, Ashwin helped establish Brokerbility in 2006 and the business is now a major independent group in the UK. LEARNING OBJECTIVES: The current pandemic is a chance for the insurance industry to demonstrate its value. We’re currently in unchartered territory for the industry. There are many people, outside of the industry, that don’t appreciate the impact that forcing the insurers hand will have in the global economy. It’s important to understanding where insurers are coming from, understanding their models and relaying that to the end customer. Insurers should provide capacity and pay claims and brokers should be looking at product delivery and client experience. Every crisis creates opportunity and that will be evidenced by the outcome of the pandemic for new and existing businesses. The realm of corporates opportunity is dead – smaller ventures will now have greater opportunity to come through with innovation and ideas. BEST MOMENTS: ‘’We're the only sector that knows when the customer is going to walk through the door, what they're going to buy, how they're going to pay, and whether they're a good customer or not – it’s called a renewal date.’’ ‘’I think this is a global event of unprecedented proportion. The insurance industry had not predicted or underwritten for a pandemic… The more specific covers that happen applied like Wimbeldon, which has been raised as a good example here, where the customer wanted specific pandemic cover.’’ ‘’We work in genuine partnership with three interest groups. One is the capacity providers, which is all the insurers you can name. The second is working from a broker perspective as to our legal and fiduciary responsibilities, but then also being fair to the customer.’’ ‘’We do understand insurance position, and I think every year we go out of our way to explain to our clients what is going on globally, what is going on in terms of sector specifics like flooding was a big issue, theft of catalytic converters, employment liability… We've been very focused in keeping our customers engaged with what is going on and where their premium goes.’’ ‘’I think you'll see new business models evolving as a result of this. I think there'll be a new generation of entrepreneurs in the insurance space that will provide some healthy solutions.’’ RESOURCES: Brokerbility Website: https://brokerbility.co.uk/   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   ABOUT THE GUEST Ashwin began his career at Guardian Royal Exchange at 17 and became a director at Brett and Randall in 1983. Following Brett and Randall’s success, he helped establish Brokerbility in 2006. The broking group is now a major independent group in the UK, trading as Brokerbility Holdings Insurance Brokers Ltd (BHIB). Ashwin is a prominent member of the local community and is involved in a number of local initiatives. He was a member of the National Skills Task Force to look at the issue of skill shortages and skill needs for UK. In 2000, Ashwin was awarded an OBE for his contribution to Careers Education and in 2001, Ashwin became Chairman of Leice