myi: How are you finding current market conditions?
There’s no doubt that the current climate of austerity and the increasingly competitive nature of the business means that market conditions for brokers are tough but we are seeing an increase in optimism and growth in sales volumes thanks, especially, to the introduction of our new delivery platform.
I think, ultimately, our performance comes down to the mind-set of individual brokers, to their ambitions and the individual niches they may be able to exploit. We’re working with a number of firms who are simply happy to consolidate in the current climate but we’re also helping a number of operations who are seizing their opportunity to grow, backed by knowledgeable and supportive partners like us.
myi: You recently launched a new broker platform – how has the response been?
In a word, fantastic. We had initial targets, of course, but we have already eclipsed them, not only in terms of the numbers of intermediaries jumping on board but also in terms of the more qualitative responses we’ve been getting. Compliments are always rewarding but the number has overwhelmed us at times. We’ve been told we’ve designed the easiest sales process in the marketplace on a regular basis but everything, from core functionality, clear layouts and intuitive navigation through to knock-ons like the environmental savings we’re helping brokers to make, has received an extremely positive response so far.
Perhaps best of all, we’ve remained true to our initial promise of flexible, user-directed development. We asked for feedback in order to continually improve and develop the platform and we’ve already been able to respond to a number of our customers’ suggestions by adding things like new insurance lines as well enhanced dashboard reports to the system.
myi: If you could choose one financial product that everyone should have, what would it be and why?
I’m sure you’d expect me to say legal expenses insurance, particularly in light of the changing legal framework and likelihood of reduced access to justice for many but, despite the very real need for such a product, that would be too obvious. And a little cheesy. I think, on reflection, given that people are living longer and expecting more from their retirements, the one product everyone should have is a pension. But a pension that is affordable and transparent, accessible and ethical.
We all know the problems that are going to be posed by an ageing population and shrinking workforce, with state provision in all sorts of areas inevitably likely to suffer. And I’m sure it can’t have escaped many that there is a real clamour amongst the public for not just openness about where money is invested and how it’s performing but also more clearly laid out, scaleable and, crucially, fair charges. Employers, employees and the state all doing their bit to ensure as many people as possible are able to maintain a dignified standard of living in their old age.
myi: Recent research has suggested that consumers perceive a lower need for certain types of insurance, such as income protection – why do you think this is?
I think there are a couple of reasons. Some people don’t fully understand or appreciate the need for certain types of insurance, maybe because of a lack of experience, a lack of financial literacy or a failure on the part of our industry’s combined marketing efforts to convince them of a product’s worth. And then there will always be some people, especially in the current economic climate, who just can’t afford everything they’d like to, so they have to make difficult decisions about priorities.
We’ve become a nation of box tickers and mouse clickers and, in many instances, sourcing, payment and delivery sorted out online, with the minimum of fuss, are fine. But where financial matters are concerned, the very best thing a consumer can do is to spend some time with their insurance broker, explaining their situation and using the knowledge and expertise that’s available in every town, up and down the land, to identify what the minimum levels of cover in a variety of areas should be, based on their individual lifestyle and circumstances.
You can never make the horse drink but you can lead it to water.
myi: How do you stay competitive in this market?
We stay competitive by constantly listening to customers, by asking the right questions and by being prepared thoroughly. If you aren't prepared, you're not credible.
In this marketplace customers want to work with savvy professionals providing them with high value on a regular basis. They want suppliers like AIM to spot trends and changes in the competitive landscape early. Then they want us to bring to bear our knowledge, expertise, advice and gravitas when analysing the implications of those trends. And, of course, we stay competitive by continually developing our products and delivery platforms to ensure that we help them remain one step ahead of the game.
On a daily basis it is our challenge to demonstrate the kind of fresh thinking, sharp ideas and innovative practice that will help brokers achieve their business goals, with as little risk as possible.
myi: Where would you like to see AIM Group in 5 years?
I’d like to see AIM established as a market leading provider of solutions to brokers nationwide and I use the word solutions deliberately. I’d like to see us delivering the best products via the best technology, of course, but I’d expect to see us providing an expanded offer, through larger, more specialised industry teams. I’d also like to think we’ll all be operating in a much mo
