FEATURES
Team hires – an effective alternative to M&A?
Writer: Saxon East
Contact details: saxon.east@infopro-digital.com
Deadline: 17 August
As broker targets of size and scale become scarcer; and with recruitment still a major issue could brokers turn to team hires rather than buying brokers outright to grow in the current market?
This news analysis for Insurance Age will look at what makes a team attractive both for expanding an existing offering and adding a new specialism/niche; the best way to approach a team hire and how to integrate them with a new home.
It will also look at the pitfalls and possible drawbacks, focusing both on legal and business barriers to getting the most out of a new team.
Any examples of positive team hire – or otherwise – would be welcome to illustrate the article.
Lead generation – how are brokers supercharging their organic growth?
Writer: Sian Barton
Contact details: sianelizabarton@gmail.com
Deadline: 17 August
In July Jensten Group acquired More Telemarketing, an insurance telemarketing business with a specialism in generating opportunities in the SME and corporate space.
https://www.insuranceage.co.uk/products/7953309/jensten-group-acquires-telemarketing-business-to-boost-organic-growth
Meanwhile, before the 2023 British Insurance Brokers’ Association conference, Vitale Digital became the 42nd BIBA associate, offering among other things digital lead generation and distribution.
https://www.insuranceage.co.uk/broker/7952749/vitale-digital-becomes-biba-associate
With these deals in mind Insurance Age is planning to look at how brokers are seeking to develop lead generation strategies in the current competitive market; looking at whether firms intend to create their own leads or buy them in – and if the latter where from; and the role technology plays in whatever strategy brokers are adopting. Are there different strategies needed in commercial (particularly for SME business) compared to personal lines?
It will also look at what KPIs brokers use to determine whether a lead gen initiative is a success or not; what lines of business tend to offer the most success; and whether there are more leads available today than in previous times as some players constrict their appetite for certain risk profiles.
How My Broking Business Made its First £1m of GWP
Writer: Jonathan Swift
Contact details: Jonathan.swift@infopro-digital.com
Deadline: 5 September
It is a cliché, but there is a saying that the first million is the hardest.
With this in mind Insurance Age would like to canvas opinions from broker founders to find out their experiences of passing this GWP milestone.
Please respond to as many of the questions below as you see fit and email back to the address below.
Name of founder and broker:
Is it true that the first £1m of GWP is the hardest?
What were the one or two biggest factors that helped you get to £1m?
How closely did you stick to your original business plan to get to the milestone? What lines did you focus on?
How many staff did you employ when you passed £1m and are any of them still employed in the business?
Did you celebrate passing £1m and if so how?
Did your business materially change once you passed £1m?
What was the difference in time it took to get from £1m to £2m, compared to £0 – £1m? (And for any growth beyond that you care to share)
What would be your best bit of advice to any founder out there who is at the £500,000 – £750 000 mark today and looking to take the next step?
For context, how big is the business now by GWP and/or headcount (along with current sector specialisms)?