“For this insurance gig to work well – in the eyes of customers large and small – it requires a stable, well-functioning community” - Daniel Lloyd-John, Broadway Insurance Brokers
Insurance Business UK’s 5-Star Brokerages report recently highlighted what it takes to be counted among the thriving brokerage businesses that make up this distinctive market. And with statistics from the FCA revealing that, collectively, general insurance brokers arrange over £74 billion of insurance each year, the role of the insurance brokerage is self-evident.
The report revealed how the 15 winners of the IBUK 5-Star Brokerages awards distinguished themselves with impressive growth in revenue, profits and policies written. And this success was against a turbulent economic backdrop amid COVID-19 lockdowns, labour uncertainties and regulatory burdens – not to mention Brexit.
Among the key distinguishing factors, the report emphasised impressive growth in revenue, profits, and policies written, as well as its net promoter scores.
The Plan Group scored a net promoter score (NPS) of 85 – an NPS of above 80 is considered world class. Grant Georgiades, managing director of the award-winner, noted that the secret to the group’s success is that the business is 100% family owned and very passionate, as well as its advanced tech capabilities.
“The aim is to deliver tailored insurance solutions with warmth, decision and expert insight,” he said. “It sounds fairly simple, but not a lot of financial firms manage to achieve it. I think we’re approachable yet dynamic, responsive and entrepreneurial. We’ve got six IT developers with a motivated, practical team.”
“I think, economy wise, it’s been pretty buoyant demand on both sides … from [the] business and consumer [perspectives]. But I think the biggest problem we’ve been facing in 2022 has just been the hunt for talent,” added Georgiades.
The Plan Group is a fast-growing and agile business that enables entrepreneurs, companies and high-net-worth individuals to get a better result, he said. So, the intention from the outset of its journey has been to “change insurance broking for the better.” Meanwhile, the business’s mission is to deliver a partnership experience where everyone wins – including the client.
“We have four strategic pillars in our business,” he said. “Focusing on career opportunities, clients’ experience, optimization and digitalization, but we focus a lot on relentlessly delivering growth and sustainable profitability.”