Conventional wisdom suggests specialist brokers risk losing what makes them distinctive as they grow. Emilia Levett (pictured) sees a different threat.
The newly appointed chief operating officer at credit and political risk insurance (CPRI) broker BPL argued that the greater risk for specialist firms is failing to evolve as clients, risks and markets change.
"I would look at it the other way round," she said. "For a specialist broker, the greater risk is not thinking about growth and transformation at all."
The debate is a familiar one for specialist firms: whether growth risks undermining the expertise that made them successful in the first place. Levett argued the opposite risk may be greater.
For Levett, growth only works if it strengthens the qualities that made a specialist broker successful in the first place.
"The priority is to scale in a way that strengthens and deepens, rather than dilutes, the specialism that made the business successful in the first place," she said.
That requires more than identifying new markets or opportunities. Levett said firms need a clear understanding of where they create value for clients and how changing market conditions affect those needs. Execution, she added, is just as important as strategy.
One advantage specialist businesses often have is the ability to move quickly. Preserving that agility while expanding requires disciplined growth and careful integration.
"Integration is therefore critical," she said. "That is not just about systems and processes. It is about people, client experience and culture."
Levett said data and analytics are playing a growing role in how clients assess risk, insurers evaluate opportunities and leadership teams make decisions. In her view, however, their value lies in improving judgement rather than replacing it.
While analytics can help identify trends, sharpen discussions and highlight opportunities that might otherwise be missed, she argued that specialist markets still depend on expertise, relationships and market knowledge. In CPRI, she said, data is most effective when used to support decision-making rather than substitute for it.
As specialist brokers expand internationally, Levett said maintaining consistency becomes fundamental.
"Clients should expect the same standard of excellent expertise and service from BPL wherever they are in the world," she said.
That does not mean applying the same approach in every market. Levett said firms must balance common standards and a shared operating model with an understanding of local market dynamics.
Levett said consistency depends on more than front-line broking teams. Functions across the business, from claims and technology to risk and analytics, need to be aligned around the same specialist focus and client needs.
For Levett, growth and transformation are not at odds with specialism. The challenge is ensuring they strengthen, rather than weaken, the expertise clients rely on. She argued that brokers must respond to shifting client needs, geopolitical uncertainty, technological change and evolving insurance markets if they are to remain relevant.
"Being specialist does not mean staying static. It means understanding your clients and the market well enough to know how it is changing and adapting accordingly."
