PROFILE 11
Getting the formula right
BM: Is there a career moment you found the ground, but there is a surprisingly high
particularly satisfying? number of them about. Brokers are resilient Rising
and as the economy improves we’ll see more
PB: There have been good times when dynamic and ambitious individuals set up on
awards have been won, but I also enjoyed the their own - they’ve every chance of success if
to the top:
business side of putting NIG and Churchill they have a sound business plan and robust
together in 2000. It turned out to be a good technology. Consolidation is not going away,
but I think we’ll see more consolidation among
Phil Bunker’s
deal for people, meaning an expanded and
complementary business. It was also rewarding consolidators.
when after Direct Line launched, NIG strongly
career history
promoted the value of brokers, pointing BM: Is LV=Broker looking to work with
out in advertising that going direct did not more brokers?
After studying for an Economics and
necessarily mean the best deal.
Geography degree at University College,
PB: We have a solid agency base, so we
London, Phil qualifi ed as a chartered
BM: What do you think are the biggest probably already know most of the established
accountant at PriceWaterhouse and
challenges for insurers? fi rms - and we consistently do well in service
then worked as a senior accountant at
polls. I would say we are approachable when
Lloyd’s. In 1990, he joined NIG in fi nance
PB: There are a number. Firstly, it’s vital it comes to new brokers setting up and
and gained experience in operations,
businesses can be entrepreneurial, but they where appropriate, we would look to make
underwriting and management.
also need to keep the regulator happy. Next, the agency application as straightforward as
it’s going to be the recruitment and retention possible.
He was personal lines director at NIG for
of good people and ensuring they are well
fi ve years and then managing director for
trained. Climate change is also a major issue BM: Is there someone you would describe
three, when he was instrumental in the sale
for the industry - we need to understand what as being an important infl uence in your
of NIG to Churchill. He saw NIG double in
changing weather patterns are going to mean career?
size to £1 billion in GWP and the company
in terms of claims and I think household cover
won several industry awards, including
is under-rated - so there needs to be more PB: It would be John Gaynor, who was
best insurer. At NIG he gained experience
accurate pricing here. managing director at NIG, and is now
as fi nancial controller and as director of
retired. I learned a huge amount from him,
personal lines. After 14 years at NIG, he left
BM: Have you ever considered becoming particularly about underwriting. He was
following the Royal Bank of Scotland/Direct
a broker…and what do you think makes a someone who brought positive change and
Line takeover.
good broker? worked enormously hard as well as being a
fi rst-rate manager. I really liked his consensual
He joined Liverpool Victoria in 2006 and
PB: I’ve already done it - I started a broker, management style and it is something I try to
become managing director and is managing
Affi nity B2C when I left NIG - it is hard work keep in mind.
director of LV= Broker, which encompasses
but also enjoyable and over the years I’ve
Highway Insurance, ABC Insurance and LV
met many brokers I admire. Clearly a broker BM: How do you switch off from work?
Commercial. His hobbies are golf, hockey
who starts their own business is going to
and running.
be entrepreneurial, but they are also good PB: I tend to want a complete break from work
negotiators, able to win over their customers at the weekend, during the week I work pretty
and that’s why so many in the industry are such long hours, often from 8.30 am to 8 pm. I have
sociable and likeable people. four children aged 19, 17 and twins of 12 and
it’s good to do things with them whether it’s
BM: Are you optimistic about the future of football or hockey or other activities. I’m also
the broking industry - or do you feel all the hoping to do another sponsored visit to Zambia.
consolidation has been damaging? I’m a supporter of a charity called Africa Revival
and have done a bike ride in the country to
PB: Most defi nitely. LV=Broker started with raise funds. Broker Tony Allen of non-standard
a clean sheet and we now have around specialist broker Allen & Allen founded the
3,500 agencies. I’m regularly meeting new charity and it does amazing work - money raised
start-up fi rms - people say these are thin on goes directly to help those most in need.
February 2010 Insurance Brokers’ Monthly
Profile 10-11.indd 2 1/2/10 13:40:22
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