INTERVIEW “It gives businesses the opportunity to invest the cash


they've got back into growing their business with peace of mind, knowing that if the worst does happen, they'll be protected. And not only will they have the indemnification and the financial support in those scenarios, but they’ll also have access to the expertise of a broker and an insurance company which have been in that scenario before and know exactly what needs to happen to either reinstate a property, get a vehicle repaired, or challenge a claim as it goes through the court system to make sure that the right result ultimately comes to pass.” The insurance industry sometimes, unfairly, enjoys a less


than favourable reputation when, in fact, most of its main operators are sensible, responsible and well-run organisations that are totally focused on doing the right thing for clients. What more can be done to address this and reaffirm to


businesses the role of ‘unsung hero’ that insurance brokers and insurers themselves play? “It’s acknowledged within the industry that sometimes


insurance does get a bad rap,” explained Chris. “It’s equally acknowledged that some operators have a negative perception around them precisely because they're not doing what they should be doing. “But it’s not fair to judge the industry whole by that


measure. The industry has work to do to change the overall perception. There’s a little bit of failing of the industry to properly sell itself and bring everything it should be doing to the table. Insurance, and particularly insurance brokers, should be working to become unsung heroes because of what they offer and how they support businesses across all areas of risk. “What the industry really needs to do to change


perception is to not just be that straightforward, transactional service provider who facilitates buying insurance, so you know you're protected, and you're fulfilling your legal requirements. It's about brokers, in particular, taking a step up to


provide year-round support that’s all about helping businesses identify and manage the risk that sits within their operations. Arranging insurance policies should be just one part of that support. “The key to changing that perception is being active in


efforts to understand our clients in detail, and being on hand to offering the support and guidance throughout the course of the year to help businesses understand and address emerging areas of risk in a more effective way. “That’s why we’re so keen at Aston Lark on building that


relationship with our clients and moving from being that transactional provider to that trusted risk partner.” In terms of the current business climate, the coronavirus pandemic continues to have an impact and all the signs are that once the world emerges from lockdown, businesses of all sizes will have to get used to new ways of working. How will the insurance industry adapt to the effects that


Covid-19 is having? “From conversations we’ve been having with businesses,


we're seeing some pretty drastic initial revisions in expectations for trading performance and turnover in the coming 12 months,” said Chris. “There’s a fair suspicion that there will not be a quick fix


to the current scenario and as much as there might be positives around the potential for a bounce-back effect after the initial contraction, it could be two or three year process to get back to the same pre-coronavirus trading position. That’s a real challenge for all businesses, including those which have built a solid platform from which to grow. After almost a decade of austerity, it felt as if the economy had finally reached a point where it was more resilient. To then be hit by these completely unexpected events has the potential to set things back to a similar position as we were in back in 2008. “In terms of what that means for us in the insurance


industry, this is where we really need to step up and prove that we can be that unsung hero for our clients. It's about being actively engaged with the challenges that businesses are facing as a result of the coronavirus situation and supporting them as they make changes to navigate these


30 business network June/July 2020 Chris taking part in a recent panel discussion on the online Insurance TV channel


‘As we emerge out of lockdown, the focus needs to be on ensuring we remain actively engaged to make sure that we understand what our clients are doing and around changes to their working environment’


turbulent times. “The lockdown period has been a departure from the


typical queries we see from clients. It’s instead been about helping clients address the potential of not trading from their usual premises for extended periods of time and what that means for meeting their policy conditions, changing the way they use their vehicle fleets and making sure that they're not paying over the odds for motor insurance, especially where they've got vehicles have been laid up and not on the road. “As we emerge out of lockdown, the focus needs to be


on ensuring we remain actively engaged to make sure that we understand what our clients are doing and around changes to their working environment. “For a manufacturing business, what does social


distancing mean in practice on the production floor, and what implications are there from a liability perspective? For a transport business, are all vehicles going to be


back on the road at the same time, or will there be a more phased return? For a retail or hospitality business, what steps are being taken to protect both customers and staff, and does this lead to any wider insurance coverage implications? “It’s about us being on hand to advise on those sorts of


issues, which could ultimately result in insurance claims down the line. You would hope it wouldn't be the case, but the potential for a claim is there and being there to help our clients navigate that challenging landscape is absolutely critical for us. “It’s also about making sure we're doing our job as a


broker effectively. Challenging insurers to get the best possible deal for our clients will be fundamental over the next few years. At this point in time, more businesses than ever before, from right across the spectrum, are looking at their expenditure and overheads and needing to find ways to control cost and offset some of the reductions they're seeing in their turnover, and spending less money on insurance is a part of that. “That’s why, as an insurance broker, we need to be really


hard on making sure that we're exploring exactly what our clients’ risks look like in this new landscape. “Then, really pushing insurers to make sure savings are


recognised and in line with those reduced exposures and risk profiles, and also doing the appropriate exercise to make sure that clients are getting the best deal available to them in the market. “That's got to be an active push from all insurance brokers, not just ourselves.”


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