We are often asked, what are the main differences between generic insurance broking and tailored, specialist risk management advice?
Generic insurance broking offers you an off-the-shelf insurance product, with limited options to tailor to your individual needs. Although easily accessible and quick to purchase, if not reviewed appropriately, they can quickly become out of date and not be aligned with the future risk profile of your business.
Specialist risk management and insurance solutions go beyond simply insurance placement – we place greater emphasis on educating and empowering our clients to recalibrate priorities and build additional resilience.
At Broadway Insurance Brokers we focus on designing the optimal risk management strategy. We conduct a full risk review and apply key sector knowledge to establish current and merging risks. This leads to greater certainty and enables us to complement your future growth journey. When done effectively, the role of ‘insurance’ transitions from ‘reluctant expenditure’ to ‘strategic enabler’.
What does this mean?
Our goal is to help a business categorise its key risks to its strategic plan and budget, and to identify those relating to financial, operational, infrastructure, people, IT and legal and regulatory matters. We then give each a score by assessing their likelihood and impact. A key part of our advice involves sharing future trends and predictions, and how they could affect your business.
What are some of the key trends and priorities for UK mid-market and corporate organisations with pan-European and international risk exposures?
2024 is expected to be a year of growth for the UK economy. 2020-2023 has been a period of macroeconomic uncertainty and we have seen supply chain issues, global conflicts and a continuous rise in inflation to name but a few. So, what about other trends to keep an eye on?
- Revisiting risk management plans should be a top priority for organisations this year. As in all businesses, you should expect the unexpected. The value of insurance broking is to help identify the risks, often unidentified, over which management has little or no control. When done so effectively, you can arrive at a prudent and robust approach to risk mitigation, which offers enough flexibility to support and not hinder your entrepreneurial spirit.
- Focus on new and emerging risks including technological risks such as system failure and cyber insecurity. Cybersecurity should remain on the top of your agenda throughout 2024. We have seen cyber-attacks increase by 40% in just four years, with SME’s with fewer resources to tackle these attacks the common target. A recent survey even found that 39% of UK small businesses have suffered a cyberattack.
- Focus on programme efficiency with UK global outwards insurance programme design. Consider the design and delivery of a UK outwards global insurance programme, where various local policies are issued in specific jurisdictions where the insured operates, with a master or umbrella policy covering all the insured’s foreign entities, in excess of these local policies, subject to an annual aggregate across all jurisdictions.
- Reflect on 2023 by prioritising a full claims review, highlighting lessons learned and implementing remedial action. Taking time to conduct this review can lead to future programme savings.
- An ongoing focus on policy wording strength with a review of onerous conditions and warranties.
Although we cannot predict the geopolitical and macroeconomic influences around every corner, our risk management solutions and forward-thinking can help to support you and your business journey throughout 2024 and beyond.