shutterstock 347654852 - Direction Of Travel: Broadway And A Changing Insurance Landscape

It’s now just over a year since Broadway opened its doors.

Even in just those 12 months, we have seen the kind of shifts which illustrate the importance of the support provided by brokers to business and private clients alike.

For instance, the majority of restrictions to limit the spread of Covid-19 have been lifted but the pandemic’s legacy for the insurance industry will be found in a number of tremendous changes.

Great pressures on the global economy have forced companies and insurers to consider how best to prepare for future events.

That work continues even as payments resulting from the UK Supreme Court’s January ruling on how business interruption claims were dealt with are still being made.

Only last week, figures released by the Financial Conduct Authority (FCA) detailed how the amounts paid out in provisional or final settlements had topped £1 billion for the first time.

To that issue can be added the need to generate personal insurance suitable for the post-Covid era: life, health and travel cover.

And let’s not forget how concerns about the impact of ever more frequent extreme weather might influence both business and home insurance too.

An effective broker needs to navigate through all that, understanding what policy changes are introduced and explaining them to clients as well as maintaining a clear dialogue with insurers for everyone’s benefit.

Our industry must still fulfill that objective while passing through its own uncertainties.

Large brokers at home and abroad are trying to prepare themselves for what comes next, in part by embarking on a series of acquisitions.

In the last two weeks alone, we’ve had one particular UK broker snap up a large domestic rival for £1.1 billion and expand its operations in the Baltics, Scandinavia and mainland Europe as well.

That, in turn, follows the collapse of a £21 billion merger between two of the world’s biggest brokers in July.

There is one very simple consideration which should be at the heart of every commercial decision which brokers take and that is whether it will improve one’s ability to provide clients with exceptional service.

That issue has been central to everything which we have done since we began trading.

We have been very fortunate to attract exceptional talent – specialists with proven track records in dealing with major corporations, entrepreneurs and the high net worth private individuals who represent our client base.

We have established key partnerships designed to add real distinction, expertise and value to what we already offer clients.

As a result, we have more than exceeded our first year expectations – something which we regard as a demonstration of the trust which clients have in us more than just a reason to congratulate ourselves on a job well done.

Change is inevitable, regardless of why it comes about. Business sectors need to adapt to different circumstances over time.

What we cannot lose sight of amidst all that change is our obligation to support clients as well as we possibly can.

Commentators often refer to a ‘journey’ in describing the growth of a business, the interaction between consumers and suppliers or the course of a person’s lifetime.

Part of the Broadway mission is helping our clients determine the most suitable direction of travel and supporting them as they deal with whatever they encounter along the way.

Whatever else changes, that commitment won’t.

Daniel Lloyd John0002 - Direction Of Travel: Broadway And A Changing Insurance Landscape


Written by Daniel Lloyd-John, Chief Executive, Broadway Insurance Brokers