At a glance
- Our latest Broker Voice is Peter Robinson, Managing Director of Prizm Solutions
- He discusses the role of brokers in today’s market and the challenges they face
- Online reputation is important, as more people turn to the internet for their insurance needs
Prizm Solutions are a multi-disciplined brokerage based in Tamworth. They describe themselves as an affable bunch, offering something different to your average insurance agent.
We spoke with Peter Robinson, Managing Director of Prizm Solutions, to hear his thoughts on the industry, and what he gets up to outside of the office.
Q. How has the role of the broker changed since you started your career?
A: It hasn’t. The hamster is running faster, but the wheel has remained the same.
Q. What do you see as the biggest challenge for brokers today?
A: Professional liability. When customers experience issues on claims – for example, if the insurer denies cover – they will often sue the broker.
Q. What do you most love about being a broker?
A: Everything! I’m not a soldier, a trawler man or an oil rig worker – they are all proper jobs. I just get to talk to nice people, give advice that reduces my customers’ risks, and get claims sorted and paid. I’m very lucky to do what I do.
Q. If you were head of the FCA, what is the first thing you would do?
A: I would ensure every financial institution sticks to what they are good at, and doesn’t try to be all things to all men.
I am an insurance broker; I have no desire to be a banker, a money lender or any other type of financial whiz-kid. So please tell all the big boys to stop messing with things they don’t understand with the single intention of just making more money! Rant over.
Q. What do you see as the biggest emerging risk for customers?
A: Cyber – without doubt.
Q. Do you see underinsurance as a problem in the industry?
A: Yes – and, sadly, I fear it will always be, especially on commercial properties.
Q. How important are online reputation and the use of social media for brokers?
A: Increasingly important. More and more people are turning away from the Yellow Pages and now clicking on to Google. Therefore, if you’ve got a bad, or non-existent, online reputation then you’re in trouble.
Q. How do you relax at the weekend?
A: By turning off the alarm clock, having a latte and toast, and reading The Times – something which is impossible to do Monday to Friday.
Q. What three items would you take to a desert island?
A: A solar powered radio, the complete Discworld series of books by Terry Pratchett and mosquito spray!