At a glance
- We speak to Mark Horgan of Morrison Insurance Solutions
- As it grows, the property sector contains multiple opportunities for brokers
- The benefits of brokers must be better understood by customers, so they don’t think the cheapest deal is necessarily the best
Mark Horgan, Director of Morrison Insurance Solutions, has been working in the insurance industry for over 25 years, providing insurance to a wide range of sectors.
After initially starting out in Provincial Insurance, Mark later decided to become a broker. In 2000, he started working at Morrison Insurance, which was one of the first brokerages in the UK to achieve Charted Status.
We spoke to him about the opportunities within the industry and how brokers can sell their value to the public.
Q: What lines of business do you specialise in and what opportunities and challenges could they provide?
Broker Voice gives UK brokers the opportunity to voice their opinion on the state of the insurance industry, outline what makes their own personal style of business different from their competitors, and what personal interests enhance their professional life.
A: Property, technology, cleaning and foster caring. Property is the largest part of our account, and there are unlimited opportunities for it to grow, as the economy slowly recovers from the recession. However, the biggest challenge to our business is the red tape currently surrounding compliance.
Q: Are you on social media? What’s your Twitter handle?
Q: Does the rise of the aggregator model worry you?
A: Not in the slightest. Our retention ratios remain at 95%, and we have recorded our highest new business enquiries over the past 12 months, many of which have come from aggregators.
Q: What industry changes keep you up at night?
A: None, other than compliance ones.
Q: What do you think are the biggest emerging risks, and why?
A: Cyber liability is still in its infancy, but the risks associated with technology are not fully appreciated by the public or business owners.
Q: Is the market hardening?
A: No – though I’m not sure we will ever return to the hard/soft markets of yesteryear, due to the consolidator model.
Q: What is the biggest challenge for brokers these days?
A: Compliance and retaining clients who often see the cheapest insurance deal as the best deal.
Q: Do you think brokers are recognised enough by the public for the value that they add?
A: Not really, but that’s the fault of our profession. We allow unqualified people to advise on risk and then profess to be professional. It is something that we, as an industry, need to address.
Q: What’s the strangest thing you’ve ever had to get cover for?
A: It was to insure the risk of a spaceship landing on the roof of a house! Strangely enough, the cover didn’t go through in the end!
Q: Fees or commissions?
A: Both work, depending on the type and size of a client.
Q: Rugby or football? And the team you support?
Property is the largest part of our account and there are unlimited opportunities for it to grow as the economy slowly recovers from the recession. However, the biggest challenge to our business is the red tape currently surrounding compliance
A: Football – Aston Villa.
Q: If you were the head of the FCA, what would be the first thing you would do?
A: Reduce red tape.
Q: What would be the title of your autobiography?
A: Aimed to please, yet never failed to impress.
Q: Newspaper or iPad?
Q: What is your favourite word, and why?
A: Awesome – not sure why, but I like it.
Q: Can’t get through the weekend without…?
A: Seeing my family.