Today’s podcast is another really vibrant and forward-looking addition to the Voice of Insurance canon.
I think that’s because it’s with one of London’s most recently-appointed wholesale broking leaders, Tom Quy Managing Director Acrisure London Wholesale
Acrisure London Wholesale is a little different from many of its peers. Yes, it handles most of the same sort of high-end specialist placements that any other London wholesaler does, indeed it sources 70% of its business from outside the Acrisure Group.
But it is the scale of the opportunity that it has by being attached to Acrisure’s impressive retail network that is particularly interesting.
Acrisure has a 5% share of US commercial insurance but unlike most of its top-10 global insurance broker peers, 90% of its clients have less than 100 staff.
These are clearly not the sort of businesses that would historically have come to London for their insurance.
But here’s the interesting and exciting part. As tech brings unit costs right down and allows risk to be packaged in new and more efficient ways, the London Market and some of its more differentiated product might be brought to smaller and smaller original clients in ways that benefit underwriters, clients and the brokers connecting them.
That’s the opportunity that Tom and is team are getting to grips with and that’s what makes this such an enlightening and forward-looking discussion.
Tom’s challenge mirrors that of the entire London Market – if it can keep driving unit costs down through digitisation while at the same time keeping product quality, relevance and innovation high, it will have hit upon a rich winning formula that its brokers will be able to export around the world.
And if it can’t, the consequences don’t much bear thinking about.
Tom’s great company and is a very strong and open communicator and this Episode is highly recommended for anyone interested in the best opportunities in the global wholesale insurance markets.
LINKS:
We thank our naming sponsor AdvantageGo:
https://www.advantagego.com
