Cover Story: Your Business. Your Insurance

In December last year Preston Insurance Brokers turned six years old and at any anniversary it is always a good time for reflection as well as planning for the future.

Managing Partner Noel Preston has been doing exactly that. “It’s a weird one, it only seems like yesterday we started but at the same time the business folk we meet when we’re out and about say it seems like we’ve been around forever (hopefully, that’s a good thing!).”

So how long have you been in insurance yourself? “30 years this year! Some people would say it’s quite sad to have been doing insurance for that long but I really enjoy the industry and it has opened up some amazing opportunities and experiences. It’s not quite the stayed and stuffy industry people think it is.”

“Having an initial grounding as an Underwriter for General Accident Insurance in the early 90’s was invaluable. The training there was extremely thorough, you were hardly allowed to sit at your desk for the first month. You had daily intensive product and technical training so when you did hit the desk and phones you at least had a good starting knowledge.”

So what made you change from poacher turned gamekeeper (if that’s the right expression)?

“It’ll do! In the 90’s there was a lot of consolidation in the insurer market and General Accident decided to shut down a number of their local branches and unfortunately ours was chosen. Fortunately, I had built some good relationships with the Brokers I dealt with while working there and before I even had to think about looking for a job I was approached, offered a job and have been in the Broker fraternity ever since!”

In what is a relatively short period of time, Preston Insurance Brokers have certainly made a positive impact and gained a renowned reputation within the business community throughout Sussex, so we asked Noel what he thought was the backbone of this achievement.

“I think there are a number of factors,” Noel continues. “We have built a really tight little team, a mix of personalities and experience but all with the same positive attitude and pride in delivering the service our clients deserve. The whole team also hold industry qualifications, something we take very seriously, having the balance of a robust technical expertise is a great partner to the personal service and relationships we build with our clients”.

In addition to this, what makes Preston Insurance Brokers stand out from everyone else?

“A year into the business one of our Clients summed it up nicely, good old-fashioned personal service, with the corporate clout! We don’t take ourselves too seriously but we take what we do for our Clients extremely seriously. Arranging insurance that adequately reflects and protects them could be the difference between their business surviving a partial or total loss!”.

The business also has the continued support of someone Noel has known for a long while. Who?

“When you start a business, it helps immensely to have the support of others. In business Partner Ian Penfold (and his company the A One Insurance Group) I was extremely lucky to be given the backing, belief and opportunity to set up Preston Insurance Brokers. For someone to show faith in you at the beginning is massive, you then want to make sure that faith is justified and repaid, hopefully to date this has happened.”

You seem to be quite a straight talker for a professional in an industry that is perhaps well known for jargon, is that unusual?

“Maybe, perhaps not so much these days though. We prefer to keep things simple and avoid unnecessary sales and technical speak where possible. It is vitally important though to know the technical side of our business and be able to explain this to the Clients but how you do this is where the difference is made. Sincerity, honesty and openness are all key traits, being able to communicate with the person in front of you. I really think everyone has had enough of the boardroom bingo, low hanging fruit and helicopter views, we will leave that for the Apprentice!”.

So, no hard sell from Preston Insurance Brokers then?

“Correct. We only hand out business cards when someone asks for one and we respect the fact that every potential new Client will already have an existing relationship with a Broker, which quite often is, at least deemed to be, a good one.”

So how do you win them over?

“Simply, by being courteous, polite and getting to know them over a period of time. Waiting our turn. If you haven’t been recommended or referred it can take time to gain trust and build a relationship before they consider giving you the opportunity. We’re happy to be their Plan B. It may be that the contact at their Broker changes or the Insurance Brokers themselves are bought out by another and faces change or service deteriorates. It could be a periodical review of their insurances isn’t due or has recently been carried out. Also, when they do come and ask you to become involved, they are doing so because they want to and not because they’ve been put in a headlock and pressurised into doing it.”

So while you’re patiently waiting and building these new relationships, how do you and have you grown your business and increased your Client base to date?

“We have fantastic Clients. I’d say about 90% of our new Clients come from recommendations, referrals and introductions from the existing ones. Our Client retention rate is 98%, which speaks volumes. This is one very good reason to ensure our service levels remain at the top of their game, otherwise we wouldn’t only lose Clients, we’d lose our new opportunities as well!”

Do you socialise with your Clients at all?

“We sure do – that is the fun part of our job! We support charity events through the year, as well as some sporting ones and always take the opportunity to share these occasions with our Clients. We also have an annual works anniversary bash at Gars Chinese restaurant in the centre of Brighton. This is a chance to thank our Clients for their business through the year and show our appreciation. As well as Clients we invite our team, business contacts and introducers, along with the prospective Clients that we are building relationships with. It’s a very informal and fun evening. Being able to give something back and enjoy social time with everyone is just a nice change.”

I met with Noel at perhaps one of their more well-known Clients in Sussex, namely the British Airways i360 on Brighton Seafront. So how did that happen?

Noel explains: “Well, an existing Client of ours was involved in managing the project team throughout its development and kindly recommended us to the Board. We spent a lot of time there over a period of 6 months or so, getting to know the people, understanding how the attraction was built and works, inviting insurers to come and see for themselves so they fully understood the risk they were interested in providing a quote and cover for. While insurance cost always comes into the equation, we won the contract largely due to our approach. As a Brighton boy it was a very proud moment to be appointed as the Insurance Broker for such an iconic and original attraction in our City. Our business was only 3 years old at the time and this certainly helped publicly confirm our credentials and abilities.”

So are all your Clients this big and iconic?

“Haha, not quite, but all just as important in their own right. Our Client base is extremely varied both in business/industry type and size. As well as visitor attractions, we also look after commercial and residential property owners, manufacturers, retailers, motor traders, storage and distributors, construction, sports & leisure clubs, professional services, media & marketing….the list goes on! If it’s a business, we can look after it! We enjoy looking after them all, whether they are a new start up or a business employing hundreds of people.”

Your reputation, certainly throughout Sussex, is very much looking after businesses for their insurance, do you arrange insurance for individuals as well?

“Yes, and no. The online home and motor insurance market is saturated, we’d be mad to try and compete in that arena. However, directors and partners of the businesses we look after don’t always want to insure their prized possessions with the direct insurers, so we happily look after them and give them the same sort of service personally as we give their business. These are mainly mid-high net worth home insurance policies.”

Noel and his business have also been quite prevalent in supporting the local community, supporting charities with a personal connection.

“Rockinghorse Children’s Charity and Teenage Cancer Trust – South East Appeal have both played a large part in looking after my eldest son both when arriving into the world and recently in his teenage years”. Noel put on the 50 songs for 50 years event in 2017 to celebrate Rockinghorse’s 50^th Anniversary and last year a gig at the i360 for TCT, raising a combined total of around £13,000 for the Charities. “It’s important where possible to help raise awareness, support and contribute to such worthy local causes. Music is a particular passion of mine so when we were thinking of doing something for each of the charities, combining the two was not only successful but also immensely fun and enjoyable for all concerned. We’re very luck in Sussex, the support from the local community was and is always fantastic.”

So, what for the future?

“Last year we moved across the road to larger offices to give us some room for expansion. No delusions of grandeur but we don’t want to stand still. Our quest to become the go-to Insurance Broker in Sussex continues.”

“I am pleased to say that we are actively looking for new staff, to join and complement our team. A Client Executive, someone who has the same passion for looking after local Clients and with the drive and determination to help us grow our business throughout Sussex. Followed by an experienced Client Handler to help us ensure the exemplary back-end service, which we have become so well known for, continues.”

This all sounds really positive?

“Absolutely, we’ve also got some other exciting plans for this year. We will be running insurance campaigns for particular business sectors, within which we already have a number of high profile Clients and following that a Scheme for an emerging and evolving industry. There is lots to look forward to and you’ll hear about them here first in SBT!”