‘None of us take ourselves too seriously, but as a business we take what we do very seriously’

Managing Partner at Preston Insurance Brokers, Noel Preston, looks back on 2023, shares predictions for premiums, and tells us why he’s starting the new year with an old mantra.

It’s sunset on the seafront. A deep silver hue is painted across the sky and the promenade lights flicker in the foreground. With heavy clouds looming, we head for cover in a local fish and chip shop to interview Noel Preston.

What was your biggest highlight last year?

Apart from our 10-year business anniversary at the Brighton i360 in April, it would have to be introducing three new starters to our team. All of whom have settled straight into our culture, offering a welcome mix of energy, enthusiasm and experience. We’re now a team of 13 and, to this day, no one has ever left us – and we’d never want them to, either.

So, what’s the secret to maintaining a healthy work culture?

Our culture is built on a philosophy that’s become somewhat of a mantra to us: “None of us take ourselves too seriously, but as a business we take what we do very seriously.” In other words, we want every team member to feel they can be themselves and ask for support whenever it’s needed. Insurance isn’t the most glamorous industry in the world, so having a mix of personalities acts as the perfect foil.

Apart from that, we’re also big believers in hybrid working. Where many other businesses are clamping down on working from home, our steady growth since the pandemic would suggest this model is working. Why fix something that isn’t broken?

Good point. What are some of the challenges you faced last year?

Navigating the change in market conditions was more of a challenge than we anticipated. Property Owners insurance, for example, saw premiums increase in some cases by up to 25 pe rcent, which presented a challenge at renewal when combined with more restrictive cover options than usual for our clients. That said, we constantly assess every corner of the insurance market and, where possible, will always give clients notice of any significant increases and changes ahead of their renewal.

What are your targets for this year?

Keep growing, keep moving forward, and keep prioritising a high level of service to our new and existing clients. If time permits, I’d also like to play one or two gigs. But for now, I’ll have to make do with my electric drum kit in the garden shed.

Who has been your inspiration?

Too many to mention, really. But if I had to choose one, it would be my business partner, Ian Penfold, Managing Director at A-One Insurance Group. He helped me set up Preston Insurance Brokers back in 2012 and has been in my corner offering personal and professional support ever since.

I’ll never forget the time I called Ian to ask for advice about a pretty sizeable spend I was considering for advertising. His advice: “The only reason you’re calling me is because you want someone else to say don’t do it”. He was right.

Any changes in the insurance space to watch out for?

The biggest change we’ve seen from businesses is the need for cyber insurance. Back in 2016, we sent our clients premium indications for cyber cover, but the general response was: “we’re too small to be a target for cybercriminals”. Fast-forward eight years and over 500,000 new cyber threats are discovered daily in the UK with 81 percent targeted at small-to medium-sized businesses. Needless to say premiums are now a lot higher than they were 8 years ago!

What events do you have planned for the year?

Funny you should ask. We’ve just confirmed a date for our annual Preston Insurance Brokers Charity Golf Day which will take place on Friday 9th August at Mid Sussex Golf Club. Like last year, all proceeds will be supporting two charities very close to me: The Calzy Foundation and Rockinghorse Children’s Charity. If you know anyone who’d like to enter a team, let me know.

Will do, Noel. Thanks for your time and enjoy your fish and chips.

If you want to learn more about Preston Insurance Brokers and how they support businesses across Sussex, London, Reading and beyond, call 0333
222 1188 and visit www.prestoninsurancebrokers.co.uk