Preston Insurance Brokers – 10 years and counting…

We caught up recently with Noel Preston, Managing Partner of Preston Insurance Brokers, to learn about the upcoming 10-year business anniversary and his thoughts and plans for the future.

So the business is 10 years old in December this year, what have been the highlights?

I’m pleased to say there have been a number of highlights. Surviving the 10 years is a highlight in itself; the fantastic loyalty of a large section of our clients and not losing any members of staff – that is a statistic I am really proud of!

We are now up to 10 of us and the plan from the outset was to grow the business annually to be in a position to employ the next member of the team at the turn of each year – we are on track with this which is great! 

You mention your Team, what has been your secret to 100% staff retention?

I think, perhaps it is a collection of a number of things but I suppose you’d have to ask them for their own individual reasons. Whilst everyone in the Team has different personalities, the main underlying common denominator is their attitude and the fact that they are all genuine and good people. 

We provide an environment for the team to learn, to develop, to achieve personal goals and where there is an ambition, we do what we can to harness that and help them reach their objectives. 

As a business, we have always been a pretty flexible employer and find if you employ the right type of person, treat them like an adult and a human being then you’ll receive a work ethic that’s second to none. 

I’ve said it before, we don’t take ourselves too seriously. There are no egos. Individually and collectively, we are not too precious but, in respect of the work, we take this really seriously with a lot of pride in everything we do. 

We also like to have some fun – insurance can be quite a dry subject sometimes so it’s always nice to lighten the mood a little and go out and enjoy ourselves occasionally as a team. With the hybrid return to the office, we wanted the team to have something to look forward to when coming back in, other than of course just being able to see and personally converse with each other. Office pizza on the first Wednesday of every month and cakes from one of our clients on the last Wednesday are just a couple of things we have introduced.

So what for the future, any thoughts of hanging up your boots?

No, certainly not in the immediate future, I enjoy it too much to think about letting go just yet! Not unlike most independent insurance brokers, we are regularly approached by the larger consolidator type brokers looking to acquire businesses such as ourselves. Our preference is to remain and grow as an independent broker, continuing to provide the local personalised service which has been the foundation and bedrock of our growth and success to date.

Nevertheless, every business has to plan for the future and those plans do not just happen overnight. In September last year I was lucky enough to have a coffee and a chat with the late, great Nik Askaroff, who was both a valued friend and business mentor. Nik advised that any kind of succession planning takes time over a number of years and doesn’t just happen overnight, so we have started that process, not just in respect of personnel but also evolvement of the business itself. 

As businesses grow, the business owner has to change their involvement, working more on the business rather than in it. This can be a tricky time with the personal struggle of letting go, keeping in touch with all the members of the team and also ensuring any Client relationships are unaffected. So, like a lot of things in running a successful business, it is all about the people.

With that in mind, we have recently appointed both Aaron Thorpe and Paul Morriss as Associate Partners. Both have their own particular skill sets and really complement each other. Aaron very much in the operational, management and service delivery side of the business, Paul more so on the client relationships, development, marketing and new business elements.

I’m really looking forward to the future, helping and supporting both them and the others in the team and witnessing them all develop and grow with the business.

Do you have any plans to celebrate your 10 years in business?

Yes, we have several things planned through the year. Everyone works hard enough, you need to make sure you make some time to have fun too. We will have events as a Team, with our suppliers, our introducers, our business contacts and of course most importantly our Clients. 

As ever we will look to use the premises, products, hospitality, event space, facilities etc of our Clients and business contacts, just a small way of giving a bit back for their loyalty.