Stewart Ball, founder of Shortland Insurance Brokers, shares some of the important lessons he has picked up during his career.
1. Always consider the client
“Look after your clients’ needs and they will remain with your company. We have several clients that have been with us for more than 30 years. Never shut a door when a client decides to leave you – it’s not unusual for them to return. An account is never too small. Two clients of ours started with only three small trucks. They are both now reasonable transport businesses.”
2. Staff are invaluable
“Given the number of waking hours you spend at the office, it’s really important that everyone is able to relate to one another and work in harmony together. It’s a great boost to morale. Your staff – and their knowledge of the market – are invaluable assets for your business.”
3. Know your product
“It’s really important to know as much as you can about the insurers and underwriting agencies’ products, their ability to pay claims and their solvency. In my time, I have seen Palmdale, Bishopsgate and HIH go bust. I did not have a single client with one of their policies at the time of their demise. I have lost count as to the number of insurers and underwriting agencies we deal with, due to the diversity of the risk or scheme facilities.”
4. Get involved in the profession
“Associations such as NIBA, ANZIIF and Steadfast are great resources. They each have their own membership benefits. Overall, being a member ofthese organisations has enabled our business to grow and provide a better service to our clients. We have access to external consultants and are able to maintain a very high level of professional indemnity cover."
5. Don’t forget life
“Some years ago, I used to work long hours and some weekends. I always had a notepad by the side of the bed so that when I woke up with a business thought, I could jot it down. I’ve since seen the light and left the work at the office door for many years now.”
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