C-suite: Gallagher’s Richard Laver looks at the best ways to move insurer-broker partnerships beyond the fundamentals

Having worked in the insurance industry for some years (well, lots actually), I am firmly of the belief that having the right kind of relationships between brokers and insurers always creates value for both parties, and this will – in turn – benefit the service we provide to our customers.

I am not just talking about a transactional relationship here, where the broker asks the insurer if they have any appetite for a given risk and it’s either a yes, no or maybe – this should be the fundamental. Rather, relationships that are focused on insurers and brokers truly working together, operating with real transparency and sharing their knowledge and expertise to deliver a great outcome.

At Gallagher, we want to ensure we are working hand-in-hand with our insurance partners. We want to be able to maximise our combined power, using the strength of our relationships, to provide the best client solutions.

Richard Laver

At Gallagher, we want to ensure we are working hand-in-hand with our insurance partners. Partners is the key word here – we look for holistic relationships that develop mutual long-term value. We want to be able to maximise our combined power, using the strength of our relationships, to provide the best client solutions. And at the forefront of our minds, we need to remember that we are a service industry, and we are here to look after our customers.

Enabler to economic success

Insurance is a key enabler to the economic success of our country, and indeed global economic success. In times of instability, it is even more important for us to help our clients to manage the risks they face.

Critically, our industry needs to give them the confidence to take risks to grow their businesses. We know that business leaders have to make vital decisions on a daily basis, and our advice and solutions can help guide them to make the right decision.

When you are not speaking to customers on a daily basis, it is very easy to become one step removed from the role that the insurance industry plays in the economy, but we must always put ourselves in our customers’ shoes to ensure that what we do will meet their current and future needs.

Meeting ESG requirements

An example of this is how we can work with our insurer partners to develop solutions for clients in emerging areas such as a company’s environmental, social and governance credentials.

Increasingly, in many sectors, businesses are being asked to prove the impact and manage the effectiveness of their ESG programme, and I believe there is an opportunity for brokers and insurers to work together to see how we can better support organisations in doing this, as well as in other changing risk areas such as cyber.

In many sectors, businesses are being asked to prove the impact and manage the effectiveness of their ESG programme. I believe there is an opportunity for brokers and insurers to work together to see how we can better support organisations in doing this, as well as in other changing risk areas such as cyber.

Richard Laver

There are already some great examples in the market where brokers and insurers have created solutions enabling the support of global trade.

Many of us are aware of the opportunities that data and analytics provide us with, and if brokers and insurers share and pool their knowledge, this could lead to an important platform for innovation for the benefit of the end client.

Since joining Gallagher six months ago, a key objective for me is to bring additional data and analytics expertise into our team. The world is driven by technology and we need to capitalise on the opportunities this offers.

The Generation Z way of life

Among Generation Z, there is some fantastic talent in this space, and I am passionate about working with people who look at things from a different perspective. The different ways that Generation Z work and think will enable the insurance industry to successfully evolve.

After all, Generation Z are the people who have grown up with technology as the default setting for many aspects of life, be that communicating with friends and family, or for leisure and educational purposes. Inevitably, as they move into adulthood, it will inform how they do business and in turn how our clients do business.

Within the insurance industry, we need to tap into these insights and different viewpoints to ensure we take advantage of using technology to enhance our data and better inform ourselves about the changing risks businesses face to further support our clients.

Insurance is a fantastic and rewarding industry to work within. And, here at Gallagher, we aim to maximise the breadth of the amazing talent available to build truly great partnerships that enhance truly great outcomes for all.