British Insurance Awards 2013: Insurance Broker of the Year

The British Insurance Awards judges were impressed by what an all-round winner Stackhouse Poland proved to be in the Insurance Broker of the Year category. Winning Personal Lines Broker of the Year 2103, the firm was also shortlisted for Commercial Lines Broker of the Year-SME/Mid Corporate.

On its personal lines book, the broker overcame the odds to achieve its five-year target, set in 2008, by January 2013 and saw its income leap from £5.1m to £15.5m during that period, despite being faced with a tough market, rate stagnation and a taxing economic environment. Furthermore, staff numbers also trebled from 65 to 180.

In 2012, the broker continued to broaden its business model by expanding its distribution channels and also concentrated on working more closely with its key insurer partners. It also seized the opportunity to refocus on top-end high net worth risks.

This approach saw the firm target a number of key areas within its business model. Investment and the development of its specialist new business teams was a crucial issue.

Last year also proved fruitful in terms of new business development with its introducer partners. Relationships were expanded with St James’ Place Partnership, Green Park Insurance Services and HFM Columbus Insurance Services.

Another key focus for the broker has been on its claims service. Stackhouse Poland boasts bespoke claims teams dedicated to advising and helping the client through the process. Its 2012 satisfaction survey among clients recorded an impressive good-excellent rating of 98.7% – a key factor in the broker’s client retention.

Meanwhile, its corporate division played a significant part in helping Stackhouse Poland achieve the final stage of the five-year business plan to successfully and profitably increase the annualised commission income of the group.

In continuing difficult market conditions and poor economic circumstances, this was achieved by adopting a structured approach to re-engineering the commercial team through head of business appointment; clear growth objectives; new business via targeted distribution channels; great customer service and advice ensuring improvement in all key performance indicators; successful acquisition integration; and improving client retention rates.

Cross-selling and a successful private client referral process was introduced by the commercial team in Guildford, which resulted in an uplift in revenue via new business.

Key to the strategy was the splitting of the business into segments to allow the broker to focus on excellence in product development aligned with partners in areas such as marine cargo, employment practices liability and excess of loss liability.

In addition, a complementary acquisition at the end of 2011 added good-quality commercial client income to the 2012 book.

The BIA judges praised the broker for its aspirations to deliver best-of-breed offerings to personal and commercial lines clients for both existing and new customers, and applauded a structured strategic plan, implemented with high-quality people, which ensured Stackhouse Poland stayed on its stated course for growth and customer excellence.

2012 was a watershed year for both divisions and the business overall, making Stackhouse Poland the deserving winner of the Insurance Broker of the Year award for 2013.

Winning words: Jeremy Cary, managing director of Stackhouse Poland, said: “We have a very specific five-year plan that relied upon a combination of very high-quality organic growth and acquisition income. All of our acquisitions have been highly complementary. The combination of new business production and renewal retention has meant we have been able to achieve and exceed our targets over the last few years and hit our five-year business plan in very difficult economic conditions. What an honour to be considered by your peers in the industry in such high regard. We are flattered and we will continue to aspire to be best of breed in our chosen sectors.”