Briefing: New Year resolutions brokers should stick to for 2025

By Kelly Ogley

According to comedian Larry David, 7 January is the last time you can officially wish someone a happy New Year. Fortunately, this mantra does not stop the creation of New Year’s resolutions.

I’ve already broken several of my personal, chocolate related New Year’s resolutions, but since this is my first column of 2025, I thought I’d begin with three insurance industry resolutions that should be a bit easier to keep.

First and foremost, we need to think more long term.

For example, we often think that protecting against burst pipes or blocked drains is something we can put off indefinitely – usually, the attitude is we’ll get around to these jobs eventually, but it’ll probably never happen.

The trouble is that when the pipe bursts, it ends up costing an arm and a leg unless you have the appropriate cover. Yet a quick search on the web or a quick phone call to a local tradesperson can mitigate this, protecting your home, avoiding inconvenience and – importantly – preventing avoidable insurance claims.

So, as well as thinking more long-term personally, I’m going to ensure we are giving similar advice to our clients to protect them and avoid claims, while also working with our insurer partners on risk management advice.

Hopes for the High Street

For my second New Year’s resolution, it is time to bring the High Street back into fashion.

Frankly, there’s no substitute for talking to an advisor face-to-face. It’s not just about getting the moral support that comes from human contact, but also in providing tailored advice that is a result of taking the time to listen to a customer’s concerns.

That’s why, when many institutions decided to close down their shops and switch to online only, Howden went the other way and continued opening up branches. Now we’ve got more than 100 High Street branches in town centres, in the heart of local communities.

Don’t get me wrong – online is great. But not for everything. Sometimes you just want to talk to a real person.

Providing that face-to-face service means that when someone has a problem, they don’t need to panic. They know there are people who care nearby, who will be there for them through thick and thin.

I’m going to ensure I support our local High Street and switch from using the supermarket to the local butcher and baker.

Bargain hunting

As for my third resolution – shop around.

Despite this being the advice we give to clients, I’m not very good at it myself and I tend to stay with the same providers when I’m sure there are better products available. I can’t remember the last time I shopped around or switched providers.

At the start of the year, on 2 January 2025, Howden released its 1:1 renewal report.

Its main message is that the market is softening. Insurers are increasingly having to compete for attention and that’s great news for the consumer. For us brokers, it means we have even more opportunities to shop around for our clients and ensure they have the right cover – quite often without spending more thanks to softening conditions.

Like any New Year’s resolution, all it takes is a bit of perseverance in order to succeed. In the meantime, with apologies to Larry David, let me wish you all a happy New Year.