’There are opportunities for small brokers who are willing to move into the middle market,’ says chair
Small and medium-sized brokers have opportunities to grow as there is a ”huge hole” in the middle market.
That was according to Stuart Reid, chair of Partners& and columnist for Insurance Times, who said that such firms had a chance to grow in the mid-market area due to some brokers getting “very big”.
Reid made his comments during an InsuranceDataLab webinar, where speakers spoke about the future prospects for brokers.
He first explained that being a specialist was key to future growth as it was better than ”being a generalist at everything”.
“Running a good brokerage is being a good specialist,” he said.
”You need to recruit the right people and train them in what they are required to do in that specialism.
“If you are a specialist at anything, it is better than being a generalist at everything.”
And with this approach being adopted, Reid went onto say that opportunities for small and medium-sized brokers have not been as good for a long time.
“Some brokers have got very big,” he explained.
“There is now a huge hole in the mid-market area. There are opportunities for small brokers who are willing to move into the middle market.
“The opportunities for small and mid-sized brokers have not been as good for a long time, as there are not many in there.
”If you are a business operating in a space where there are few peers, it creates the opportunity for new business and growth.”
’Control the controllables’
Meanwhile, fellow Insurance Times columnist Kelly Ogley, who is also the chief executive of Howden consumer and local commercial, said it was key that brokers ”control the controllables” on their growth journey.
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”Yes, you need to take notice of the macro trends in the world and the economy, but they are things that are beyond you control,” she said.
”Look to what you can control and that is working with and delivering for our clients.”
’There are opportunities for small brokers who are willing to move into the middle market,’ says chair
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