Insurance Times Awards 2023: Movo Partnership touts synergism with partner organisations as key to success

Briefly explain why you entered the Business Partner of the Year cateogry?

As a broker network, Movo is the ultimate broker partner. Its overarching objective was to build an innovative ‘ecosystem’ where brokers can thrive. Issues we addressed included:

• Providing a route to market for entrepreneurial brokers and the ability to operate on their own terms
• Providing the best marketplace where trading is easier and independent brokers have more access, flexibility, choice, capacity and increased distribution.
• Investing in supportive technology to enhance independent brokers’ digital capabilities
• Investing in the future, ensuring startups are encouraged, supported and financed, not just by Movo but by insurers and MGAs

What do you think makes your entry stand out, and why should you win the award?

Movo’s ecosystem approach has resulted in:

• 48 new broker startups. Movo’s membership is now 60/40 startups and existing brokers, illustrative of a thriving independent broker marketplace. Movo also attracted 27 brokers from other networks.
• Movo’s start-ups generated £5m GWP in 2022, with its existing brokers having also collectively grown 33% year-on-year
• Delivered £62m income for insurers
• Attracted £400k in funding
• Reinvested £3.3m in the network
• Built a panel of 300+ insurers and 850 products
• Generated 30% efficiency savings and 50% cost savings for members
• Delivered hundreds of individual training programmes
• Handled 2,500 claims on behalf of brokers

What would winning this award mean to you and your firm?

While I’m incredibly proud of what we have achieved with Movo, winning this award would really be just recognition of the brokers that make up our membership.

As with all the best partnerships, their success is our success. Our ecosystem has provided the culture and the environment for them to flourish, but it is their hard work and enduring entrepreneurial spirit that drives results every day.

I couldn’t be prouder of our network and if we win this award, it will be a celebration that independent broking in the UK is alive and flourishing.