Mike Patston: Touchstone investing in technology to enhance broker experiences

What can brokers expect in the next 12 months from Touchstone?

We are excited to launch even more new products over the next 12 months, designed to meet the evolving needs of the market. We will be making exclusive announcements and product launches to our broker panel at the right time.

A key focus for us is collaborating with our brokers to arrange consolidation deals. You can also expect more tailored engagement by increasing our staff numbers, providing dedicated support and arranging more broker visits. This is all designed to help brokers better understand and sell our products for the benefit of all parties and to strengthen our relationship.

We are always streamlining our processes to provide a faster, more reliable service, ensuring quicker turnaround times making it easier for brokers to serve their clients effectively.

What technological developments have been implemented at Touchstone to improve broker/customer outcomes?

We have invested significantly in technology to enhance the broker experience. Our online broker portal underwent a major overhaul last year and we also reengineered products to slim down question sets. Our popular property owners product, along with others, are available, providing a seamless experience for brokers to generate quotes and bind policies quickly and efficiently.

Understanding and interpreting data is fundamental for us. We can share performance data related to brokers’ accounts easily and this allows us to have meaningful conversations, helping us make informed decisions and develop strategies for the future together.

We are leveraging Broker Insights to strengthen existing broker relationships and drive growth through consolidations.

We are also actively researching how artificial intelligence (AI) can streamline services, enabling our underwriters to focus more on writing and winning business.

What is Touchstone doing to attract, develop and retain talent? What do you think needs to be done to attract the next generation of talent? 

We recognise the talent shortage in the insurance sector and are committed to attracting, developing and retaining top talent. We believe insurance should be viewed as a profession rather than just an industry. Our efforts align with the Chartered Insurance Institute (CII), which is leading significant initiatives in this area.

We offer a competitive benefits package and fast-track training programmes to ensure our employees can see clear career progression and personal growth. We’ve been particularly successful in recruiting A-level and graduate leavers, providing them with robust training and development opportunities. We ensure that our workplace environment is engaging and enjoyable, showing potential talent that a career in insurance can be both rewarding and fun.

To attract the next generation of talent, there are many factors that can be employed. For example, emphasising innovation and technology, promoting career development opportunities and fostering an inclusive and diverse environment. Partnering with colleges and schools to educate students early on about opportunities in insurance is important, but there is also a need to change the current perception of our profession.

What products have faced the biggest developments through working with brokers?

Listening to broker feedback is important and we undertake a lot of preparation work and research during product development. Over the past year, the following products have undergone enhancements:

Package Travel Regulations (PTR) – We are continually addressing gaps in cover and educating our broker panel on PTR. This is where some clients who organise trips (for example, hotels, schools and yoga teachers) may be exposed to the regulations and are not covered by their general policy. We have a policy in place to cover these clients for their potential exposures.

Products-Led – We ensure the efficacy cover in place is set at the correct levels of indemnity, as well as ensure our cover remains relevant in the changing landscape following Brexit, with up to 100% US exports available.

Excess of Loss (employers and public/products liability) – We increased thresholds to align with modern standards, as traditional limits have become outdated.

Ancillary products: Following feedback, as well as our Excess of Loss offering, we also introduced a range of ancillary products, including legal expenses, terrorism, engineering, cargo and management liability, to ensure gaps in cover are reduced for clients and brokers can place multiple policies in one place.