Steve Cowman: ‘Our commitment to enhancing service levels is unwavering’

How is NBS continuing to develop service levels to match and exceed broker expectations?

As we know, MGAs play a crucial role in the insurance market by offering specialised expertise in niche markets and are generally able to provide tailored quotes much quicker than traditional insurers. This agility and specialisation are key advantages that we take advantage of at NBS.

Our commitment to enhancing service levels is unwavering. We invest significantly in our employees and infrastructure, ensuring we have the right balance of expertise to support our brokers effectively. Our underwriting and business development teams are expanding, allowing us to provide more touchpoints, which gives brokers a more personalised and efficient service from us.

We know that the speed of providing quotations is key for brokers. Our ambition drives us to be first to market, which is why we prioritise quick turnaround times for quotes, even for complex cases, aiming to process them within four hours.

Additionally, we invest heavily in training and technology, striking a balance between sophisticated question sets and access to real underwriters. This approach ensures that our brokers receive accurate, timely and efficient service, reinforcing our commitment to excellence.

By continuously refining our processes and leveraging advanced technology, we strive to exceed broker expectations and deliver unparalleled service.

What is NBS doing to take existing broker partnerships to that next level?

MGAs are uniquely positioned to build strong broker relationships through their flexibility and specialised knowledge. Brokers are increasingly looking for partnerships that offer not just products, but also strategic support, transparency and collaborative growth opportunities.

Our core philosophy at NBS is encapsulated in our strapline, ‘making brokers’ lives easy’. This principle guides every decision we make. We actively listen to our brokers through regular surveys and feedback sessions, ensuring we deliver what they need. This has led to the development of new products, such as our commercial combined product, multi-location hospitality and unoccupied commercial insurance.

As previously mentioned, we are investing in our development team to provide personal contact points for all our brokers. Every broker has access to specialist underwriters, as well as a dedicated business development manager, ensuring they receive personalised and efficient service.

This approach helps us build deeper, more meaningful partnerships with our brokers. By fostering open communication and understanding broker needs, we can tailor our services and products to better support their success, ultimately taking our partnerships to the next level.

Concern from brokers around the removal of or changes to capacity arrangements is still very apparent. Should brokers have any concerns about capacity arrangements at NBS?

In the current MGA market, brokers are understandably concerned about the stability and continuity of capacity arrangements, given the potential for sudden changes or removals.

Brokers can rest assured that NBS is in a strong and stable position regarding capacity arrangements. We understand the importance of consistency for brokers, which is why our renewals are ‘true’ renewals with the same insurer.

We are privileged to hold long-term partnerships with several A-rated insurers, including Accelerant, Axa Insurance, Tokio Marine HCC and Allied World. All our insurers are extremely pleased with the quality of our underwriting and our loss ratio results, which ensures the continuation of these long-term capacity relationships. Additionally, being owned by Accelerant places us in a uniquely secure position regarding capacity arrangements.

Brokers can have full confidence in our ability to provide consistent and reliable capacity. Our focus on maintaining strong relationships with our capacity providers and delivering high-quality underwriting results ensures that we offer brokers the stability and reliability they need to serve their clients effectively.

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

In the next 12 months, brokers can expect significant developments from NBS. We are doubling the size of our business development manager team to enhance engagement and support for brokers. Our marketing team will also be more active in communicating with brokers, providing them with valuable information.

We are launching several new products, including unoccupied commercial insurance and multi-location products, to complement our existing offerings. Additionally, we are expanding our professional indemnity acceptance and product set to reach a wider audience.

Rebuilding and relaunching our contractor product based on broker feedback will be coming and we will be continuing to evolve our existing products to meet the changing needs of our brokers’ clients.

These initiatives reflect our commitment to innovation, growth and providing exceptional service to our broker partners.

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

The industry is indeed grappling with a talent shortage, driven by an aging workforce and the challenge of attracting new talent to insurance. As with most people in the industry, most fall into it rather than it being their childhood dream.

To address this challenge, NBS has implemented several initiatives to attract, develop and, most importantly, retain talent.

Our significant growth over the past few years has necessitated heavy recruitment across all areas of the business. We have established the NBS Training Academy, where all underwriters undergo comprehensive induction and training programmes. We recruit individuals with underwriting experience and those with the right attitude, even if they lack insurance experience, and develop them into insurance experts.

Promoting from within is a key aspect of our strategy, providing immense motivation and satisfaction, resulting in a high employee retention rate. Additionally, we invest in HR and employee wellbeing, creating a fun and supportive work environment.

To attract the next generation of talent, the industry needs to focus on providing clear career progression, comprehensive training and a positive work culture. By creating a supportive and engaging environment, we can make the insurance industry an attractive and rewarding career choice for the next generation.