040: Lloyds & Relationships - with Paul Smith

<p>On today's episode, we’re excited to be speaking to Paul Smith, Managing Director of Fenchurch Insurance. Paul has over 20 years’ experience in the insurance industry and is chatting with us today about his journey, experience and specifically about the Lloyds market too!</p> <p> </p> <p>LEARNING OBJECTIVES:</p> <ul><li style="font-weight:400;">Every now and again, there'll be an opportunity or a situation whereby a case is either rather large, rather unique, or rather difficult – insurers should prepare for this.</li> <li style="font-weight:400;">Mainstream insurers that have the opportunity and availability to place business with Lloyd’s brokers will quote different terms, premiums and access levels.</li> <li style="font-weight:400;">Developing tight knit relationships with your Lloyd’s broker is integral to the success of your business.</li> <li style="font-weight:400;">It’s very rare to find one Lloyd's broker that has the capability and all the capacity and indeed the relationships to place property, liability and fleet, as well as financial services.</li> </ul> <p> </p> <p>BEST MOMENTS:</p> <p>‘’…insurers have these red, amber and green lists. Green topical flavour of the month which everybody loves, easy to price. Amber is something that needs a little bit more attention and dedication and a bit more focus by underwriters. The red list is, in the vast majority of cases, something that shows insurers just don't have an appetite for - and it's those situations that a broker would need to walk into Lloyds or utilize the services of a Lloyd's broker.’’</p> <p> </p> <p>‘’…it's a case of well, how on earth is that possible? Why do insurers not have a central database to record data on risks? Surely, branch A should follow branch B or vice versa. It's just one of the anomalies and one of the vagaries of dealing with a Lloyd's broker and trying to place risks into the London market.’’</p> <p> </p> <p>‘’if you've looked after somebody and you’ve given them a good piece of business that's produced pr