Russell Boneham, Partner of Vizion Commercial talks to May Walker-Wallis, Head of Marketing, about the importance of making a difference in the insurance world.
MAY: It is clear your ethos is all about value added service and making a difference to your clients. Why is this important to you?
RUSSELL: I am based in East Anglia, so my aim when starting with Vizion was to build a broking proposition that provides a trusted service to the local community. I know the majority of my clients personally and others have been referred to me by clients, friends and family.
I had always thought that having my own brokerage would be very fulfilling. When I met John Sims and heard about the Vizion model I felt it offered me the perfect balance between being self-employed and supported by a tried and tested structure in Vizion.
The insurance industry can be a bit of a minefield; many policy documents are filled with industry jargon which can be hard to navigate. Even after all this time, I sometimes need to read policy wording, terms or conditions 2-3 times to fully understand what is meant.
Often when businesses start-up they get the cheapest policy which allows them to trade but as they grow, add staff and diversify that policy doesn’t often cover them correctly. Living within the community I work in I am assessable, regularly communicate with my clients and provide advice and guidance where required.
MAY: How does your role as a Partner at Vizion differ from previous roles in the industry?
RUSSELL: I have worked in UK broking for 30 years, in roles including Training & Development, Insurer Relationships, Operations Director and Industry Consultant.
As a Training Manager, I built and delivered induction programmes to multi-skill staff, it gave me a good insight into how to explain insurance terminology to people that were not familiar with it. My induction programme had a section called KYP which stood for Know Your Products, People and Processes. Anyone that has worked with me knows that I like attention to detail and the job done properly.
Whilst a Relationship Manager, I worked closely with many insurers developing and managing a panel. In this role, I realised the importance of building great relationships and working together for the benefit of our clients.
As an Operations Director I had multiple targets to hit, relationships to manage, multiple plates spinning and had to work hard to manage and deliver expectations.
I use many of the skills I have acquired over the years, keeping my knowledge of products, people and processes up to date in order to effectively managing relationships by working closely with insurers to protect our clients. The main reason for joining Vizion was to continue learning and be part of a great team of industry experts. My personal mantra of “finding solutions, adding value and making a difference” has found a natural home.
MAY: The Commercial market is a huge sector. What area do you specialise in?
RUSSELL: I look after both Private Clients (HNW) and Commercial business. With Commercial, I tend to be more of a generalist rather than focussing on any one market or industry. My clients range from professional services, through to construction and property. We have a very experienced Commercial team at Vizion so I’m confident that whatever the occupation or business, where, how & and what work is undertaken, we can provide a comprehensive and competitive solution.
MAY: The current pandemic is likely to have a notable impact on the insurance industry. What are your thoughts on this?
RUSSELL: For Commercial it is going to be tough; there has already been a substantial hardening of some insurance markets, which has meant there are fewer insurance providers, narrower cover, increasing premiums, and higher policy excesses. I am expecting price rises and less choice.
Presently a number of my clients are being supported by the various Government schemes, but will this be enough for their businesses to survive? With no vaccine yet, a possible recession and Brexit still to deal with, it will be a tough economic situation for everybody.
Our ways of working will change. Although service is currently being provided remotely by our Insurer partners, it can be slow and labour intensive when shopping around, so there will be a renewed push around insurance technology and innovation.
MAY: Now, more than ever, it is important for people to ensure their insurance affairs are in order. What common mistakes or potential pitfalls have you come across when it comes to business insurance?
RUSSELL: The key point is to ensure that the client is insured for the work that they undertake or are planning to undertake, fully understanding both the moral and physical risk as well as the client’s attitude to risk. What insurance do they need and what else should they consider? Add in regulation and legislation and their business could be at risk!
Common mistakes include underinsuring, not understanding the policy conditions and endorsements they may have agreed to and not updating their broker when the business changes.
With ways of working changing for most, increased focus on health & safety and with the phased return to work it is paramount that every client is properly insured for what their business is doing now.
