011: Risk Management and Value Adding - with Stuart Rootham

<p>On today's episode, we chat with Aston Lark Group Managing Director, Stuart Rootham. Stuart discusses his 25 years’ experience within the insurance industry at senior management level and his advocacy of the client centric approach. Stuart also shares with us his thoughts on life in the industry during and after the covid-19 pandemic and how he thinks this will shape the insurance industry in the future.</p> <p>LEARNING OBJECTIVES:</p> <ul><li>The most common areas that brokers look to add value is around risk management.</li> <li>Having a Business Continuity Plan ('BCP') is vital. A recovery plan should also be created as part of a BCP too.</li> <li>Communication is key. In tough times, keep your account executives talking to your clients – not just about their products but also about emerging risks.</li> <li>Cyber insurance is becoming increasingly popular – there are some exposures that many clients might not be covered for.</li> <li>Coronavirus is an opportunity to offer business support, rather than additional add-on products. Identifying issues for your clients is the key to ensuring best practice and customer service.</li> <li>Look for additional way to support your clients. Be proactive in offering temporary solutions to their problems, even if you aren’t sure of the definitive answers.</li> </ul> <p>BEST MOMENTS:</p> <p>‘’As a business, we are seeing more and more data related issues where it feels like your network is coming under attack. We're a reasonably sized business but it just feels it's more and more out there and we should be aware.’’</p> <p>‘’Typically, I think the challenge of brokers is, can you make it into a profit stream? if you're going to invest heavily into people, this becomes really important.’’</p> <p>‘’Whether it's talking about cyber, whether it's talking about risk management services - it should be the front-end part of what we're talking about. It’s about that evaluation and identification of risks and what they're doing to mitigate and how we can help them contro