Member of the Month: Daniel Lloyd-John, Broadway Insurance Brokers
Setting up a business can be risky at any time, let alone during a global pandemic. Compass Member Broadway Insurance Brokers received their FCA approval a little over a week after the first lockdown commenced. Daniel Lloyd-John, Founder and CEO of the brokerage, says engaging with Compass Networks early allowed them to get on the front foot when Covid-19 broke out.
After seeing a gap in the market for a brokerage that focused solely on insurance solutions for mid-market, High Net Worth and Ultra High Net Worth entrepreneurs in the North West, Daniel and the Broadway Insurance Brokers team set out to do just that.
He explains, “Pre-Covid, we were really clear on our audience type and planned that together with Compass. We felt if there was boutique specialist broker that specially targeted entrepreneurs and their families with complex commercial and personal needs there would be a demand for it, and there has been. It’s a new flavour, but also traditional insurance broking fused with trusted risk advice for clients on both their commercial and personal assets.
“The Network has been a big part of our journey; it became our distribution partner and trusted broker advisor. Scott Bennett, Network Sales Director, was involved from the offset, advising, and guiding us, as was our BDM, Fintan Griffin.
“We got authorisation from the FCA on 1st April having submitted our application on 1st February. Working intensively with Compass and their compliance partner, RWA, we completed the application within two to three weeks. I was told to expect six months to a year for approval, but two months later, the firm was fully authorised and regulated. I believe it is the combination of the strength and experience of our people at Broadway, the meticulous attention to detail of Compass and RWA, combined with the FCA saying ‘ok we’re listening’ that sealed the deal. It was a brilliant process to be part of.”
Prior to becoming a Member, Daniel felt that the Network and Broadway Insurance Brokers were culturally aligned after being recommended by people within Ardonagh, of which Compass is part of. This is something which he continues to believe after being part of the Network for more than a year.
“Our essence in life is no two customers are the same, despite our audience having common themes, and Compass looked at Broadway as individual, unique, and doing something different,” he says. “We’ve hired credible people who are at the top of their game and when you combine that with the strong relationships Compass has with the world’s leading insurers, then you have a playing field where quality versus quantity is the name of the game and that’s why it works. Our armoury is pretty strong.”
He adds, “In our industry, client service, performance and style are a really big thing. The way the Network acted with me is how I act with my customers and that’s why Compass and Broadway were the right fit from the beginning. The Network hasn’t stifled us at all. The characteristics I’ve seen within Compass are warmth, curiosity, team spirit, trust, and transparency.
“We had a plan in place and Compass was invested in that. It felt like we were one team with one dream. For an organisation that has 700 broker Members across Bravo Networks, for me Compass interacts with Broadway like we’re the only one.”
Daniel doesn’t believe the pandemic put pay to their plan, but instead provided a launch pad during a time when having appropriate insurance was on the minds of many businesses. As a result, the brokerage reached £1 GWP in their first six months.
He tells us, “The time of our birth may have sounded counterintuitive because of Covid, but for us, it meant insurance, wellbeing, and people were high up on the agenda. We were lucky that the FCA approval came in April and we were ready to go from there. We’d already pushed the button; we just didn’t know what the landscape would look like on the other side of Covid. However, we’ve found that it hasn’t slowed us down.
“Whether you are market leader or a new entrant, Covid has affected everyone, and our biggest achievement without a doubt is starting a business during a pandemic. When you set up a company there’s always an element of risk. The only way to tackle it, whatever the economic climate, is head-on.
“The secret to success in the current world is having a clear-cut plan and to connect with excellent firms. For us, joining Compass was the right thing to do. Without a doubt, if you want to progress make sure your own due diligence is bang on but lean heavily on your Network.”
Following the success of their launch last year, Daniel and the Broadway Insurance Brokers team are looking at expanding the business into other regions across the UK. He says the key to triumph will be conducting market research and “to collaborate with Compass in each of those locations to get it spot on”.
What is Daniel’s message to anyone looking to start up a brokerage? “You’ve got to embed yourself with strategic partners that add value, like Compass,” he says. “Make sure you Engage with the Network early. Collaborate with them have considered conversations as soon as possible, much like you would do with a client.”
If you’re a Member and would like to be featured in our Member of the Month series, please speak to your dedicated BDM.
Not a Member? To find out more about joining Compass, please get in touch with Aaron Bunyan, by calling 07511054179 or emailing Aaron.Bunyan@bravo-group.co.uk.