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How a common belief in employee ownership paved the way for a new partnership
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The background
A successful and rapidly growing employee-owned wealth management firm with a number of offices across the UK. They work with high-net-worth individuals, investing their money, so trust and strong client relationships are the cornerstone of their business.
The management team had concerns in relation to their Professional Indemnity (PI) insurance. They wanted to ensure they were presented with the most competitive terms available to them.
Exploring the options
The business attended a Howden-led session at last year’s Employee Ownership Association conference, and were impressed by Howden’s knowledge, the breadth of sectors covered, and how Howden delivers something different to other brokers. They therefore approached the Howden stand to speak with the team and find out more.
They wanted to know whether shared values with Howden, a fellow employee owned organisation, could be a good foundation for a business relationship and were keen to carry on the conversation.
Forging bonds, securing business
Howden arranged to meet with the business and common ground was immediately established. Having employee shareholders means that everyone is invested in a future of growth and stability, continuity is a top priority, and good client/customer service is the key driver, regardless of job role. Both businesses also boast a proud track record of employee retention – which is the proof these values work in practice.
In terms of addressing the business’s concerns over PI (their second largest monthly spend), Howden presented a plan that demonstrated insight, cost efficiency, and clear ongoing objectives. The business felt that Howden were very “present” in the meeting, listening to concerns and giving suitable solutions rather than pushing a one-size-fits-all product.
A successful outcome
It was evident even before the ink had dried on the contract that this new partnership was as much about understanding and sharing a people-first ethos as it was about securing competitive terms and protecting the business’s interests.
As an employee-owned business, are you being presented in the best way to your insurer? Discover how your commercial insurance needs can be better met by emailing [email protected].