Mark Thomas: The chief executive building a new model for SME insurance growth

When Mark Thomas looks to the future of commercial insurance, he does not see a need to simply replicate the traditional broking model.

Instead, the chief executive of digital broker Compare My Insurance believes there is an opportunity to rethink how insurance is delivered to small and medium-sized businesses – combining technology and data with the expertise and personal service customers still expect.

That approach has driven the company’s rapid expansion in recent years, with the broker focusing on a market Thomas believes has historically been overlooked by larger players.

“Every group historically has gone after mid-market, larger customers – the smaller customers haven’t really had the service levels that they now demand,” he says.

“What I like to say is we give the VIP treatment to SMEs.”

Thomas’ route into insurance has been unconventional. After studying sport and human movement studies at university, he began his career in sales and marketing before moving into entrepreneurship and launching his own businesses.

It was through those experiences that he identified an opportunity to bring techniques from other industries into insurance.

“I took sales and marketing techniques that were utilised in other industries and then transposed them to the insurance sector, where they weren’t as readily used.”

That outside perspective has shaped the strategy behind Compare My Insurance, which Thomas says has been built around three core pillars – marketing, technology and people.

Digital efficiency

Compare My Insurance was founded in 2009 as a protection broker, before expanding into commercial insurance in 2016.

The commercial arm has since become the focus of the business, with Thomas targeting organic growth by improving the way SMEs access insurance.

The company now receives more than 200 enquiries a day from SMEs across the UK, he says, supported by a data-driven approach to customer acquisition.

“We’re really sophisticated with our digital marketing and we’ve got a team of four data analysts,” Thomas says.

The business launched a five-year growth plan in 2022 with the aim of quadrupling its size and Thomas says it remains on track to achieve this lofty target.

“We’re growing really quick,” he adds.

“Income numbers grow by £2 million per year and I think it’s because of that formula – giving clients what they want, excellent service and digitising the journey wherever we can.”

Despite operating in a softer market, Thomas says Compare My Insurance has continued to grow by 44% last year and targeting further expansion.

While some brokers have found challenging market conditions difficult, he believes the environment has created opportunities for a digital-first model.

“The soft market has maybe helped us, because we’re more competitive than ever [and are] bringing in new customers.”

Strategy built around SMEs

Rather than moving into more traditional broker territory, Thomas says the company’s strategy is to continue strengthening the model it already has.

With millions of SMEs across the UK, he believes there remains significant opportunity within the market.

“When you deal with a market as big as ours, you’ve got a formula that works,” he says.

“We just want to continue being really good at what we do and get better at that.”

The company has also shown willingness to pursue acquisitions, where they fit into its existing strategy.

Earlier this year, Compare My Insurance acquired a book of business from Insure My Business. Thomas says the attraction was not simply adding customers, but the ability to integrate them into an established operating model.

“We’d rather buy the book of clients and then drop it into the Compare machine,” he says.

The company has no plans to dramatically alter its strategy despite its recent success.

Instead, Thomas believes there is still significant headroom within the SME market.

“We’ve got 25,000 clients,” he says. “When you consider there are more than two millions SME’s with five or more employees, its still a massive market to go after.”

And, for Thomas, disciplined execution rather than constant reinvention is what will underpin the next stage of growth.

Investing in people

However, scaling the business is not only about technology.

Maintaining customer satisfaction while growing quickly is one of his biggest challenges and priorities, with the company continuing to record a strong Feefo customer review score.

“The hardest thing is to grow but not lose the quality,” he says.

To support expansion, Compare My Insurance has invested heavily in its own training academy, creating a pipeline of talent rather than relying solely on experienced insurance hires.

The move was driven by necessity as the business accelerated its growth plans.

“We couldn’t fill the spaces with experienced staff, so we had to find another solution,” Thomas says.

“Let’s take it into our own hands and create those staff ourselves.”

The academy recruits people from a range of backgrounds, including graduates and those with transferable skills, providing training across insurance, technology and customer service.

Thomas believes this approach has helped embed the company culture as the business grows.

For Thomas, however, recruiting the right people is only part of the equation. Creating an environment where they want to stay is just as important.

Culture has become a strategic priority as the business scales.

“Our mantra is we’re not building a business, we’re building a community,” Thomas says.

From running clubs to regular social events and employee referral schemes, Thomas believes creating a workplace where people enjoy coming to work ultimately translates into a better experience for customers.

“We’ll be great at technology and great at driving in all these enquires, but if they weren’t landing with the team we’ve got here, it wouldn’t work.

“It’s the team that has the magic.”

Technology and the next stage

Technology remains central to Compare My Insurance’s future strategy, with the business continuing to invest in data and artificial intelligence (AI).

The company uses AI to support compliance monitoring by analysing customer calls and is also exploring AI agents to improve customer journeys.

However, Thomas believes technology should support, rather than replace, human expertise.

“The winners in this AI race are going to be the ones who harness AI, but then realise insurance broking is still a professional service.”

For him, the future of insurance distribution lies in combining efficiency with trust.

“We’ll be great at technology and great at driving in all these inquiries, but if they weren’t landing with the team we’ve got here, it wouldn’t work.”

As Compare My Insurance looks ahead, Thomas’ strategy remains focused on controlled growth – expanding the business while protecting the service and culture that have driven its success so far.