Brokers hate price swings ‘more than anything’, says Hiscox chief
A consistent approach is key to striking the right balance between making good returns and giving brokers what they need, according to Hiscox chief executive Bronek Masojada.
While some insurers have lost business and irked brokers by raising rates to charge risk-adequate prices, Masojada asserts that good underwriting and good broker relations need not be at odds.
“What brokers hate more than anything else is extreme volatility in pricing from the same carrier,” Masojada told Insurance Times in an exclusive interview.
“So we try to be consistent, fair and reasonable in our pricing. Over time we find that consistency builds a relationship. If that means we grow slower, we grow slower. It is like driving a car – accelerating an decelerating is much less comfortable than going at a steady speed.”
Hiscox has been focusing on improving the levels of service to both policyholders and brokers. Masojada says the efforts are yielding good results. “It is amazing how, as you get better at that, you do more business,” he says.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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