Former Oval corporate boss Terry Moyes left the consolidator to start a new broker of his own. He talked to us about his plans
Why did you decide to leave Oval?
Oval is a great business with some very good people, and I am proud of what has been achieved. I simply wanted to go and do something different.
Was it an easy decision?
No. It’s very scary, but at the same time very exciting. I have been in the ‘corporate’ world for 25 years, which is very secure and comfortable. But I have some comfort from the support I am receiving from Momentum Broker Services which, after a review of the market, have a very impressive offering for start-ups like me.
Tell us about your new business?
I have identified some niche general insurance opportunities that I will be pursuing with vigour. Additionally, as a flying instructor and someone with a general and aviation insurance background, I decided that combining my passion for aviation with my passion for insurance (sad, I know!) would be rewarding.
On top of that, I have a lot of general contacts that I am hoping to convert. I would like to grow quickly and open a number of offices in locations where there are opportunities.
What’s the biggest challenge facing a new broking business in today’s climate?
What it has always been: the uncertainty around generating profitable income. Can you do it or not; will you succeed or fail?
I think the economic conditions are actually conducive to setting up. There are clients who are willing to review now who probably would not have when business was booming. The services of Momentum will give me wide market access and excellent back-office support.
What’s the biggest opportunity?
Being hungry when competing against those who are not, and who may not have the same skill set – as well as being able to differentiate in niches through your service, knowledge and offering.
Do you have any advice for those who might one day wish to follow in your footsteps?
Ask me in 12 months!