Broking success: Community minded

Peter Robinson Prizm

Prizm Solutions managing director Peter Robinson explains how the award-winning broker’s focus on local SME clients has helped it grow

What is the history of Prizm?

It’s quite simple. My father was a broker who started working in 1964 and when I was 16 I got some excellent O-level results. I told him I wanted to do A-levels and head on to university but he wasn’t happy with that plan. He gave me an ultimatum – join the family firm or move out that night!

So I joined the family business H Robinson Midlands. My father died of cancer three years later, so I was left running the family firm at 19 while my friends were mucking around at university. That was in 1985. In 1989 I sold the business to Cox Lee & Co because I wanted to go to Africa for three months. My mum, who was co-director, also wanted to retire. When I came back I worked for the guy I sold the business to and became sales director. 

Then, in 2006, my wife Tracey said I should set up my own business and I did. Me, my wife and an office manager started from the garage at home. We moved into business premises about seven or eight years ago and have been here ever since.

What business lines do you focus on?

There isn’t a focus on any particular trade but SME is what we understand. I am from a family of business owners; my grandparents were farmers, my father was a broker and my mother owned six pet shops. My wife also has her own business and so did her father. My staff are also familiar with SMEs too. SMEs have a different mindset to other people, they want to get things done quickly and efficiently with human contact. They want to pick up the phone and talk and we understand that. Our whole mantra is service. 

We avoid sectors we are not good at, such as farming, but are strong on motor trade, manufacturing, construction, the usual typical mix of SME business.

SMEs have a different mindset to other people, they want to get things done quickly and efficiently with human contact. They want to pick up the phone and talk and we understand that

What is the market like in Tamworth and where do you fit in?

Our growth rate over the last three years has been 13% and we have taken on two staff recently. For the year to date our GWP is up 18% and gross profits are up 12%. There is so much business out there, everything I look at is an opportunity – road contractors, the nursing home down the road, everyone is just waiting to give us money. It is a wonderful industry to be in. 

There is massive competition nationally but locally there are not that many good SME brokers. There are other brokers around but there is nobody in a 20-mile radius we regard as competition. There are hundreds of thousands of businesses around us and nobody is really going for them. 

There are nationals which have a presence but they are not good at SME business and have the call centre mentality. 

How do you use tech to trade?

We’re a paperless office and use things like Facebook Messenger, WhatsApp, and live and breathe emails. We have an advantage because Tracey is a tech expert [she is also MD of Maximity which focuses on IT training, consultancy and project management] and sees the most cutting edge stuff and brings it back to the business.

Peter Robinson Prizm

Where are your customers from?

The bulk of our clients are from Staffordshire and the West Midlands but we have customers all over the place. We’re building in London and have a good presence in the South Downs area, which came from one recommendation which mushroomed. We don’t do much in Scotland but it is a long way away.

Which insurers do you work with and why did you choose them?

We only deal with A-rated insurers and don’t want to work with unrated providers. We have a clause in our contract to ensure that doesn’t happen. If you buy from us you buy a quality product at a fair price. We have got a lot of agencies but our top ones are Aviva, Allianz, QBE, Axa, HCC and Zurich. I dealt with Independent years ago and that hurt when they went down.

How do you feel about fees versus commission?

About 50% of our work is done on a fee basis. We use Timebox software which monitors the time spent on a client so we can charge fairly. I would prefer to do everything on a fee basis but I think bigger firms would find a way to circumvent this if it became compulsory by charging things like admin fees or registration expenses. I hope fees will be compulsory one day as it is more professional. We offer as much value to a business as an accountant or lawyer and until we charge fees people won’t see that. Until then we are just like used car salesmen.

How important is it for the business to have a community focus?

I think it is critical. We are there to help businesses. We have a lot involvement in the local business community and support local networking and charity events. The Community Award was a natural progression to that [Prizm won the Community Broker Award at the UK Broker Awards 2017]. Anything we can do to help Tamworth benefits everybody.

There is so much business out there, everything I look at is an opportunity – road contractors, the nursing home down the road, everyone is just waiting to give us money. It is a wonderful industry to be in

How do you choose your staff?

I have the most wonderful team of people. They all care and are good people. I pick all my staff individually. I don’t focus on qualifications as I can teach people insurance but they have to be positive and outgoing with a good mindset and they have to care.

Are you interested in acquisitions?

We are looking at things fairly locally. We’re focused on general insurance and look for businesses that have a good fit and offer commercial SME cover. If we buy we will bring staff in. We’re looking at a number of deals and they’ve got to be within a 20-mile radius.

How would you like to develop the business in future?

Our goal is gross written premium of £5m within the year and we hope to do this through acquisition and also through new clients. We get approached to be bought as well but we’re not interested in selling. We’re in it for the long haul.

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