Q&A: Movo Partnership group CEO Lea Cheesbrough

Movo Partnership group chief executive Lea Cheesbrough discusses the evolving network sector; how it has diversified from its AR roots to work with directly authorised brokers and start-ups; and why in the present market it is key to be a “critical friend and don’t put price first”.

Movo Group is seven years old now, what have been the biggest changes; and how has your role evolved?

I founded Movo Partnership with a view to giving an additional option in the market – affording ARs to be seen with the same respect as a directly authorised broker.

[Beforehand] I researched the handbook to understand if the Financial Conduct Authority had encouraged insurers not to trade with DAs or if indeed the market chose this. It was clear the insurers didn’t have the same confidence in ARs as they did DA brokers and to be fair with good reason.

The early days were about setting up robust processes to ensure we got it right (we of course made mistakes) but in essence I needed to prove to the insurers that allowing ARs to work with them directly didn’t carry risk and that if we did it well it could benefit the insurers with growth and opportunity which I think Movo have definitely contributed to.

In terms of eco-system, processes and staff – how are you scaling these up to adapt to your growth?

We’ve always worked to invest ahead of our growth rather than react to it. As we’ve expanded, we’ve strengthened our support, compliance and leadership teams, refined our processes and continued to invest in technology.

The focus has been on making sure we can scale efficiently while still delivering the personal service that our brokers and insurer partners value.

We have had growing pains over the years but we have stayed true to the culture and ensuring our brokers are always at the forefront of what we do.

Now Movo is a fixture of the network space, how have you seen this sector develop and diversify during your seven years?

The biggest change has been that networks have had to become genuine business partners.

Seven years ago, the focus was largely around compliance and regulation. Today, brokers want support with growth, insurer relationships, technology and planning for the future.

That’s made the sector far more diverse, and it’s why we’ve continued to evolve our own proposition to meet those changing needs; its exciting to be in a business that can change quickly to meet its customers needs.

Movo is still probably best known as an AR network, do you still see lots of opportunities in this space?

Absolutely. There’s still a huge opportunity in the AR space. The model continues to appeal to brokers who want to focus on growing their business while benefiting from the support, expertise and insurer relationships that a strong network can provide.

The key is continuing to evolve and make sure we are delivering real value, not just regulatory oversight.

M&A is still huge despite me constantly thinking there can’t be more, but for everytime a broker sells we have people wanting to get out and go it alone!

Obviously you have adapted your offering to do things like back start-ups through Movo Accelerator, what had been the response to that?

The response has been really encouraging. We’ve always believed there are talented people in our industry with the ambition to build something of their own, but often they just need a bit of backing and support to get started; people often think there are no options without having a large amount of starter funds.

Movo Accelerator is about helping good people turn good ideas into successful businesses, and we’ve seen a strong level of interest as a result. It fits very naturally with what we’ve always done, which is helping brokers grow and succeed.

You also offer brokers a direct authorisation route with Movo Fusion – how is that going?

Movo Fusion has had a really strong response because it offers a new dynamic to the network space; there haven’t been many or any new entrants for a long time.

Not every broker wants to be an AR, but we speak to many DA brokers who still value or need access to markets, insurer relationships, peer collaboration and business support.

Fusion allows us to support directly authorised brokers without taking away their independence.

It’s given brokers more choice, and that’s something we think is increasingly important as the market continues to evolve; that said this is not our heartland but where a broker wants to join we have no reason to say no.

There is a growing appetite for brokers to sell minority stakes to help get investment for growth, how is Movo looking to help these firms?

We’re definitely seeing more conversations around minority investment.

For many brokers, it’s not about selling up, it’s about bringing in the right partner to help accelerate growth while still retaining control of the business they’ve built.

We have been so lucky because whilst we sold a majority [stake] we found a great partner in AUB and I am keen to replicate this.

At Movo, we’re well placed to support those discussions because we work closely with ambitious brokers every day.

Whether that’s helping them explore investment opportunities, make strategic connections or simply understand the options available to them, our role is to help them make the decision that’s right for their business and their long-term goals.

A minority [sale] option is a powerful one and it binds partners together; but gives the broker such an edge – to have support is everything.

Your own equity partnership with AUB is coming up for its second anniversary, how has their support helped Movo?

It’s been a fantastic partnership. From day one [at Movo], I joked that I was unemployable as I needed to be left to get on with it; that said AUB has been incredibly supportive of our vision and ambitious growth plans, while giving me the autonomy to continue building Movo in the way we believe is right for our brokers.

What stands out for me is that it genuinely feels like a partnership. We’ve benefited from AUB’s scale, expertise and experience; but we’ve also been trusted to keep doing what we do best.

Together, we’ve been able to create even more opportunities for our brokers, and we’re excited about what we can achieve in the years ahead.

You are a keen advocate of attracting talent into the market, what are you doing at Movo to recruit and train up the insurance leaders of the future?

I’m really passionate about this because I genuinely believe insurance is a fantastic industry, but we don’t always do a great job of telling that story.

At Movo, we try to give people opportunities, back them, and help them grow.

That means investing in training and development, but also giving people the confidence and responsibility to step up and progress their careers.

I’m a big believer that future leaders aren’t created overnight. They need support, encouragement and the chance to learn.

If we can help create an environment where talented people want to join the industry and stay in it, then everybody benefits.

I have put in place the succession team for the future and working on this is purely about development and progression so we will continue to bring in apprentices and to promote from within which is key!

There is a lot of talk about the current soft market making growth harder; how are you encouraging your network members to remain optimistic and trade through the difficult present cycle to come out the other side ready for better times?

The key is to stay close to your customers; be a critical friend and don’t put price first.

I completely understand why some brokers are finding the current market challenging, but insurance has always been a cyclical industry and we’ve seen these conditions before.

My advice is always to focus on the things you can control. Keep close to your clients, keep investing in your people and don’t lose sight of your long-term goals.

Some of the strongest businesses in our sector were built during tougher market conditions.

At Movo, we’re encouraging brokers to see this as an opportunity to strengthen relationships, improve their proposition and prepare for the next phase of growth.

The market will change, it always does, and those who stay positive and keep moving forward will be in a great position when it does.

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