It's a family affair

Four years ago, Dr Gill Hinks, married to Firebond managing director David Hinks, and a fellow of Cambridge University, decided to give up her role as a research scientist and join her husband full-time in the broking business. She is now a company director and a 50% shareholder.

David Hinks, says: "I was qualified to run a business through management training, but we did not have any staff with insurance qualifications. She (Dr Hinks) took her Advanced Diploma in Insurance qualifications in three years and some legal courses, which have enabled her to take more of an engine room-role."

The couple has 'his' and 'hers' offices at their house in Cambridge, while there is a call centre (open from 8:00am to 8:00pm) in Bingley, Yorkshire, which was set up in 2001, and another office in Cambridge.

They are committee members of the local Chartered Insurance Institute, and Gill Hinks serves on the regional committee of the British Insurance Brokers' Association.

David Hinks says: "We have a big company infrastructure. We use CDL Cheshire Data as our back-office system, which has always found ways to deliver unique product and different ideas. We also have a strong web presence and can white-label our products, both in the back office and on the web. For complex products such as motor and home, we use the CDL solution. For other products, we do the processing in-house."

Firebond's latest venture is an online golf product, which is so far available via the Daily Telegraph Golf Society. David Hinks says: "This is the first of a new breed of products that are branded on the web and can be white-labelled."

Firebond is also marketing in its niche areas, including The Firebond Land Rover Fest, held 10-11 September in Peterborough.

David Hinks believes in eggs and bacon, and not only for breakfast. If somebody has a Land Rover and a towbar, there is a strong chance they have a caravan. Another example is classic cars and breakdown cover. Firebond also provides cover for items such as valuable stereo equipment and wheels. These extras are sold under Max Insurance to differentiate from the Firebond brand. Firebond also provides an excess protection scheme with Royal & SunAlliance.

David Hinks is keen to emphasise the flexibility of the business. He says: "The design of our business can flow with business volume and products. We are not stuck with high fixed overheads."

Commenting on the niche market, he says: "It is a microclimate; there is more competition in our market because of wholesalers, however, it is recognised that their results are not as good. That is the dilemma the insurer has with going to non-specialist brokers."

Firebond built an extranet to incorporate Financial Services Authority regulation. He says: "It features training, products, the FSA Handbook and rules and a training and competence plan, as well as disaster recovery rules. However, it is unfortunate that the cost of FSA regulation is disproportionate for smaller businesses - our postage bill alone has gone through the roof. Also for FSA purposes, we have real-time document scanning."

David Hinks feels brokers have been slow to appreciate the pressure insurers are under regarding the Motor Insurance Database, and also dealing with FSA regulation.

He comments that some of Firebond's products are not viable for many insurers unless Firebond manages the process, but one area that strengthened our relationship with insurers was negotiating terms-of-business agreements.

David Hinks is not just a broker, but also a barker. He says: "I am a barker at the Variety Club children's charity in London and, last year, appeared in OK! Magazine attending a charity ball. It's nice to give something back."

As for the future, David Hinks says: "We have been approached by four firms in the last 18 months. We are on a roll, and the infrastructure is right for us to make significant progress, though anybody who wants to merge/buy us will have to share our vision. We grew last year by 15%, and are on target for similar growth this year."

FIREBOND

Managing director David Hinks

Established 1993

Number of offices three

Locations Cambridge and Bingley, Yorks.

Number of staff 25

Lines of business Personal, mainly classic cars and Land Rovers

Gross premium income £1.4m.