Prepared for expansion

The understanding that establishing good relationships is as important with individual clients as it is with large companies has been central to Ryan Insurance forging a reputation as one of insurance's 'good guys' in East Anglia.

Ryan believes that the reason for the firm's success has stemmed from the fact that it has built itself into a "multi-faceted general insurance brokerage".

Established by Colin Ryan, Tim's father, in 1975, Ryan Insurance initially marketed itself as a personal lines brokerage before a period of growth in the 1980s and early 1990s allowed the firm to extend into financial services and commercial products.

By 2000, Ryan Insurance had joined with Unitas - an alliance of independent brokerages that controls over £400m in premium income and is designed to promote regional expertise on behalf of its members - which provided it with a springboard from which to spread its reach further than the eastern counties.

Like many modern brokerages, Ryan Insurance has now shifted to favour commercial lines by 60% to the 40% commanded by its personal book. The broker specialises in professional indemnity, employers' liability and financial loss, and has developed a number of more niche pursuits.

One of its ventures is its award-winning 'Bed and Breakfast' insurance policy, which is proving to be one of Ryan Insurance's biggest successes. The product allows consumers to buy one insurance policy to satisfy all needs for a bed and breakfast or small hotel, instead of having to take out two or three policies to cover public liability, building and contents insurance, loss of board or lodgings and theft or loss of keys among others.

The only difficulty that restricts Ryan Insurance from fulfilling its potential is an issue with which the majority of small to medium brokers will be able to sympathise - high administration costs and inefficient IT systems.

"Many insurers offer efficient work methods, however, these are not back-to-back technology solutions and create increased volumes of double keying," Ryan complains. "Trading with a broad spectrum of risk takers remains a cumbersome job, so we have to continue to develop efficiencies within our own business to help drive out costs. It will be great to see service in this respect improve across the industry."

The technology providers Ryan Insurance uses are Sirius, with Policy Master for commercial lines, and CDL for personal lines. The systems have served Ryan Insurance well over the years and Ryan confirmed that plans were underway to upgrade to more modern offerings as Ryan Insurance evolves and expands its work methods.

As the firm looks to the future, organic growth is the key, though making some significant acquisitions is also on the table, according to Ryan. "While we have made small acquisitions in the past with mixed success, we hope to make a significant purchase in the next few years when the current flurry of activity dies down," he comments.

Ideally, Ryan is on the lookout for acquisitions that will increase its commission and fee income for commercial business by at least 50%, though he stressed that there was always room for smaller firms if they had skills and character that could support or compliment the company's business plans. The largest acquisition to date is that of a branch of RHG, which now generates 20% of Ryan Insurance's gross written premium.

In order to fulfil that goal, Ryan predicts that the plan to "lead our chosen markets with integrity" will differentiate it from some of its competitors, which include consolidators and direct writers at a small and medium-sized enterprise level.

Ryan believes that the close working relationship all members of the firm share is integral to the firm's progression and that all employees share the same goals for where the business is going. This team-centric attitude ensures that the firm is an "innovative and fun working environment", which in turn affects the way customers are treated.

Although the current gross premium income is just £14m, Ryan is adamant that the levels of customer service with innovative risk offerings by Ryan Insurance, combined with the national representation from Unitas, will drive the business forward. He concludes: "Our business infrastructure is geared to support a more significant entity and we have put ourselves in a strong financial position."

RYAN INSURANCE GROUP

Managing director: Tim Ryan

Established: 1975

Number of offices: Four

Locations: Ipswich, Colchester, Norwich

Lines of business: Commercial and personal

Gross premium income: £14m.