As we countdown to Broker Expo in October we caught up with Terry Dyson, managing director of the engineering insurance business at exhibitor HSB who explains how it aims to offer brokers compelling propositions to bridge cover gaps that their customers may have.
You are exhibiting at the 2025 Broker Expo; why should delegates come and visit your stand?
HSB’s specialist engineering insurance solutions and inspection services are our core focus. Our products closely align with property, and other core commercial lines to offer brokers compelling propositions to bridge cover gaps that their customers may have.
In addition, our inspection services are focused on keeping businesses’ safe and compliant, and helping to optimise the efficiency of their plant and equipment.
There has been a lot of talk about 2025 being a softer, more competitive marketplace; what advice do you give colleagues to help them gain an advantage when looking to close deals?
It’s important to be visible, proactive and responsive. Providing easy access to underwriting decision makers and being flexible in approach is fundamental in continuing to support and enable brokers to do business their way.
Being specialist also helps us to demonstrate how HSB is different and how our knowledge, expertise and products offer added value for customers.
Is AI all a load of hype; the future of insurance; or something in between?
Something in between. Undoubtedly AI will make processes more efficient and help speed-up decision making for simpler and more straightforward risks.
However, for complex and specialist risks, technical underwriting expertise, industry experience and local knowledge will still be needed, and this is where specialist insurers will continue to add value.
Outside of AI what do you see as being the biggest factor that will help sustain a successful UK broking market over the next five years?
The UK broking market and the insurance industry in general need to address their talent shortage and understand why people are not being attracted to insurance.
Attracting younger professionals to our industry will bring fresh and diverse perspectives, transform how we manage risk by leveraging digital technologies and help to bridge the leadership gap. By doing so, brokers and insurers will remain relevant and continue to appeal to their customers.
Broker Expo is celebrating its 20th anniversary this year; what were you doing when you were 20?
At the age of 20 I was just starting my career in engineering insurance working as a trainee inspector for National Vulcan, which was part of Sun Alliance. There were no computers in the office, you could smoke at your desk, and my first few weeks were spent completing memos with carbon copies and getting neck ache from constantly being on the phone.
What are your expectations for the UK broker market next year and how are you planning to make sure your business has a positive 2026?
I’m expecting the market to remain soft, but even in soft markets there are opportunities to grow and continue to make underwriting profits.
At HSB we’re working closely with our brokers on detailed account plans to determine how we can help them win new customers, retain their best customers and grow.
HSB is exhibiting at the Broker Expo at the Birmingham NEC on the 9th October. It is free for brokers to attend, so sign up now by clicking here.
