With less than 100 days in the business at the time of the interview, it was clear to Paul from day one, that he had walked into a whirlwind. Despite the apparent breeze, one factor that always stood out to Paul was the powerful company culture already evident across the business. The family vibe from the outset has always been an integral part of the Group and a factor to which Paul credits the success of the business.
Inspiring the Market
Consilium strives to be the most inspiring broker on the market. So, when asked about what inspires Consilium, Paul emphasised that their focus was on inspiring clients, customers, employees and the market. Of course, they want to be the best too - who doesn’t? But that is harder to define.
Paul noted that inspiration is about filling someone with the ability or urge to do something. It is that people-focused fulfilment that Consilium wants to instil in their employees. They are using technology to trade smarter with clients, maximise efficiency and create a deeper, richer client experience.
Investing in Technology
So, if technology is such a big part of the service solution and client experience, can Consilium afford to implement it? Well, yes. Richards outlined how this is more than possible for Consilium, explaining that dividends and profits are reinvested into the business. With no external debts and a real sense of commitment from management to invest in technological advancements, Consilium’s agile approach to adaptation brings technology solutions to the forefront of innovative growth plans, securing the future.
Simplifying the Process
One of those technology solutions Paul discussed was Consilium’s quote-click-bind product, which allows customers to buy their product in a similar way to how they would purchase their car insurance. The client can get a quotation based on very little information - where previously they may have had to spend precious time filling in box after box on endless forms.
The process has been condensed. But how could this be scalable? Richards was keen to emphasise that they are not trying to replace advice, but rather make the process more efficient. He believes that the key to scaling this technology is to capture data electronically to make life easier, without replacing the need for advice and human interactions.
Learning from the Industry
Always looking to learn from the industry around the world, Paul shone a light on his own experience in Australia and their desire to access the London Market. One area where Richards believes the London Market could improve is in the speed of documentation. He said, “London is very good at subscription market business and has placed complex market risks for many years.” However, Paul questions whether this must still be done in the same way Edward Lloyd practised when he set up Lloyd's in the late 1800s.
Building Around Existing Talent
Paul believes that the process in the US and Australia is quicker than in London and improvements to this would benefit the global market. As an international brokerage, Consilium continues to recruit experts with trade experience around the world, with a particular focus on the US, Canada and Australia.
With the freedom to control its own future without the disruption of mergers and acquisitions, Consilium has the opportunity to build around existing talent and satisfy client demand through specialists in the field, rather than trying to be “everything to everyone” as Richards put it.
To the Future
Consilium is a business with a powerful culture that is committed to funding itself for growth. They are using technology to enhance their service offering and they are always looking for ways to improve their processes. With an international team of experts, Consilium is well positioned to continue its growth trajectory and provide its clients with the best possible service.
All in
Inspire