James Elston – Client Executive, Specialist Risk Insurance Solutions

In the next instalment of our Guiding Growth series, we caught up with James Elston, Client Executive at  Specialist Risk Insurance Solutions (SRIS). Here, we find out more about James’ career progression at SRG, his thoughts on current market trends, and how he has been supported during his promotion from Client Manager to Client Executive.

What does your role as Client Executive entail?

I have a book of clients and it is my responsibility to manage each client’s account, from renewals and mid-term adjustments with the support of the client management team to claims reviews with the claims team. I have expertise across all classes of business including Motor, Financial Lines, Liability, and Property and it is my role to highlight any emerging risks to my clients, for example, cyber, which is an ever increasing risk to all UK businesses at the moment, along with any other exposures which are specific to my clients’ business.

How has your role developed over the last four years since Square Mile Broking was acquired by SRG?

Before Square Mile Broking was acquired by SRG, I was a Client Manager. After joining the Group, I was promoted to Client Executive, effective from December 2022. Before I officially started my new role, I did a transition year where I was learning the Client Executive side, whilst maintaining my Client Manager responsibilities which helped put me in a good stead for my new role.

The main progression in my role is that previously, I would always have the Client Executive working on the account who I could refer to if there was a difficult conversation to be had, for example to do with cover, claims, or premium costs. However, it is now my responsibility to manage these conversations with clients. It is therefore vital that I maintain good relationships and it is my goal to ensure all clients are happy with the service they receive from SRIS.

I was also on SRG’s HiPo programme. Despite it taking place over COVID lockdowns, I got a lot out of the programme, and it taught me interpersonal skills that I have been able to benefit from in my new role. The best part for me was the exposure I was given to the rest of the business and the senior leadership team. I got to meet and speak to different people and see how things work in other areas of the business. I also really benefitted from the ‘Buddy to Boss’ workshop, which helped with the transition into my new role – going from working alongside my Client Manager colleagues, to taking a step up and becoming the Client Executive and having ultimate responsibility for the account, working in conjunction with and the invaluable support from the Client Manager team. It provided me with the skills and knowledge to maintain good working relationships, which has been extremely helpful.

What do you enjoy the most about your role?

My favourite part is going out and seeing clients face to face. It is good to get in front of people and get to know them, not just about their business but get to know them as individuals and build long-lasting relationships. I am also fortunate to be surrounded by a fantastic team who are working towards the same goal. At SRIS, everyone is willing to help and support you, which is particularly helpful if there is a case where you need to pull on someone else’s area of expertise or knowledge on a particular subject.

What trends have you been seeing in the insurance market this year?

The motor market has been hit particularly hard by inflation, supply chain issues, labour shortages, and extensive repair times, all of which have led to rate increases. On Property, Casualty and Motor, we are still in a hard market. However, we are seeing Professional Indemnity (PI) and Management Liability rates begin to level out and soften in some areas.

At SRIS, we are seeing a real increase in Cyber claims, particularly over the past few weeks, where we have seen several significant incidents that have impacted our clients. Luckily, we had provided them with a robust Cyber policy which has responded, however, for clients that have chosen not to take out Cyber cover, it is becoming increasingly challenging to protect their business from the digital risks they face.

To help my clients navigate through these challenging times, I find it is best to be open and honest with them on where the market is to help manage expectations as early as possible. You don’t want to promise something you cannot deliver on! On Cyber especially, I have been sharing real-life incidents with my clients, not to scare them, but to show them what happens and how a Cyber policy responds, in particular the costs involved and how they can spiral very quickly. Many businesses do not know how much a cyber attack could cost them if they didn’t have this policy in place, so it is good to be able to provide them with the knowledge and advice to be able to make informed decisions about protecting their business.