Central Insurance is an independent broker offering a wide range of insurance products.
Having both worked at the company for more than 10 years, Drew Passmore and Chris Reece purchased Central Insurance from the owners in July 2017 and have partnered with Momentum to take the business forward.
Name: Drew Passmore
Title: Managing Director at Central Insurance
What attracted you to becoming an insurance broker?
I never set out to be in the industry but once I started learning, I got more involved and started to enjoy it. The opportunity came to become a trainee commercial account executive and I got into it.
I’m still learning different things in insurance every day. The outside world thinks that insurance is just about car insurance, which I probably did myself when I first set out. There’s a lot more to it and I enjoy the difference day to day.
Why did you choose to partner with Momentum?
We undertook a management buyout in July 2017, and we met with a couple of different networks. Momentum was the choice for us and once we established what they brought to the table, we realised we could quickly alter our business model so we could focus on clients 100%. So, the Momentum broker network works well for us.
What was your biggest challenge in your first year?
Personally, a challenge was going from a colleague of the staff to employer. At 31 years old, I was the youngest member of staff as well!
What advice would you give to anyone who was thinking about starting a brokerage?
You will probably have a stressful first 12 months but holding out is key. When we undertook the management buy-out, we knew this wasn’t going to be an overnight success.
We looked at this challenge and said: ‘Right, this is 25 to 30 years we’re going to be doing this for, so let’s relax. We’re going to lose business, we’re going to gain business, but it’s part and parcel of being a broker, and the industry we’re in.’
You just need to make sure you have confidence and you’re providing the service that clients want.
What’s the best thing about partnering with Momentum?
The best thing about being a Momentum partner is the fact that we can focus fully on client relationships. We are confident things are being taken care of by Momentum and we can focus on ensuring our clients are happy and that they’re getting the service they expect from us.
What makes you successful?
The staff. They’re our success and make us a forward-thinking company. We all know what we want as a company, and we’re all in this for the long term.
Where do you see and your company in five years’ time?
I would like to think in five years’ time we’ll acquire an additional corporate business, if not a couple, and just continue to grow – that’s our goal.
If you could describe your brokerage in one word, what would it be and why?
Progressive. We’re always looking to be ahead of the competition, be that on a social-media front or a niche-facility front – we’re always thinking.