McCarron Coates offers operators comprehensive insurance and decades of experience in the business; but the firm’s long-term commitment to its clients is what sets it apart
Insuring a modern coach fleet encompasses more than meets the eye, and McCarron Coates know this.
From the vehicle itself to the passengers and goods on board, liability for the driver and anything these could collide with, to the premises where the business operates and keeps its tools and equipment, it pays to have quality insurance.
The Leeds-based insurance broker was founded by business partners Ian McCarron and Paul Coates with the intention of offering comprehensive insurance with a unique service. The pair draw on decades of experience specialising in coach insurance which appeals to industry operators.
But what makes the firm stand out is service. McCarron Coates offer much more than insurance, and as a result, says around 90% of its business comes from recommendations.
“Commercial insurance is quite a personal purchase,” says Ian. “It’s a promise and a piece of paper. But it’s what we add in addition to that promise where we set ourselves apart.”
McCarron Coates’ unique approach
Ian and Paul’s aim was always for McCarron Coates to deliver the right rates and work closely with its clients to achieve them.
The firm understands that no two operators are the same, and strives to fully understand how each of them works, building strategies individually. “We integrate ourselves into their business, make a profile and present that to the insurance company,” Paul says. “We take the time to understand everything, to put each operator in the best light.”
As a result, McCarron Coates says operators trust it to find the right cover – and insurance companies trust it to represent coach operators in the right way. “It’s fairly easy to buy insurance,” Ian says, “but it’s not easy to buy insurance at the right price with the most comprehensive cover. We have trust from the coach industry, and we have a proven reputation with insurance companies.”
The firm’s in-depth involvement with its clients means it does not want to be a volume-driven business, and Ian and Paul make this clear.
“We want to work with clients who have the same beliefs and values as us,” Ian says. “Those who have a strong management team and are willing to take advice on board.”
Long-term strategies
As part of its relationship with its clients, McCarron Coates encourages a long-term ‘risk management programme’ whereby operators are invited to work with both broker and insurance company on the implementation of cameras, telematics systems, driver profiling and training and regular claims review meetings – many of which involve the insurance companies.
There have even been instances where McCarron Coates has interviewed people looking to work for its clients.
“Insurance should be used as a last resort, so we review a client’s policies and procedures to reduce the likelihood of claims happening,” Ian says. “We’re investing heavily in the coach industry, and we want clients who are ready to do the same.”
Ian and Paul are keen to stress the importance they place on that close working relationship. The firm is working hard to ensure that implementation of the risk management programme goes ahead.
One example of its key processes is in analysing data supplied by telematics. The firm has seen trends where poor driving habits return only a few months after implementation of telematics, because businesses are simply too busy to devote time to driver coaching.
McCarron Coates helps by interpreting telematics data, then maps that data against claims to identify trends. It then makes suggestions in order to reduce the risk, and often presents these to clients and drivers.
“We might suggest reversing cameras, full telematics systems or training on driver distractions and attitudes,” says Ian. “We should be seen as an extension to the operator’s business, not just an insurance broker.”
Reducing the risk
Just as with any broker, its clients have claims, and McCarron Coates says of utmost importance is the time it takes for that claim to materialise. It is invested in a bespoke claims app with a view to full launch by the end of the year. Instant reporting saves thousands in the long run, and the firm will integrate the app into a client’s business to ensure it is operational immediately.
“It’s hard to tie everything together, but controlling the risk is the most important thing and we have to do it.” Ian adds.
With data monitoring, interviews and training schemes, McCarron Coates devote a lot to each of its clients. It means a balance must be struck on who it is able to work with – and instead of chasing turnover, it chases ‘the right clients’.
“It probably means we’re earning a lesser margin,” Ian says. “But the result is a better service for our clients.
“We both enjoy the industry and working with operators. We know where their pain is and we’re used to alleviating the pressures and challenges they face.”
A unique working relationship with the industry and those in it are what gives McCarron Coates a competitive edge. Ian and Paul stress openness and transparency as their key to success.
“Some brokers are afraid to tell clients the truth,” Ian says. “And while the client is the most important part of this, it’s no good being afraid. We work well in the industry because we complement each other. Coach operators are open, honest, and direct – and so are we.”
It seems to have paid off. McCarron Coates have been shortlisted for two awards: Commercial lines broker of the year and claims broker of the year at the Insurance Times Awards in November.
Visit the McCarron Coates website to find out more.
