A philosophy of simplicity

Under the leadership of Craig Harding, Altrisk has grown from strength to strength. FAnews chatted to Craig to find out what he believes is the real reason for Altrisk's growth.

Being part of Altrisk's success has been extremely satisfying, says Craig, MD of Altrisk. "It's a great company with great people. I was fortunate to join a really fantastic team who had already created and built Altrisk into an important player within the industry."

The success secret

"We have spent the last two years sharpening our product range and pricing philosophy and also raising our profile in the broker market. The growth in our business has come from the combination of everything we do, our value proposition. At its foundation is a philosophy of simplicity: from our quotes system to our application forms and the new business process.

"Not only does this reduce our risk of error but also reduces the brokers' advice risk, an important factor in today's environment. In addition, our product range is independently ranked as amongst the best in the market with extremely competitive pricing. Finally, there is our underwriting skill and reputation. This has always been what Altrisk has been known for. We probably have the finest underwriting team in the country, we are flexible and agile, and we find solutions to the most unique challenges.

Extending the offering

"Importantly, the business we have built to address sub-standard and non-standard lives is as compelling for ordinary lives and an increasing number of brokers use us for the entire spectrum of their business requirements."

Industry perspective

Altrisk only works through and Craig feels strongly about the role of brokers in the industry. "Altrisk only deals with intermediaries and our entire business is designed to support them in the best way possible. Around the world, direct insurance and particularly increased regulation and legislation have reduced the number of independent financial advisors. This is far from ideal. While we must protect consumers from unscrupulous activity, advisors are a critical element in the accumulation and protection of wealth. Reducing their numbers and increasing the costs of operating have long-term consequences."

Paradoxically, there is also a drive to attract new talent to the industry. Craig has some interesting ideas. "We need to make the industry attractive as a career opportunity to young people. This could begin with financial planning being included in school curriculums. Apprenticeships and traineeships that also benefit the principal broker could be way to help people get started in the industry. On a lighter note, a smart, sassy TV show would also help. I believe the CSI series has created huge demand for places in forensic pathology courses!"

Finding the solutions

On a personal note, Craig says that his predisposition is almost always positive and this allows him to see opportunities rather than problems. Finding and implementing solutions gets him out of bed every morning, raring to go.

Organisation is also one of his strengths. "I was also part of an industry group that successfully renegotiated access to government payroll in the early 2000s. At the same time my wife, Helen, and I had twins with a two year old already at home. Surviving those first three years was quite an achievement and certainly taught me about being organised!"

But it is not all work. "My golf swing is too erratic for it to be relaxing although I thoroughly enjoy it. I also read a lot and run to stay fit."