Rob Tolley
This is the blog of Rob Tolley (former London broker), the CEO of Global Specialty Underwriters LLC, Dubai.
This blog will explore various aspects of Mr Tolley’s professional life, covering topics such as surety bonds within the construction industry in the Middle East, the importance of MGAs (managing general agents), financial strategies for successful CEO-ship, optimising client relationships and ways for entrepreneurs to secure investment.
Construction Security Bonds
Construction security bonds function as guarantees that contractors will undertake work as promised and will pay their subcontractors and suppliers what they are owed. If a contractor does not meet their contractual obligations or pay any parties that are owed money, a claim can be filed to recover money against the surety. Within the construction industry, surety bonds are vital as risk transfer mechanisms. The three parties involved are the surety, the owner and the contractor, and there are three types of surety bond inherent in this system: the bid bond, the performance bond and the payment bond.
Managing General Agents
MGAs can fulfil an important role within the insurance distribution value chain. They are positioned between other intermediaries such as wholesale or retail brokers and insurance companies and are therefore able to offer a unique value proposition to all parties. They can boost the efficiency of the value chain, as they operate without the sort of legacy placement platforms that exist elsewhere in the sector. Many MGAs offer advanced technology for quotation and policy or claims management, helping processes around policy management and binding to run more smoothly. As they tend to be younger, smaller and unburdened by the sort of operational complexities connected with insurance carriers, MGAs usually have leaner overall operations.
Financial Strategy
As a successful CEO himself, Mr Tolley knows the importance of creating a comprehensive business financial strategy. Good financial strategies should take into account the business’s growth strategy and operational efficiency, and hiring competent accounting staff is a vital part of the process. Building and maintaining strong relationships with clients is also crucial to earn their trust and make re-engagement more likely. It’s important to treat clients as individuals, understand their unique goals and, wherever possible, exceed expectations.
Business growth strategy and operational efficiency
Hiring competent accounting staff
Building and maintaining strong relationships with clients
Entrepreneurs like Mr Tolley also need an understanding of how to secure investment for their business idea. Having a business plan in place is essential for those looking to attract investors, as is the building of a strong management team and the defining of the business’s USP (unique selling point).