From bin-emptyer to CEO – Meet Paul Macbeth  

Our CEO Paul is a second generation ‘Macbeth’ and started out delivering insurance leaflets on his bike when he was just 14. Fast forward 33 years and insurance is so much more than a promise on a piece of paper. So, as we try to change perceptions about the role of the broker, Paul shares his story and his hopes for the future of our industry…

Did you always know you’d go into insurance and follow in your Dad’s footsteps?

My Dad had always worked in the insurance industry so it was all I ever knew. I remember going to the office in London on a Saturday morning with him on many occasions, keeping myself occupied with the old-school desk top toys while he was working. When he was made redundant from his job in 1991, he took some time to decide what to do and decided to set up on his own from my Nan and Grandad’s spare bedroom in Reading.

He got me and my brothers involved early – we used to go around on our BMX bikes putting leaflets through people’s doors for home and car insurance. Then Dad took on an office in Tilehurst when it was clear the business was taking off. I was working in a newsagents at the time, but Dad needed someone to do the filing, take the bins out and make tea. So that’s what I did.

I rode into the office after school every day and got the bug for business and insurance. I loved it so much that I convinced Dad to let me ditch my plans for sixth form because I wanted to get cracking. It took a bit of persuading but he finally agreed providing that I studied for my Chartered Insurance Institute qualifications. He instilled the importance of hard work and professional standards into me from a young age.

The insurance industry clearly made an impression on you?

It did. People may think insurance is old-fashioned and dull but it’s absolutely not. Sadly, my Dad died in a tragic car accident in 1996 aged 47. He was a sole trader at the time so my Step-Mum and my former business partners set up a limited company. That’s when M.S. Macbeth Ltd was born, named after my Dad – Malcolm Stewart.

That must have been very difficult…

It was a very difficult time but we pulled together and worked really hard to ensure the business continued. Everyone involved knew that’s what my Dad would have wanted.

How has the business changed over the years?

Nowadays we provide much more of an advisory service. It’s no longer about selling an insurance product and a promise – we work closely with our clients and they tell us we’re an integral part of their business, like their solicitor or accountant. And that’s exactly what we do. We’re professional advisers, here to give independent advice and help businesses and individuals manage their risk.

Sounds like a big shift from insurance as a price-driven commodity…

Yes. The internet has continued to drive prices down and there will always be a market for price-driven insurance. But you get what you pay for and if you buy on price, you might be disappointed when it comes to the crunch. We work with businesses and high-net worth individuals who have busy lives and are time poor. Our promise is that we take care of things leaving you to concentrate on matters that are more important to you.

Why do you think there’s so much apathy around insurance?

For some people, the cost of insurance is more important than the cover. And risks aren’t just physical anymore; new-age risks like cyber-attacks are unseen and to a large extent hidden. Overall I think the insurance industry does a good job but it’s awful at PR. There is a lot of good work that goes on but we don’t tell anyone!

How would you like to see insurance repositioned?

As a broker we’re all about long-term relationship building. We add value by getting to know our clients better and getting under the skin of their business. But we’re also realistic. There’s a big difference between the insurance we have to have and the insurance we choose to have. Ultimately it’s about being pragmatic and deciding what risk we are happy to carry ourselves and that’s where we come in. We understand risk, so we can advise our clients accordingly, using our experience to ensure their risk programme is balanced and meets their needs.

“There’s nothing better than getting under the skin of client and chatting about life and business.”

What changes would you like to see in the insurance industry?

We need to encourage younger people into the industry and change perceptions of insurance being old and dull which it’s absolutely not. The students we have on work experience placement say every day is different and soon come to realise insurance is vibrant, challenging and energetic. At least, that’s how it is at Macbeth!

How do you manage to create a culture that’s so lively and energetic?

The term ‘culture’ gets banded around a lot but it has to come from the top and it has to involve everyone in the business. Ultimately, having happy people is important to me and Ben. We make sure everyone is educated and trained properly (and we have a lot of structure) but we also have a lot of fun. We all work hard for our clients but there’s a lot of laughter in the office and always has been. People join the team and say “I thought you were exaggerating about the culture, but it’s genuine!”

“Clients often comment on the lively and buoyant atmosphere in our offices. Lots of our team members are friends and some are even best friends.”

What does the future look like for Macbeth?

I’m excited about all the fantastic younger people we’re bringing through. Being an insurance broker is a good solid career and now is a good time to join the industry – we’re certainly not going anywhere and we’re a stable and steady business. And there are so many different career paths and journeys to follow. We try to give people as many options as possible and opportunities to move around the business so trainees can work their way up. Ben & I are perfect examples. I’m CEO and he’s MD and we’ve never worked anywhere else.

Tell us honestly, have you ever been bored with insurance?

Hand on heart, no. How can you get bored when every day is different? I meet fascinating people, work with incredible businesses, get to network with some great local professionals and make personal friends too.

Why are you so energetic about insurance?

I think there’s an emotional drive there because it was my Dad’s business. But I’ve also had the chance to build something and develop so many brilliant people, many of whom are long-term friends. I don’t have to force myself to be passionate – I genuinely leap out of bed in a morning and I’m usually first in and last out because I want to be. I still have the same energy and mindset as I did when I was 16 and that continues to drive the business, hopefully on to better things

What unexpected things has the insurance industry taught you?

I knew the insurance industry was a people industry, but I wasn’t expecting to make so many friends. Having said that, I try really hard not to fall out with anyone. It’s a vast industry but a small world and you never know when you’ll come across someone you know. Life is too short so I always try to keep on good terms with everyone.

What’s next for Macbeth?

We’re continuing to grow and I want to help bring more young people through the business.  whilst keeping our culture and values. Our business principles have been the same for 32 years and won’t change for as long as Ben and I are running things.

Want a straight-talking insurance broker that’s also a real (and lovely) human?

Call the team on 0118 9165 480 or email info@macbeths.co.uk