CEO reshaping SME insurance for growth
Mark Thomas didn’t aim to create another insurance broker. He wanted one that served small businesses effectively.
From sports science to insurance disruption
Thomas took an unusual route into insurance. After studying sport and human movement at university, he worked in sales and marketing before starting his own ventures. During that time, he observed how other sectors used data and digital tools more effectively than insurance.
“I applied sales and marketing techniques from other industries to insurance, where they weren’t commonly used,” he said. That fresh perspective shaped Compare My Insurance, built on three principles: marketing, technology, and people.
The company launched in 2009 as a protection broker before shifting to commercial insurance in 2016. Now, the commercial division drives the business, with Thomas focusing on organic growth by simplifying insurance for small firms. Compare My Insurance expects £28 million in gross written premium this year and handles over 200 daily enquiries from UK SMEs.
A digital-first model in a soft market
While many brokers struggle in the current soft market, Compare My Insurance has expanded. Its income rose by 44% last year, a result Thomas links to its competitive digital approach. “The soft market has maybe helped us, because we’re more competitive than ever [and are] bringing in new customers,” he said.
The edge comes from data-driven customer acquisition. A team of four analysts and advanced digital marketing tools help attract SMEs. The strategy has succeeded—the company aims to quadruple its size under a five-year growth plan started in 2022.
The firm organizes clubs, social events, and employee referral programs to keep staff engaged. Hiring also reflects this focus, with Compare My Insurance running its own training academy to develop talent internally.
Thomas doesn’t try to reinvent insurance. Instead, he refines proven methods. The company has made selective acquisitions, like buying a book of business from Insure My Business earlier this year, but only when it aligns with its model. “We’d rather buy the book of clients and then drop it into the Compare machine,” he said.
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Still room to grow
Compare My Insurance has no plans to change its strategy. Thomas sees ample opportunity in the SME market, where millions of businesses remain underserved.
“When you deal with a market as big as ours, you’ve got a formula that works,” he said. “We just want to continue being really good at what we do and get better at that.”
For Thomas, that means focusing on fundamentals: strong service, people investment, and technology to streamline processes.
