Former Advo Group owner Colin Boxall speaks to Health & Protection about why the intense market competition meant now was the right time to sell up and how his departure from health and protection advice does not mean he will be a stranger to the sector.
Last month, Colin Boxall, owner and executive director of the Maidstone-based Advo Group officially signalled his retirement from the health and protection advice industry in the wake of Premier Choice Group (PCG) acquiring the employee benefits intermediary.
Boxall took time to speak to Health & Protection about how not being able to compete with the big boys financially proved a key factor behind the decision to find buyers to take the business to the next level, and why he will not be a complete stranger to the health and protection sector as he works on new technologies set to benefit clients in the industry.
He also reflected on his career in the advice industry and what his key learnings have been over the last two decades.
Tackling the reason for selling Advo, Boxall admits the stiffening and intense market competition financially and in recruitment was the key reason forcing his hand.
“During the pandemic Advo’s culture held firm and we came out stronger, but the post-pandemic shift in working and shortage of good people within the industry put pressure on retention,” Boxall explains.
“Our approach takes time to get people to the standard we needed and it became apparent we could not compete with the big boys financially.
“So faced with options of changing our approach we sought out someone with deeper pockets that could take what we had created forward and make even better.”
Never chase the money
The sale brings to an end 16 years running the Advo business, and looking back on that time, Boxall reflects on a period in which he worked with other “like-minded and far-sighted” people promoting innovation, creativity and honesty that he says helped lay the foundations of the industry today.
“Someone early in my career told me that if you want to be successful, never chase the money, look after your clients and the money will follow, and they were right,” he continues.
“My whole working life I embraced this as the way to approach business.
“Although easier when I started, with untapped markets, the landscape back then was totally different, a real wild west with too many cowboys using questionable methods.
“It was an industry lacking in compliance, with best practice that we ourselves deemed correct. Then the General Insurance Standards Council (GISC) gave us guidelines, but no enforceable rules which obviously failed, leading to the compliance framework we have today.”
Advice market leadership
While Boxall reflects on many career highlights, from the earlier days of running the business he has been keen to lead a holistic advice process and grow the market creatively.
“We were one of the forerunners introducing disciplines previously associated with the financial advice industry, with detailed reports including in-depth claims analysis guiding benefit choice and linking risk and health products,” he says.
“Not many of us were doing this at the time, but it’s now the norm.
“It always surprised me that the synergy between the risk and health insurance was not a commonplace approach when one is often a precursor for the other.
“Working with Medicash we helped to broaden out the corporate cashplan market by pioneering the symbiotic partnership with company private medical insurance (PMI) using excess savings to fund additional benefits.
“And I worked on the Association of Medical Insurers and Intermediaries (AMII) management committee working with the Association of British Insurers (ABI) to help write and re-launch its PMI Consumer guide, which I believe is still in use today.”
Boxall also highlights working with the Best Doctors’ second opinion service on a speaking tour when it first opened in the Australian market.
“And I remain proud of supporting grassroots women’s rugby and the RFUW before their inclusion within the men’s game, working with PruHealth, now Vitality,” he adds.
The Advonian approach
Boxall divides his achievements into two categories – the people he worked alongside and the clients supported along the way.
“Throughout my career we always tried to recruit bottom up, to take inexperienced people and bring them into the health and protection industry,” he continues.
“These people stayed with us for a while then moved onto wider opportunities, I think taking a bit of the Advonian approach with them, so many fantastic people, too many to single out here, but they know who they are.”
Though Boxall adds he relishes supporting clients, not just in finding a solution that improves cover or saves money, but being there when things go wrong.
“Unlike other insurances, here you constantly meet people who are facing the worst of times, they are not at their best,” he says.
“So to be able to help, to open lines of communication, to gather medical evidence that overturns a claim denial or access life saving treatments has been a real highlight.
“Our industry makes people’s lives better and on occasion saves lives too. I am so proud to have been part of an industry that can make such a positive impact on people, which I recall Lifepoint Healthcare managing director Issac Feiner correctly pointing out, something that impacts generations within a family.”
And that Advonian approach has paved off with the company picking up five gongs at the 2023 Health & Protection Awards, including Advice Firm of the Year, which Boxall calls “a lovely feeling of stepping back while at the top of your game”.
Missing the people
Though in terms of what he will most about the sector, for Boxall, it’s the people.
“You often find a special kind of person is drawn to our profession, they typically care about those they are advising and are there to support when things go wrong,” he continues.
“On the whole, they are empathetic and passionate about doing the right thing for people.
“I have so many great memories with my Advo colleagues past and current, so much fun and silliness. One thing that surprised me when starting to step back a bit was the pure joy I felt seeing others in the limelight – it’s such a marvellous feeling.”
But looking ahead, Boxall adds it is not yet time to disappear completely as he has so much still to do.
“Advo remains as Advo One, an HR and payroll company,” he adds.
“With long-time colleagues and friends Larry Bulmer and Chris McCracken we aim to apply the same passion to these sectors. And keep an eye out for new technologies over the coming years that will benefit health and protection clients.”