Q&A with Nigel Simpson, Head International Markets at ZURICH

What are the objectives of the Isle of Man Employee Benefits cluster?

The main aims to support sustainable growth within the Isle of Man’s employee benefits industry, and  promote it globally by focusing on the Island’s world class capabilities in this sector.

What are the advantages of businesses forming a cluster?

As the saying goes, we’re stronger together. It makes sense for businesses within the sector, and government, to work more closely with one another to increase collaboration and innovation. In addition, a collective voice has much more impact than a lone voice, so the cluster will help the sector to amplify its message, while also providing opportunities that arise from networking and gaining valuable insights from external perspectives.

What are the benefits for those involved?

Individuals will get a broader view of the markets in which they operate, not just in their own product families but beyond that too. It will also provide the ability to create broader personal external networks and industry knowledge.

What are the responsibilities of those involved?

There is a core group of members who will drive the organisation forward, including sub-groups around regulation, education etc. Other members will make the most of their membership through networking and collaboration.

How do you go about building a business model for a cluster of this kind?

We are looking to build a long-term, sustainable future for employee benefits in the Isle of Man. Activity will naturally spread across short-term tactical activity (eg, marketing) and long-term strategic actions (eg, providing education opportunities, supporting innovation, working with government and regulators).

Ultimately the Island benefits when our members benefit, so ensuring a plan that supports the growth aspirations of our members is critical.

What are the key factors for cluster success?

Again, it’s long-term sustainable growth, and in turn maintaining and increasing the number of well paid jobs on the Island in this sector. This will be supported by increasing the global recognition of the jurisdiction as market leading in the EB space.

Why is the Isle of Man well-positioned for success?

We already have many global market leading companies in the EB space, plus a supportive government which promotes economic growth.

Do you think being part of an established Employee Benefits Cluster on the Isle of Man will change the way in which you do business?

In this context I think it’s terms of thought leadership and greater collaboration across IOM companies and capabilities.

What would you say to those businesses currently on the fence about becoming a part of the cluster?

Join us! It’s a free hit, there’s everything to gain and nothing to lose. The capabilities that the IOM has in this space are truly exceptional. This will be amplified by Employee Benefits Isle of Man campaigns, and the businesses in the cluster will benefit most. Being part of the cluster requires a relatively small commitment, but it has the potential to deliver significant returns. It also offers the ability to influence government.