Miller in Asia: in it for the long haul

Miller Insurance is making calculated strides in Asia, guided by a strategy that Ron Whyte, its head of Asia, describes as “deliberate yet ambitious”. “We’re not in a massive hurry to do things,” he told SIRC Today, and its ethos of patience and persistence is now bearing fruit, he said.

The specialty broker has methodically expanded its presence across Asia in recent years. Whyte said its intent is to dig in deep rather than spread itself thin. “We’re unashamedly very thorough,” he said of the company’s philosophy.

Just three years ago, Miller had only a small team in the region. Today, its workforce has grown significantly. The company has established a solid base in Singapore and laid the groundwork for further expansion into markets such as Japan and, as Whyte hinted, South Korea.

“Our Singapore hub now has pretty much the same capabilities as our London office,” he noted. This year, Miller has built out its financial and professional lines business in Asia and developed new capabilities in credit, political risks, and sports and entertainment insurance.

“We’re staying true to our specialty broker roots,” Whyte said. He noted that recent hires from the sports industry have helped drive growth in that sector. 

Its foray into Japan, initially with a marine specialisation, has expanded into non-marine lines. South Korea, meanwhile, is also on the radar, with plans to offer a range of lines once the groundwork is laid.

“Finding the right people and the right businesses is challenging.”

Know your niche 

The key, Whyte emphasised, is “knowing your niche”. “We can’t compete with the big guys on scale, so we have to compete with service and expertise,” he said. “One of our largest treaty clients comes from Papua New Guinea. We’ll go places that, quite frankly, not everyone wants to go. We’ll go there and service clients.”

The competitive landscape in Asia is tough, and Whyte readily acknowledges that. “It’s not easy,” he admitted. “Finding the right people and the right businesses is challenging. But if we can’t be 100 percent sure, we simply don’t do it.”

This principle underpins Miller’s recruitment efforts, where 80 percent of its Asia-based staff have been brought on in just the last three years.

“There’s fierce competition for good people,” Whyte stated. “We’re finding individuals with that hunger and drive, those who thrive in a dynamic environment.”

“The quality of the service providers and insurance buyers is improving.”

Local focus

One of the pillars of Miller’s Asia strategy is local expertise and “reputation, above everything”. Rather than parachuting in expatriates, the firm is focused on hiring local talent.

“It’s about empowering local people,” Whyte stressed, adding that true market understanding comes from those deeply embedded in the culture. “The days of flying in someone from London to set up shop in Indonesia are over,” he remarked. 

What makes Asia an intriguing market for Whyte is its evolving appreciation of brokers’ value. “There’s a slow shift from seeing insurance as a commodity to recognising it as part of risk management,” he said. “The quality of the service providers and insurance buyers is improving.”

Whyte describes Asia’s insurance market as highly price-driven, with the exception of Japan, which is more relationship-driven. “Insurance is often seen as a commodity, and that’s slowly changing, but it’s not there yet,” he said. 

Additionally, the market’s global relevance is still catching up. “Asia doesn’t yet move the needle on a global scale like the US does,” he said. Nonetheless, the region has huge potential.

When it comes to innovation, Asia is keeping pace with global trends, but Whyte sees room for more sophisticated risk management solutions. “Parametric insurance has made its way here, and cyber risk is finally being taken seriously,” he said. However, the region still has some catching up to do. “What took 20 years to develop in Europe might take half that time in Asia, but we’re getting there,” he noted.

In a market that demands adaptability, patience, and deep local understanding, Miller is well-positioned to thrive. Whyte summed it up: “We’re here for the long haul.”

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