How big is Utmost in terms of staff?
At the moment we have about 185 employees in the Isle of Man. We have also identified around 15 other jobs that were shared with Axa Wealth UK that we will need to fill ourselves. For instance, all of the digital communications were done from Basingstoke, so that means we need a new digital communications and market manager.
The business on the Isle of Man will grow to about 220 with the addition of technical sales consultants and the sales team.
There will now be nine sales and two telesales people spending 80% of their time on Utmost products because 20% is taken up with administration.
All these people have come over from Axa and, by and large, are already dealing with the same key accounts they will be dealing with in the new world, hence the message in the brochure that’s going to clients.
Apart from the change of name, most clients will not see any difference. They’ll have the same people calling them and will be dealing with the same people in the office, but hopefully it will be much more focused. And they will be on the payroll of our company – so it’s a good news story on the Isle of Man.
Is there any advice you would give to someone about to go through a rebrand?
Keep calm and carry on. You must have a very clear idea about who you are and how you want to position yourself in the market. It shouldn’t be about trying to hide in the pack. You’ve got to focus, to a certain extent, on what’s different about you and what it is you do well.
Our business is like soap powder, in that there is often very little differentiation between products. In a market where there are obvious substitute products, it is about fine margins. Ultimately, it comes down to your people and what the customer experience is, as this is still very much a people business.
Be clear on who you are and what makes you different, but don’t overthink it. Don’t involve more people than you have to, in terms of the decision-making process, until you have something agreed. You’ve got to make decisions and move on.
Is there anything about the rebrand you would have done differently?
I would have liked to have brought the staff in at a much earlier stage but because of the unusual transformation we have undergone of becoming a new company and the regulatory approval process that was not possible.
