When Queensland insurance broker Danny Gumm made the risky decision to leave his job as a divisional state manager for a leading international firm to set up his own business in 2002, he never dreamed of the success he would achieve.
Now 12 years on and with countless awards to his name, Mr Gumm is directing one of Australia’s most competitive niche insurance firms, working with internationally leading syndicates in Lloyd’s of London to secure cover for more than 3,000 professionals.
Based in Brisbane, Queensland, Parmia Insurance is continuing to go from strength to strength, with the firm recently nominated, for the third consecutive year, for the ANZIIF Australian Industry Insurance Awards’ Small Broker of the Year, along with a string of other industry accolades.
It’s due in large part to Mr Gumm’s innovation and strategic approach to establishing an insurance broking firm that would deliver Australian businesses tailored insurance protection.
“Point of difference was a vital factor to me in making the decision to break out on my own and form Parmia,” said Mr Gumm. “I knew that in order to be successful, I had to not just be providing Australian professionals with a competitive solution but also be filling a need or a gap in the market place.”
Recently named the National Insurance Broker Association’s 2013 Broker of the Year, an award which saw him fly to the United States in May to attend the PGA Zurich Classic golf tournament and rub shoulders with George W. Bush and Bruce Springsteen, Mr Gumm continued stating he felt the industry was lacking when it came to providing professionals with tailored insurance cover.
“I saw a lot of professionals falling victim to standard ‘off-the-shelf’ insurance packages and felt there was a real need for a service that would actually assess their needs and provide maximum protection,” he said. “Ultimately, Parmia’s core focus is to ensure all upstanding Australian professionals are given a fair go and are equipped with the tools and cover they need to be profitable and successful.”
It’s an important focus that Mr Gumm says should be at the forefront of all service based businesses looking to succeed.
“Having a strong and loyal customer or client base is pivotal to all Australian businesses,” he said. “You can provide the best and most innovative product on the market but without the back up of personal and tailored service that brings customers and clients on board, it will most likely fail.”
Currently Parmia represents over 15 associations and industry bodies covering areas from allied health to graphic design, finance and fitness. However, its Parmia’s work in the beauty and tattoo sectors that has really set it apart from its competitors, with the firm now known for helping professionals gain cover where none is available.
“We look to work with industries where there are gaps in cover that are resulting in professionals being exposed to significant risks or potential damages,” explained Mr Gumm. “We find success in helping industries to fill these shortfalls so that they have maximum protection should anything go wrong.”
Having built a successful business from the ground up, Mr Gumm says he finds immense personal satisfaction in seeing how far Parmia has come and encourages others seeking to make their mark in the business world to take the next step.
“Going into business for yourself is always a risk but it’s incredibly rewarding when it pays off, which it will if you’ve carefully analysed the market and established a clear point of difference that will set you apart from your competitors,” he said.
For more information on Danny Gumm or Parmia Insurance, please visit www.parmiainsurance.com.au.
Media Enquiries: Suzanne Ross at Graymedia on 07 3250 9406, 0488 441 589 or email s.ross@graymedia.com.au.
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