All ships rise in a data-driven tide: Why brokers and insurers stand to gain from increased data usage as Broker Insights hits a major milestone.
Since 2018, Broker Insights’ journey has seen the introduction of the market’s first solution for matching brokers’ renewal data with insurers’ appetites. Along the way, we have built a thriving community of independent regional brokers, gained the support of visionary insurer partners and attracted a team of talented staff.
Our progress from start-up to scale-up is often measured by the industry yardstick Gross Written Premiums (GWP) on our platform. What started as a few hundred million at the end of our first year now stands at over £2bn. The figure of £2bn is the collective value of GWP from all UK broker offices; £1.6bn of the total is commercial GWP from over 500 independent regional broker offices, representing over 20% of the UK’s commercial insurance market.
“We actually surpassed the 20% milestone in 2022,” commented Alan Sanderson, Broker Insights’ Chief Commercial Officer. “Due to the natural fluctuations of renewals within brokers’ held books, the platform’s total GWP can also fluctuate. We wanted to smash through the 20% mark before announcing it. This latest milestone marks a significant step in developing a better way of working for brokers and insurers. We are proud to have hit 20%, but we also recognise the need to explain why it matters.
“It’s a virtuous cycle. With more brokers and policies on the platform, we have seen more insurer engagement. All ships rise in a data-driven tide; brokers gain greater insight and value from their data, and insurers benefit from a single view of the regional broker market. As a result, we are seeing more interactions and better distribution and placement for our broker community and insurer partners.
“Our technology turns raw policy renewal data into actionable insights, allowing brokers to present anonymised opportunities to insurers, and where these opportunities match an insurer’s appetite, meaningful conversations can follow. This enables more efficient placement and distribution, and with an ever-increasing pool of data, the picture keeps getting better and better for our broker community and insurer partners.
“With a roadmap of new product developments on the horizon and a healthy pipeline of brokers, the future looks bright (orange)!”
“And more than numbers on a page, of most importance, we have built a strong user base of brokers who, along with our insurer partners, are keen to utilise our data-driven, market-leading technology. For us, it’s all about facilitating the interaction between our brokers and insurer partners.”
Join us ahead of BIBA as we introduce ‘The Data Revolution’ and explore how
Broker Insights’ better use of data can transform commercial insurance.