Blog: Broker Insights Triples Business Conversions Rates

Broker Insights’ Insurer Partners are three times more likely to write business when it is engaged on the platform. Three times more likely…

It’s worth reiterating that point as it represents the tip of an iceberg of ancillary benefits for brokers and insurers, including increased profitability, improvements in efficiency, and better trading relationships:

• CLARIFICATION OF INSURER APPETITESViewed in comparison with traditional market practices, the business traded via Broker Insights has the advantage of the platform’s appetite overlay functionality, which clarifies insurers’ underwriting appetites. This simple point carries profound implications. By clarifying insurers’ underwriting interests, brokers can focus their engagements on specific insurers rather than creating and issuing proposals widely, many of which consume resources or never receive a response.
• NOTES OF INTERESTThe Note of Interest feature enables both brokers and insurers to engage one another within the platform, streamlining and focussing interactions around specific pieces of business. This feature bypasses many of the inefficiencies of traditional market practices and saves both parties significant time and effort.
• ENRICHED DATA AND MIBy enriching trading data, brokers can gain greater insights into their book of business, interrogate and adjust their placement strategy, and better manage their commercial pipeline.
• BETTER COMMUNICATION AND ENGAGEMENTBetter, faster, and more focussed engagements between brokers and insurers contribute to strengthening trading relationships, as each party can identify and focus upon in-appetite risks in a timely manner while mitigating wasted engagements.

When combined, each of the benefits Broker Insights provides contributes towards the higher conversion rates for business engaged on the platform.

To learn more, contact the team at Broker Insights.

If you are not yet benefiting from the strategic advantages that Broker Insights represents and you would like to understand better what a three-fold improvement in business conversions could do for your business, book a demo with a member of our team today.